Tag: Banks
Banks to report monthly transactions of N25m for individuals, N100m for firms to tax authorities
The federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million ...CBN fines nine banks N1.35bn for ATM cash scarcity
The Central Bank of Nigeria has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via ...Banks restrict multiple account owners to N20,000 withdrawal
There is no end in sight yet to the low cash supply by commercial banks as customers face increasing difficulty with cash ...Banks raise withdrawal limit to N50,000
Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day. A survey conducted ...CBN, banks sell $9.9bn as naira weakens to N1,670/$
The value of foreign exchange turnover via the Nigerian Autonomous Foreign Exchange Market increased to N15.74tn ($9.90bn) in August 2024, an FMDQ ...CBN sells $876m to banks at N1,495 per dollar
The Central Bank of Nigeria (CBN) says it sold foreign exchange (FX) to banks worth $876.26 million at N1,495 per dollar. The ...Suspend charges on deposits till September, CBN directs banks
The Central Bank of Nigeria (CBN) has instructed deposit money banks and other financial institutions to halt the processing fees on deposits ...Naira closes 1,309/$ as banks sell $2.5bn
In the last two weeks, the Central Bank of Nigeria and other banking institutions have improved dollar supply to the foreign exchange ...Banks may block 70 million accounts over NIN linkage
Over 70 million bank customers are at risk of losing access to their accounts when the Central Bank of Nigeria’s directive on ...Uncertainty, confusion over NIN, BVN link to bank accounts
Confusion reigned in the banking industry yesterday as some banks restricted access to bank accounts not linked to the National Identity Number, ...
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