Business
E-Naira: CBN Assures Effective Technology To Check Hackers, Fraudsters
The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this on Wednesday at a Central Bank Fair in Kano.
The theme of the fair is “Promoting Financial Stability and Economic Development”.
Nwanisobi said apart from new technology to prevent cybercriminals, the CBN had introduced other measures such as making individual passwords up to 12 digits.
“Which will make it very difficult for any cybercriminal to break and penetrate into customers accounts.
“Gone are the days when cybercrooks will be allowed to have a field day and smile home with people’s sweat.
“e-Naira is the Digital representation with the equivalent of the physical Naira, the only difference is that, while one is physical, the other one is virtual,” he said.
The director also explained the mode of payment in respect of e-Naira.
“We have cash payment, electronic payment and now added digital payments, all aimed at reducing hardship faced by bank customers at the point of transactions with their bank or other banks.
“The beauty of the e-Naira is that it is instant, immediate, and the cost is very low as well.
“That is why when we are talking of the e-Naira, we say it’s the same Naira with possessing power and possibilities,” Nwanisobi said.
READ ALSO: IMF To CBN: Watch e-Naira Risks
According to him, the e-Naira will solve the problems facing financial institutions, cross border issues, relationships with the diaspora, and taxation.
The director said that the fair was to enlighten the public about CBN policies and interventions, as it relates to youths development.
Business
14 Nigerian Banks Yet To Meet CBN’s Recapitalization Deadline [FULL LIST]
With barely eleven weeks to the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the requirement.
This comes as DAILY POST reports that 19 Nigerian banks had met the apex bank’s recapitalisation requirements as of January 6, 2025.
The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.
READ ALSO:CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
However, as of the time of filing this report, fourteen Nigerian banks are yet to comply.
The banks that have not met the apex bank’s recapitalisation requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.
Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.
Meanwhile, financial experts have predicted possible mergers and acquisitions ahead of the March 31 deadline.
Business
Naira Extends Appreciation Against US Dollar
The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.
The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.
Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.
READ ALSO:Naira Records Significant Appreciation Against US Dollar
Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.
The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.
Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.
Business
Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn
The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.
Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.
This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.
READ ALSO:Naira Records Significant Appreciation Against US Dollar
At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.
The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.
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