The Central Bank of Nigeria (CBN) has imposed sanctions on nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes via automated teller machines (ATMs) during the 2024 festive season. According to a statement on Tuesday by the Acting Director of Corporate Communications at the CBN, Hakama Ali, each bank was … Read more
The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect. The NDIC Managing Director, Bello Hassan, disclosed this Thursday at a press conference. He noted that the NDIC’s Interim Management Committee (IMC) approved the adjustments during its 18th meeting on 24 and … Read more
The CBN on Friday warned against the proliferation of counterfeit banknotes, particularly in higher denominations. The bank said it observed that the fake notes are being circulated during transactions in food markets and various commercial centers across major cities nationwide. Referencing Section 20(4) of the CBN Act (2007) as amended, the bank emphasised that the … Read more
