eTranzact Deepens Financial Inclusion Through CBN-Funded SANEF Initiative

Posted by - July 12, 2018

eTranzact, Africa’s premier e-payments solution provider, is set to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents, through the CBN-funded Shared Agent Network Expansion Facility (SANEF) initiative, within the next 24 months. The SANEF initiative is an effort by the apex bank to spur quick growth in the level

Nigeria’s Unbanked Population Stands At 37% – CBN

Posted by - June 22, 2018

Barely two years to the 2020 target to reduce unbanked Nigerians to 20 per cent, the Central Bank of Nigeria (CBN) says the country’s unbanked population currently stands at 37 per cent. Mr Dipo Fatokun, Director, Banking & Payment Systems, CBN, stated this at the third Annual Banking Security Summit organised by MAXUT Consulting in

CBN Issues Guidelines For $2.5bn Currency Swap with China

Posted by - June 8, 2018

The Central Bank of Nigeria (CBN) said it will exchange N720 billion for 15 billion Chinese Renminbi (RMB) in three years under the $2.5 billion bilateral currency swap (BCS) with Peoples Bank of China (PBoC). Emefiele CBN Governor The apex bank disclosed this in the guidelines for executing the BCS released yesterday, adding that it

CBN Injects $210m Into Inter-Bank Forex Sector

Posted by - May 16, 2018

In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, May 15, 2018, injected the sum of $210million into the inter-bank Foreign Exchange Market to boost liquidity in the system. The figures released by the Bank in Abuja indicate that it allocated the sum of $100million to dealers in the wholesale sector,

CBN Injects Fresh $210m into Forex Market

Posted by - April 19, 2018

In continuation of its intervention in the interbank segment of the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) Wednesday made available another $210 million in the market to meet the requests of customers. A breakdown of the figures made available by the Bank indicated that the CBN offered the sum of $100

CBN Governor Deploys New DGs

Posted by - April 9, 2018

The Governor of the Central Bank of Nigeria Godwin Emefiele has assigned duties to the newly appointed Deputy Governors who assumed duty on March 28. The acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor, in a statement on Sunday said Mrs Aishah Ahmad was deployed to the Financial System Stability (FSS) Directorate, while Mr

CBN Introduces Two New Non-interest Banking Instruments

Posted by - August 25, 2017

In a bid to aid liquidity management and deepen the financial system, the Central Bank of Nigeria (CBN) has introduced two new financial instruments known as – Funding for Liquidity Facility (FfLF) and Intra-day Facility (IDF), at its window, for access by non-interest financial institutions (NIFIs) under its regulation. The central bank stated this in

CBN: FinTechs Won’t Usurp Banks’ Traditional Roles

Posted by - August 7, 2017

The Central Bank of Nigeria (CBN) has assured that Financial Technology (FinTech) companies will not take over the roles played by commercial banks in delivering services customers. Speaking at the Bi-Monthly Forum of the Financial Correspondents Association of Nigeria (FICAN) in Lagos at the weekend, CBN Director, Banking and Payments System Department, ‘Dipo Fatokun said

CBN Returns N51.9bn Illegal Deductions

Posted by - July 25, 2017

The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the customers. It’s stated that the amount was illegally removed from the accounts of bank customers across the country in the past five years. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor,

CBN Boosts Forex Supply with $195m

Posted by - July 18, 2017

In continuation of its foreign exchange (Forex) supply drive, Central Bank of Nigeria (CBN), on Monday, intervened in the inter-bank market to the tune of $195million. Figures released by the Bank show that it offered the total sum of $100million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum