By Jemimah Wellington, JKNewsMedia Correspondent ADJUSTMENT OF bank charges has been introduced with an increase in the fee for issuing or replacing debit and credit cards from N1000 to N1500 under a revised framework by the Central Bank of Nigeria (CBN). JKNewsMedia.com reports that the change forms part of a circular released on Thursday ti...
By JKNewsMedia NEW RULES governing the Bank Verification Number (BVN) system will take effect from May 1, restricting customers to using mobile banking applications on only one device at a time. JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) stated that once a user logs into their account on a new phone, the previous […...
By JKNewsMedia REGULATORY CAPITAL requirements set by the Central Bank of Nigeria (CBN) is reported to have been exceeded by Wema Bank of Nigeria (WBN) following the successful completion of its recapitalisation process, securing its status as a national bank. JKNewsMedia.com reports that the bank, in a statement, confirmed it met and surpasse...
By Jemimah Wellington, JKNewsMedia Correspondent EFFORTS TO reduce inflation to a single digit range have been outlined by the Central Bank of Nigeria (CBN) as part of a medium-term objective tied to a transition toward an inflation targeting monetary policy framework. JKNewsMedia.com reports that the position was disclosed in a statement iss...
By Joke Kujenya FRESH AMENDMENTS to the Bank Verification Number (BVN) framework will take effect from 1st May 2026, introducing new rules that affect users of the Nigerian banking system both locally and in the diaspora. JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) in a circulated statement and signed by its governor, Olaye...
By Jemimah Wellington, JKNewsMedia Correspondent INTEREST RATES have been reduced by 50 basis points to 26.50 percent from 27 percent after the Monetary Policy Committee of the Central Bank of Nigeria (CBN) voted unanimously at its 304th meeting in Abuja. JKNewsMedia.com reports that CBN Governor Olayemi Cardoso announced the decision at a ne...
By Jemimah Wellington, JKNewsMedia Correspondent NIGERIA’s EXTERNAL reserves rose to about $49bn as of February 5, 2026, Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso told members of the National Economic Council Conference (NECC) in Abuja, describing the figure as a signal of improved confidence in the country’s economy. JKNe...
By Ajibola Olaide, JKNewsMedia Reporter TEMPPORARY RELIEF has been granted to ease import processing as authorised dealer banks receive approval to accept expired National Agency for Food and Drug Administration and Control (NAFDAC) licences for Form M transactions. JKNewsMedia.com reports that the Central Bank of Nigeria (CBN) confirmed it h...
By Yomi Omolade, JKNewsMedia Intern THE MONETARY Policy Committee of the Central Bank of Nigeria (CBN) has reduced the benchmark interest rate by 50 basis points, lowering it from 27.5 percent to 27 percent. Governor Olayemi Cardoso made the announcement while briefing journalists on the outcome of the 302nd meeting of the Monetary Policy Com...
By Jemimah Wellington, JKNewsMedia Correspondent HEADLINE INFLATION slowed in June as energy prices dipped and foreign exchange rates steadied, according to the Central Bank of Nigeria (CBN). The bank’s governor, Yemi Cardoso, announced the development on Tuesday while presenting the communiqué from the Monetary Policy Committee’s (MPC) 301st...
