The Central Bank of Nigeria (CBN) has debunked widespread speculations that there are plans by the apex bank to revoke the licenses of three additional banks, describing the rumours as false which is orchestrated to trigger panic in the financial system. The CBN’s reaction is contained in a statement by Mrs. Hakama Sidi Ali, the Acting Director Corporate Communications, made available to newsmen on Tuesday. The CBN also assured that the Nigerian financial system remains...

The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...

The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy. The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024. The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive. According to the latest circular, the...