Seven deposit money banks reported a 33.14 per cent increase in AMCON Levy to N404.71 billion in the first half of the year, compared to N303.98 billion recorded by the banks in the same period in 2024. A review of the half-year financial statements of the banks revealed this; Pinnacle Daily can report. This comes …
Wednesday's protest at the corporate headquarters of the Central Bank of Nigeria (CBN) brought to the fore the heightening fraudulent activities in Nigerian banks. Hundreds of protesters, under the aegis of a coalition of civil society organisations (CSOs), on Wednesday, October 8, protested against banks’ fraudulent practices that are leaving customers victimised. The protesters were …
Electronic payment transactions in Nigeria surged to N384 trillion in July this year, rising by 37.14 per cent from N280 trillion in August 2024. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this at the ongoing Nigeria Fintech Week 2025, which started on Tuesday, October 7, and is being held in …
The Central Bank of Nigeria (CBN) has insisted that agent banking services, including Point of Sale (PoS) agents, remain at ₦1.2 million and customer deposits, withdrawals, and bill payments at ₦100,000 a piece. It further restricts customers' deposits and withdrawals to ₦500,000 weekly and bill payments to ₦100,000 weekly. CBN issued the revised guidelines on …
The Debt Management Office (DMO) has opened for subscription, the October Federal Government of Nigeria (FGN) Savings Bond at a lower interest rate compared to the rate it offered in the previous month. DMO announced this in a circular on Monday, October 6. The offer opened today and will be closed on Friday, October 10 …
The Central Bank of Nigeria (CBN) Olayemi Cardoso said the apex bank is collaborating with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country. He spoke on this at the CBN governor’s annual lecture series at the Lagos Business School (LBS) on Friday, October 3. According to …
Naira appreciated further against the United States (US) dollar to close at N1,455 on Thursday, October 2, reaching its highest appreciation since the beginning of this year. It closed on Tuesday, September 30, at ₦1,475 as there was no official trading on Wednesday, October 1, because of the public holiday to mark Nigeria’s 65th Independence …
The Central Bank of Nigeria (CBN) has hinted at a plans to take full control of the fixed income market with effect from November 2025. CBN made this known in a statement signed by its Acting Director of the Financial Markets Department, Okey Umeano. The apex bank said it will start a phased operational overhaul …
The Central Bank of Nigeria (CBN) has been indicted by the Office of the Auditor-General for the Federation (OAuGF) for failing to remit over ₦4.304 trillion to the Federation Account. According to the 2022 audit report by the OAuGF, the apex bank was listed alongside the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Nigeria …
As Nigeria’s financial landscape continues to evolve, Union Bank finds itself at the centre of controversy, raising questions about its future as the country moves closer to its recapitalisation deadline. The bank, once a trusted household name in Nigeria's banking sector, is now embroiled in a web of financial and regulatory uncertainties following the takeover …
