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Banking

CBN Stops Bank Agents From Using POS Terminals

Bank agents are now banned from using PoS terminals for transactions, according to new guidelines issued by the Central Bank of Nigeria (CBN). The ban is part of a more extensive list of 16 prohibited activities for bank agents, which…

Banks Resume Paying Nigerians Old 500, 1000 Naira Notes

Some commercial banks have started issuing out old N500 and N1000 notes to their customers. It would be recalled that a seven-member panel of the Supreme Court had last Friday held that the old N200, N500 and N1000 notes remain legal…

CBN To Use eNaira For $800m Cash Transfer Scheme

In an effort to drive a cashless economy, the Central Bank of Nigeria has suggested the use of eNaira for cash transfers during the National Social Safety Net Programme Scale Up. This was according to the National FinTech Strategy…

No Plan To Extend Deadline For Old Naira Notes – CBN

The Central Bank of Nigeria (CBN) has foreclosed the possibility of extending or shifting the deadline on the deposit of the old naira notes. CBN Governor Godwin Emefiele apologised to Nigerians for not extending the deadline but stated…

CBN Domestic Card Scheme Takes Off

In line with its mandate to promote stability, inclusion and growth in the financial and payment system, the Central Bank of Nigeria (CBN) has introduced a national domestic card scheme that becomes effective on January 16, 2023.…

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