Business
UBA Publishes Names, Account Details Of Forex Defaulters
The United Bank of Africa, UBA, has published the names of some individuals who applied for Personal Travel Allowance and bought cheap dollars at the bank but did not use it for the purpose they applied for.
The account numbers and Bank Verification Numbers of the defaulters were included in the publication.
According to the bank, the beneficiaries committed the offence after applying with fake tickets or visas.
The UBA disclosed this in a publication on its website titled ‘CBN FX defaulters’ on Friday.
It stated that, “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation.
“Based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow up phone calls.”
The bank added that, “The customer(s) below presented fake visa to apply for PTA.”
Banks had earlier sent messages to their customers to notify them that travellers who bought foreign exchange from banks for travel purposes but failed to embark on the trip two weeks after their scheduled travel date must return the forex to the banks.
READ ALSO: INEC Explains Why Names Of Dead Nigerians Still Appear On Voter Register
According to the banks, this was a directive from the CBN.
Defaulting customers who presented fraudulent travel credentials or cancelled their tickets and failed to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, would have their identities and bank verification numbers published, the banks had said.
(PUNCH)
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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