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Posts matching Cbn

Central Bank of Nigeria Act

2016-12-20 10:30 AM | by Nigeria Compliancehub

This is an Act to repeal the Central Bank of Nigeria Act 1991 and to establish the Central Bank of Nigeria Act; and for related matters. 

The principal objects of the Bank shall be to ensure monetary and price stability; issue legal tender currency… Read more

Community Banks Act

2016-12-20 11:25 AM | by Nigeria Compliancehub

This is an Act to provide for the establishment of Community Banks and to establish their functions which include accepting from persons various types of deposits, including savings and time and target deposits; issuing for… Read more

Mortgage Institutions Act

2016-12-20 11:35 AM | by Nigeria Compliancehub

An Act to make provisions for establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house; improvement or extension of an existing dwelling house; and to accept savings and deposits from members of the… Read more

Federal Mortgage Bank of Nigeria Act

2016-12-20 4:03 PM | by Nigeria Compliancehub

This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the development of mortgage institutions at the rural, local, State and Federal levels.
Read more

Ex-bankers sue CBN and NDIC

2017-01-16 10:19 AM | by Nigeria Compliancehub

Ex-bankers of eight non-consolidated banks have sued the Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN) and four acquirer banks over unpaid N9.8 billion terminal benefit 11 years after disengagement from the services of the non-consolidated banks. The action was filed through the Registered Trustees of… Read more

Stay away from bitcoin; It isn’t legal tender - CBN

2017-01-19 12:55 PM | by Nigeria Compliancehub

The Central Bank of Nigeria (CBN) has warned Nigerians against the use of virtual currencies, including bitcoin, ripples and litecoin.

On Tuesday, CBN said, “The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions actions… Read more

CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS ON VIRTUAL CURRENCY OPERATIONS IN NIGERIA

2017-01-23 11:10 AM | by Nigeria Compliancehub

The Central Bank of Nigeria has issued out this Circular to guide banks and other financial institutions on Virtual Currencies (VCs) and to reiterate further that VCs such as Bitcoin, Ripples, Monero, Litecoin, Dogecion, Onecoin, etc, and similar products are not legal tenders in Nigeria. Thus, any bank or ther financial institutions that transacts… Read more

Guidelines on Anchor Borrowers’ Programme (ABP)

2017-01-23 11:22 AM | by Nigeria Compliancehub


The Central Bank of Nigeria (CBN), in line with its developmental function, established the Anchor Borrowers’ Programme (ABP) and has issued these Guidelines. The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in… Read more

Jaiz Bank lists on the Nigerian Stock Exchange

2017-02-13 9:51 AM | by Nigeria Compliancehub


JAIZ Bank Plc, yesterday, joined the league of quoted companies as the Nigerian Stock Exchange, NSE, admitted its 29,464, 249,300 ordinary shares at N1.25 per share, valued at N36.8 billion on its Daily Official List.

The bank has also projected to pay its first dividend after its listing… Read more

Contribute 5% Profit To Agriculture - CBN to DMBs

2017-02-13 3:12 PM | by Nigeria Compliancehub


Mr. Ahmad Abdullahi, Director of Banking Supervision of the Central Bank of Nigeria (CBN) has disclosed, on Thursday, that all Deposit Money Banks (DMBs) in the country shall contribute 5 per cent of their annual Profit after tax to boost Agriculture.

He further said that “The Bankers’ Committee… Read more

New Policy Actions in the Foreign Exchange Market

2017-02-21 6:12 PM | by Nigeria Compliancehub


In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and… Read more

Circular on new policy on PTA and School fees

2017-02-21 6:25 PM | by Nigeria Compliancehub


In continuation of the efforts to increase Foreign Exchange availability in the Nigerian Foreign Exchange Market, and the need to ease the difficulties encountered by Nigerians in obtaining funds for some invisible transactions, the Central Bank of Nigeria (CBN) has decided to introduce certain measures to reduce this hardship.

Read more

GUIDANCE NOTE TO BANKS AND DISCOUNT HOUSES ON THE IMPLEMENTATION OF IFRS 9 (FINANCIAL INSTRUMENTS) IN NIGERIA

2017-08-01 11:48 AM | by Nigeria Compliancehub

This guideline is on Central Bank of Nigeria’s initial Guidance Note on the implementation of IFRS 9 (Financial Instruments) in the Nigerian banking sector.
It communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment and/or elect to use simplifications… Read more

CBN sets Deadline For IFRS 9 Implementation

2017-08-01 3:05 PM | by Nigeria Compliancehub

The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 on or before January 1, 2018 deadline.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, stated this at a breakfast roundtable organised by the Risk Managers Association of Nigeria, in collaboration with Olisa Agbakoba Legal… Read more

CBN, NNPC, FIRS, 180 Other Federal Ministries, Agencies In Massive Recruitment Scandal

2017-08-14 9:08 AM | by Nigeria Compliancehub

There are reports with strong indications that nearly all the federal ministries, departments and agencies have been carrying out illegal mass recruitments.

