Senate Panel Steps Up Efforts to Strengthen Financial System
By Al-Kadriyar Abdullahi The Senate Committee on Banking, Insurance and Other Financial Institutions has stepped up engagement with financial regulators and industry stakeholders to strengthen Nigeria’s financial system and promote economic stability. This is as the committee held an expanded stakeholders’ engagement in Lagos at the weekend, bringing together officials from the Central Bank of […]
CBN Orders Banks to Freeze Six Terrorism Finance Accounts
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has directed banks, payment service banks and other regulated financial institutions to immediately freeze the accounts and assets of six individuals and four Bureau de Change operators over alleged links to terrorism financingThe Central Bank of Nigeria (CBN) has directed banks, payment service banks and other […]
CBN Concludes Bank Recapitalisation, Sector Raises ₦4.65tn
By Oluwakemi Kindness The Central Bank of Nigeria CBN has announced the successful conclusion of its banking sector recapitalisation programme, with Nigerian banks raising a total of ₦4.65 trillion in new capital. The exercise, which began in March 2024, is aimed at strengthening the financial system and boosting banks’ capacity to support economic growth. Strong […]
CBN Slashes Cash Withdrawal Limits in Push Toward Digital Economy
By Oluwakemi Kindenss The Central Bank of Nigeria (CBN) has announced major changes to cash withdrawals, reducing weekly limits for individuals to N500,000 and for companies to N5 million starting January 1, 2026. In a circular issued on Tuesday December 2nd, 2025 and signed by the director of financial policy and regulation Dr Rita Sike […]
House Orders Probe of Nigerian Banks Over Arbitrary Charges
By Oluwakemi Kindness The House of Representatives has resolved to investigate the arbitrary and unexplained charges imposed on customers by commercial banks across Nigeria.The resolution followed a motion of urgent public importance moved by Mukhtar Tolani Shagaya, representing Ilorin West/Asa Federal Constituency of Kwara State. Presenting the motion, Shagaya lamented the rising complaints from customers […]
CBN Reassures Public on Banking Sector Stability
By Oluwakemi Kindness The Central Bank of Nigeria, CBN, has reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. The reassurance by the CBN follows certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution. The CBN in a statement says like […]