Month: May 2024
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Reps Directs CBN To Withdraw ‘Ambiguous Circular’ on Cybersecurity Levy
Members of the House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”. The development was in response to a motion on the urgent need to halt and modify the implementation of…
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Naira Depreciates Further as Dollar sales to BDCs Wobble
Vanguard News The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also learnt that despite the sustained nationwide raids and…
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List Of Levies And How Much Nigerians Pay For Electronic Transactions On Their Accounts
The Central Bank of Nigeria (CBN) on Monday, issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators in the country, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.The fresh charge is in addition to other existing levies Nigerians pay for…
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Naira Depreciates at Parallel, Official Market Against U.S Dollar
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday,…
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FULL LIST: CBN Publishes List of Licensed Deposit Money Banks
Punch Newspaper The Central Bank of Nigeria, CBN, released comprehensive list of licensed Deposit Money Banks operating within the country. The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria. Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument…
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Banks Issues Directive To Banks Over Cash Deposits
The Central Bank of Nigeria has directed commercial banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that the banks have begun…
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LASU Law Students Defeat UI, EKSU, FUNAAB, Others To Emerge Winner in National Competition
Law students from the Lagos State University, LASU, have defeated their counterparts in other higher institutions to emerge winners of the National Inter Faculty Competition. The competition which attracted participants from universities across the country, was organised by the Redeemers University in Osun State. This was revealed by the LASU handle on X on May…
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CBN Directs Banks To Start Charging Customers Cyber Security Levy, Exempts 16 Transactions
The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. PUNCH Online reports that, according to the circular, the implementation of the levy would start in two weeks. The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc)…
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JAMB Introduces New Channel To Accept or Reject Admission Offer
In a practical move to stop the tide of abuses associated with the process of accepting admission by candidates through which some elements of no commercial values exploit helpless candidates, the Joint Admissions and Matriculation Board (JAMB)has introduced a new channel for accessing this service. The Board stated this in its weekly bulletin sighted by…
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NERC Approves Reduction of Electricity Tariff For Band ‘A’ Customers
The Ikeja Electricity Distribution Company has reduced the electricity tariff payable by its Band A customers to N206.80 per kilowatt-hour from the N225/kWh approved by the Nigerian Electricity Regulatory Commission (NERC). Olufadeke Omo-Omorodion, the spokesperson for the IKEDC, disclosed this to our correspondent in a notice on Monday. According to the notice, the downward tariff…