Buzz Feed Africa

Tag: CBN

  • CBN unveils online platform for submission of MfBs license application

    The Central Bank of Nigeria, CBN, has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license application also known as CBN Licensing, Approval and Other Requests Portal (CBN LARP). According to the regulator, the new platform, which would replace the current manual process, was created to improve accessibility, reduce paperwork, and…

  • CBN orders banks to save FX revaluation gains

    The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to pay dividends or meet operating expenses. The apex bank disclosed this in a letter to all banks titled:…

  • Subsidy removal: Tinubu still has many rivers to cross – Doyin Okupe

    A chieftain of the Labour Party, LP, Doyin Okupe said President Bola Tinubu still has many rivers to cross following the removal of the fuel subsidy. Okupe stated this in a statement via official X (formerly Twitter) handle on Thursday. The statement reads, “President Bola Tinubu actually hit the ground sprinting; showing much determination, zeal…

  • Buhari hands over N974bn uncompleted road projects

    President Bola Tinubu’s administration inherited 38 uncompleted road projects worth N979bn from the Muhammadu Buhari government, findings by The BUZZFEED have shown. The projects were identified through an analysis of the 2023 budget and cross-checked with the national monitoring and evaluation platform, EYEMARK, which was launched by Buhari in December last year. The BUZZFEED reports…

  • Forex scarcity persists as CBN resumes intervention

    Banks ignore CBN’s directive on domiciliary accounts Exchange rates converge around N770/$ There are indications that banks are ignoring the Central Bank of Nigeria, CBN, directive that they should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts. Meanwhile, Nigeria’s foreign exchange market has recorded a drastic change following the market reforms introduced…

  • CBN directs banks to obtain social media handles of customers

    The Central Bank of Nigeria CBN has directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations. The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and Regulation Department, CBN,…

  • Reactions In Warri As CBN Finally Breaks Silence On Usage Of Old Naira Notes(VIDEO)

    The directive of the Central Bank of Nigeria to commercial banks to dispense and receive old naira notes as legal tender across the country has continued to generate reactions from Warri residents. They said it is disheartening that the Presidency And the Central Bank Of Nigeria did implement the Supreme court judgment on the new…

  • Two problems with naira redesign – Moghalu

    Governor, Kingsley Moghalu, has expressed dissatisfaction over the series of crises created by the naira redesign policy of the apex bank. Moghalu noted that the terrible suffering and economic loss Nigerians experienced as a result of the faulty implementation of the CBN’s naira redesign policy and the entry of the judiciary into central banking functions…