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Abu added story in Current Affairs / News
2025-12-03 03:22:03

CBN Introduces 72-Hour Fraud Reporting Rule, 16-Day Refund Timeline To Curb Rising Financial Crimes

The Central Bank of Nigeria (CBN) has introduced a new framework to combat the surge in banking fraud, mandating customers to report unauthorised transactions within 72 hours, while banks and fintechs must complete investigations and refunds within a 16-working-day cycle. The move comes amid alarming fraud spikes across the financial sector. Data from the Financial Institutions...

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Isaac added story in Autobiographies
2025-10-27 05:19:10

CBN Releases $1.26 Billion to Oil Sector Operators to Stabilize Fuel Supply and Support the Naira

The Central Bank of Nigeria (CBN) has disbursed $1.259 billion to major oil sector operators to facilitate the importation of petroleum products and related items, as part of efforts to stabilize fuel supply and strengthen the naira. According to reports confirmed by The Punch and supported by CBN data, the move comes amid rising pressure in Nigeria’s foreign exchange market and concerns...

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Demmy added story in Current Affairs / News
2025-06-13 08:40:00

Naira Under Pressure: Black Market Rates Outpace CBN’s Official Figures

Nigeria’s foreign exchange market continues to experience volatility, with the naira trading significantly weaker in the parallel (black) market compared to the official window. As of today, the USD/NGN exchange rate in the black market stands at: ₦1,605 per dollar (buy) ₦1,615 per dollar (sell) In contrast, the Central Bank of Nigeria (CBN) maintains an official rate of ₦1,539.72...

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SADIQ added story in Current Affairs / News
2025-09-23 16:24:21

UPDATED: CBN Cuts Interest Rate By 50 Basis Points To 27%

The Central Bank of Nigeria (CBN) has reduced its Monetary Policy Rate (MPR) by 50 basis points, lowering it from 27.5% in July to 27%. The decision was reached at the 302nd meeting of the Monetary Policy Committee (MPC), held on September 22–23, 2025, where all 12 members voted in favour of the cut. The asymmetric corridor around the MPR was retained at +260 and -250 basis points,...

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Abu added story in Uncategorized
2025-09-20 22:31:00

Four Nigerian Banks Face Class Action Lawsuits Over Misuse of Customer Data

Four Nigerian banks — Zenith Bank, Fidelity Bank, GTBank, and FCMB — are facing class action lawsuits at the Federal High Court in Lagos for allegedly misusing customers’ personal data during aggressive share offer campaigns. The suits claim the banks used KYC data to send unsolicited emails, SMS, calls, and in-app pop-ups urging customers to buy shares. In GTBank’s...

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