Nigeria's CBN Tightens Financial Data Rules
4 articles from 1 country
Nigeria's Central Bank (CBN) mandates that all payment transaction data generated within the country must be stored on local servers. The CBN also proposes new guidelines to isolate risks across interconnected financial institutions. These reforms may trigger capital raises and banking restructuring.
PFIPC scandal: How CBN opened domiciliary accounts for phantom agency
- The Central Bank of Nigeria (CBN) confirmed opening two foreign-currency domiciliary accounts for the Presidential Foreign Investment Promotion Council (PFIPC). - The CBN stated these accounts were opened based on a mandate from the Office of the Accountant-General of the Federation in July 2025. - Despite being opened, the accounts remain inactive with zero balance, as no one activated them or …
Probe of ‘Fake’ Agency: CBN Opened Dollar, Pound Accounts on Accountant General’s Directive, Says Apex Bank Director
- The Central Bank of Nigeria (CBN) revealed it opened dollar and pound accounts for the Presidential Foreign Investment Promotion Council (PFIPC) based on a directive from the Accountant General of t…
PFIPC: CBN opens govt accounts only on OAGF authorisation - Director tells Reps probe panel
- A Central Bank of Nigeria (CBN) director stated that the bank only opens government accounts with authorization from the Office of the Accountant-General of the Federation (OAGF). - The CBN opened t…
Stakeholders differ on CBN’s withdrawal from manufacturers’ intervention fund
- Nigerian manufacturers are concerned about the Central Bank of Nigeria's (CBN) withdrawal from direct intervention financing. - Stakeholders argue this leaves manufacturers dependent on commercial b…
