The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million. It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026. This ends the previous special authorisation permitting individuals to withdraw ₦5 million …
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 …
Fidelity Investments, a financial services firm, recently bought 34,187 ETH, worth about $154 million at $4,500 per token, marking a significant step in the adoption of cryptocurrency in the mainstream financial system. According to an on-chain data report, "The world of digital assets is evolving, with institutional crypto adoption accelerating. Fidelity Investments, a firm managing …
The Central Bank of Nigeria (CBN) said it has created a new compliance department to strengthen oversight of non-prudential and emerging risks in the financial institutions. It disclosed this in a circular on Thursday, September 4. It said the new department was created in the first quarter of this year and became operational in the …
