CBN

Isa Abdulmumin, the Central Bank of Nigeria's (CBN) Acting Director, Public Communications Department, has said the old and new naira notes are now legal ...

However, President Buhari, on Thursday, February 16, 2023, overruled the court’s order by instructing the CBN to recirculate the old N200 until April 10, while the old ₦500 and ₦1,000 notes remain unusable as legal tenders in Nigeria. The panel led by John Okoro said President Buhari’s withdrawal of old naira notes from the system without due consultation was invalid. According to the reports, a Zenith Bank branch in Festac Town, Lagos, paid customers old ₦500 and ₦1,000 notes over the counter.

The Central Bank of Nigeria (CBN) Tuesday said it has not issued a fresh directive to commercial banks on last Friday's judgment of the Supreme Court ...

Also, an official of Zenith Bank who preferred anonymity said the branch had "received orders to begin dispensing old notes to our customers." Zenith Bank branch in Festac Town paid the old notes to customers over the counter. "The naira redesign policy has shrunk the economy by over a trillion in business losses. Daily Trust reports that there was confusion among commercial banks and business operators following the non-issuance of a directive by the CBN on receiving the old N500 and N1000 notes. The CBN at least still needs to address Nigerians. Nigerians should not reject any note, whether old or new."

The Central Bank of Nigeria, CBN, on Wednesday issued operational guidelines for open banking in Nigeria amid the new Naira notes cash crunch. The.

He said, “The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services. In the guidelines, the apex bank shall provide and maintain an Open Banking Registry to give regulatory oversight on participants, regulate operators and enhance transparency within the open banking ecosystem. The Central Bank of Nigeria, CBN, on Wednesday issued operational guidelines for open banking in Nigeria amid the new Naira notes cash crunch.

In the guidelines, the CBN shall provide and maintain an Open Banking Registry to provide regulatory oversight on participants, enhance transparency and ...

“The guidelines apply to banking and other related financial services as categorised and determined by the apex bank in the regulatory framework for open banking in Nigeria,’’ he stressed. Mr Jimoh urged stakeholders to ensure strict compliance with the guidelines and with other regulations as they were meant to promote innovations and broaden the range of financial products and services available to bank customers. “The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

It said the old notes are legal tender following the directive of the Supreme Court. CBN's spokesman Isa Abdulmumin said banks have begun to issue the old and ...

We just want to make life easy for Nigerians.” Anyone banks give to you, you can collect. They are all legal tender.

The Central bank of Nigeria, CBN has started moves to obtain the Certified True Copy (CTC) of the Supreme Court judgment which ordered the apex bank to ...

This statement is coming as a relief as there has been confusion among commercial banks and business operators following the non-issuance of a directive by the ...

The CBN official spoke as more commercial banks across the country commenced dispensing the old N500 and N1,000 notes to their customers. Nigerians should not reject any note, whether old or new.” This statement is coming as a relief as there has been confusion among commercial banks and business operators following the non-issuance of a directive by the CBN on receiving the old N500 and N1,000 notes.

Its Spokesman, Isa Abdulmumin said banks have begun to issue the old and new notes to customers at their various Automated Teller Machines (ATMs) terminals ...

We just want to make life easy for Nigerians.” Anyone banks give to you, you can collect. They are all legal tender.

The CBN has released open banking guidelines making Nigeria the first country in Africa to adopt open banking regulations.

[Nigeria Data Protection Regulation (NDPR)](https://ndpb.gov.ng/Files/NigeriaDataProtectionRegulation.pdf), which was released in 2019, as data privacy is a foundational pillar for open banking. [Adedeji Olowe](https://www.linkedin.com/in/adedejiolowe/) led industry experts to form [ an open banking working group](https://dejiolowe.com/2018/03/30/transforming-payments-in-nigeria-with-open-apis/), which became known as [Open Banking Nigeria](https://openbanking.ng/open-banking-regulation-in-nigeria-is-now-approved-by-the-cbn/). [ Adedeji Olowe](https://www.linkedin.com/in/adedejiolowe/), the CEO of Lendsqr, shared that although the regulation might take some time to bear fruits, it is the beginning of a journey towards increased partnerships between banks and fintechs in Nigeria. An outline of minimum requirements for participants is also provided, which stipulates safeguards for financial system stability under an open banking regime. [open banking regulations](https://www.cbn.gov.ng/Out/2023/CCD/Operational%20Guidelines%20for%20Open%20Banking%20in%20Nigeria.pdf) [pdf], which will encourage innovation in the country’s banking industry. The operational guidelines provide rules for how banks and third-party financial institutions interact with customer data.

The Central Bank of Nigeria (CBN) has launched a Regulatory Framework for Open Banking in Nigeria to deepen innovation and increase the range of products |

[Investigations3 months ago](https://www.ripplesnigeria.com/special-report-world-bank-road-projects-go-bad-in-enugu-as-state-govt-fails-to-fulfill-promise/) [Investigations3 months ago](https://www.ripplesnigeria.com/students-suffer-as-contractors-abandon-kano-school-projects-after-receiving-over-n70m/) [Investigations3 months ago](https://www.ripplesnigeria.com/investigation-in-cross-river-civil-servants-retire-into-poverty-as-govt-looks-away-squanders-funds-on-frivolities/) [Investigations2 months ago](https://www.ripplesnigeria.com/investigation-how-oyo-state-contractors-spent-n1-1bn-on-water-projects-but-communities-dont-have-a-drop/) [Investigations2 months ago](https://www.ripplesnigeria.com/investigation-4-yrs-after-completion-kwara-phc-facility-inactive-rural-dwellers-in-pains/) [Business](https://www.ripplesnigeria.com/business/)

The operational guidelines outline the procedures that govern how banks and other financial institutions are permitted to access and manage customer data.

He called on all stakeholders to prioritise compliance to ensure the success of the open banking system. This registry is also designed to enhance transparency and provide a means for regulating operators within the system. It basically allows customers to share their banking data with other financial service providers, enabling them to access a wider range of products and services.

Joseph Inokotong - Abuja The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in Nigeria in furtherance of the bank's.

He emphasised that “The guidelines apply to banking and other related financial services as categorised and determined by the CBN in the regulatory framework for open banking in Nigeria”. The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in Nigeria in furtherance of the bank’s mandate to stabilise the financial system. Musa Jimoh, CBN’s Director, Payments System Management Department stated that the guidelines were in furtherance of the bank’s mandate to stabilise the financial system.

Open Banking can be used to access customers' information in relation to Agency Banking, Financial Inclusion, Know Your Customer (KYC), credit scoring/rating ...

With regards to those that will operate in the Open Banking ecosystem, the CBN has identified “any organisation that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria. The CBN, in its guideline, said: “Open banking recognises the ownership and control of data by customers of financial and non-financial services”. According to the guideline establishing Open Banking, the idea behind the initiative “is to promote innovations and broaden the range of financial products and services available to bank customers”.