According to information by Sunday Punch, several government parastatals including the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS), and… Read more

CBN injects fresh $250 million into Forex Market

2017-08-29 3:47 PM | by Nigeria Compliancehub

The Central Bank of Nigeria, CBN, has again intervened in the Inter-Bank Foreign Exchange Market to the tune of 250 million dollars.
The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the apex bank also sold $100 million and uplifted the Small and Medium Enterprises and invisible segments, with $85… Read more

Nigeria: Is Inter-Agency Fighting Derailing Anti-Graft War?

2017-08-30 11:09 AM | by Nigeria Compliancehub

Concerns that the various anti-corruption agencies are at loggerheads have been severally denied by the agencies concerned. But the perceived loss of steam in the anti-graft war, and recent events between the Attorney General of the Federation (AGF), Abubakar Malami (SAN) and the chairman of the Economic and Financial Crimes… Read more

CBN spends $9bn to defend naira in 7 months

2017-09-06 3:23 PM | by Nigeria Compliancehub

Central Bank of Nigeria (CBN) sold $9 billion to forex dealers through the interbank market between February 21 and August 31, Daily Trust reports.

The figure was arrived at following a review by this newspaper of all the official data of FX sales released to the public by the CBN within… Read more

Nigeria: CBN Moves to Lure in More Foreign Capital

2017-09-13 3:56 PM | by Nigeria Compliancehub

In an effort to further attract foreign capital into the country, the Central Bank of Nigeria (CBN) has begun issuing electronic certificates for capital imported into the country by improving its currency transfer process.

CBN in a circular signed by its director, Trade and Exchange Department, W.D. Gotring said the new… Read more

N20trn unremitted?

2017-09-19 3:24 PM | by Nigeria Compliancehub

According to the latest report of the National Bureau of Statistics (NBS), Nigeria has only just exited, no matter how fragilely, the most severe economic recession she has experienced in the last two decades. The roots of the country’s slide into recession in August, 2016, could be traced to the… Read more

CBN not over funding Nigerian Government – Emefiele

2017-09-27 11:49 AM | by Nigeria Compliancehub

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has stated that the apex bank was neither over-funding the Federal government nor was it operationally stressed in anyway.

Speaking at the press briefing to announce the decisions taken by its Monetary Policy Committee (MPC) in Abuja, Emefiele said the CBN will… Read more

Experts endorse movable assets’ Act at CIBN forum

2017-10-04 12:14 PM | by Nigeria Compliancehub

The signing into law of the bill for using movable assets as collateral, popularly known as Collateral Registry Act has been described as moves in the right direction, by financial experts.

The law, which came on the realization that small business, estimated to have employed over 60 million Nigerians and accounted… Read more

Reps under fire over Pension Act amendment

2017-10-04 1:00 PM | by Nigeria Compliancehub

Stakeholders in the pension industry have taken up arms against the House of Representatives over ongoing attempts at amending the Pension Reform Act, PRA, less than three years after it was amended in 2014. Specifically, they are kicking against the plan to exclude paramilitary institutions from the Contributory Pension Scheme,… Read more

Nigerian Bourse on the Right Trajectory

2017-10-04 2:40 PM | by Nigeria Compliancehub

Nigeria’s capital market effectively came on stream the same year the country gained its independence. Hence, the fate of both the market and country has ever since been tied together. Therefore, the market’s performance is similar to how the country has fared in the past 57 years. There have been… Read more

Buhari appoints new CBN deputy governor, MPC members

2017-10-06 11:20 AM | by Nigeria Compliancehub

President Muhammadu Buhari has presented Aishah Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria, CBN. She is to replace a former Deputy Governor, who retired early this year.

In accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (Establishment)… Read more

CBN unveils framework for BVN, Watch-list operations

2017-10-20 10:34 AM | by Nigeria Compliancehub

Central Bank of Nigeria (CBN) has released a regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, in the quest to develop and enhance security of electronic payment systems in the country.

The framework was communicated by the apex bank, yesterday, in a circular dated October… Read more

Court asks CBN, banks to freeze accounts without BVN

2017-10-24 10:18 AM | by Nigeria Compliancehub

A Federal High Court in Abuja has ordered the Central Bank of Nigeria and the 19 commercial banks in the country to freeze any account without Bank Verification Number.

It also ordered them to disclose all accounts in their custody and the balances in such accounts, their owners and their proceeds… Read more

CBN to sack bank directors with non-performing loans

2017-11-28 12:05 PM | by Nigeria Compliancehub

A new Code of Corporate Governance approved by the Central Bank of Nigeria (CBN) has stipulated that bank directors with non-performing loans (NPLs) are to either quit or be sacked.

This was made known during the weekend by the Director, Bank Examination Department at the Nigeria Deposit Insurance Corporation (NDIC), Adedapo… Read more

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