Central Bank of Nigeria limits daily USSD transfer to N100,000

​The Central Bank of Nigeria (CBN) has pegged the maximum transfer from mobile phones using short codes at N100,000. According to a statement from the director, banking and payment system of CBN, Dipo Fatokun, the decision was made because of the risk associated with mobile banking. The bank says the new directive will take effect… Read More Central Bank of Nigeria limits daily USSD transfer to N100,000

Central Bank of Nigeria cautions citizens on cryptocurrency investments

The Central Bank of Nigeria (CBN) has again cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies that are not legal tender in Nigeria. Acting Director, Corporate Communications, Isaac Okoroafor, gave the warning in a statement on Wednesday. He noted that crypto currencies such as Bitcoin, Ripples, Monero, Litecoin,… Read More Central Bank of Nigeria cautions citizens on cryptocurrency investments

Central Bank of Nigeria issues ultimatum to banks, financial institutions to settle customer complaints

The Central Bank of Nigeria (CBN) has directed that banks and other financial institutions must settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks. Mr Tajudeen Ahmed, Head of Complaints Management Division, said the CBN would ensure that bank customers received redress on issues of excess charges or unauthorised… Read More Central Bank of Nigeria issues ultimatum to banks, financial institutions to settle customer complaints