Business

FULL LIST: CBN Fines 9 Banks N1.35bn For Failing To Dispense Cash Via ATMs

Published

6 months ago

January 15, 2025

…Speaks on validity of old N1000, N500, N200 denominations

The Central Bank of Nigeria (CBN) yesterday said it has fined nine banks N1.35 billion for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season.

According to the apex bank, the fines were imposed on the banks to demonstrate zero tolerance for cash flow disruptions.

Each bank was fined N150 million for non-compliance,in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

Communication with the banks revealed that the fines would be debited directly from their accounts with the apex bank.

The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali confirmed the development, noting that “Ensuring seamless cash flow is paramount to maintaining public trust and economic stability.

“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she added.

The CBN’s investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. The Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million.

Governor Olayemi Cardoso, in his address at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, warned banks to strictly adhere to cash distribution policies or face severe penalties. He underscored the CBN’s commitment to maintaining a robust cash buffer to meet Nigerians’ needs. “Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso said.

The CBN urged all financial institutions to comply with its guidelines, warning that further violations would attract swift and decisive sanctions.

Meanwhile, the CBN has reiterated the validity of the old N1000, N500, and N200 denominations urging the public to disregard any claims that they have no longer legal tender from December 31, 2024.

In a statement signed by the Ag. Director, Corporate Communications, CBN, Mrs. Sidi Ali, Hakama, the apex bank said: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ¦ 1000, ¦ 500, and ¦ 200 banknotes currently in circulation.

In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ¦ 1000, ¦ 500, and ¦ 200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.
VANGUARD

Business

Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop

Published

2 days ago

July 24, 2025

Editor

Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.

The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.

This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.

From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.

Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.

This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.

However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.

Business

French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv

Published

3 days ago

July 23, 2025

Editor

French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.

The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.

For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.

MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.

Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”

One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.

Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.

As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.

In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”

Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Business

JUST IN: Again, NNPCL Reduces Fuel Price

Published

3 days ago

July 23, 2025

Editor

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.

It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.

This represents an N5 per litre downward price review when compared to its earlier N895 pump price.

NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.

The latest adjustment comes barely a week after the company implemented a retail price slash.

While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.

The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.