The Central Bank of Nigeria has directed banks to complete a mandatory cybersecurity self-assessment within three weeks as part of efforts to strengthen resilience across the financial system. In a letter dated March 30, 2026, and published…
Nigeria’s anti-graft agency says banks and financial technology companies helped process at least 162 billion naira ($—) in cryptocurrency transactions and 18.7 billion naira linked to fraud, raising fresh concerns about weak controls in the…
The Federal Government has ordered banks and financial technology companies to collect and remit a 7.5% value-added tax on selected electronic banking services beginning Monday, Jan. 19, 2026. The directive, conveyed through email notices sent…
Banks in Nigeria have recorded a notable rise in non‑performing loans after the Central Bank of Nigeria (CBN) withdrew regulatory forbearance measures earlier this year. The easing policy, which allowed lenders more time to classify impaired…
Starting January 1, 2026, banks in Nigeria will begin charging a N50 stamp duty on all electronic transfers above N10,000. The move follows a directive from the Federal Inland Revenue Service (FIRS) as part of efforts to boost revenue through…
Mr. Biodun Oyedele, the Executive Chairman of the Federal Inland Revenue Service (FIRS), has directed that all banks operating in Nigeria are required to obtain Tax Identification Numbers (TINs) from customers who are taxable persons before…
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