The Central Bank of Nigeria (CBN) has reportedly formulated plans to stop the naira’s relentless decline versus the dollar. One of these strategies is to flood the market with dollars cash. The naira on Monday, August 14 closed at N744.41/$ at the Investors & Exporters (I&E) window and N935/$ at the parallel market. The naira…
The Central Bank of Nigeria (CBN) has placed a N50,000 daily limit on contactless payments either through bank accounts or digital wallets. The CBN disclosed this on Tuesday in a circular titled, “Transaction Limits on Contactless Payments” signed by its Director, Payment System Management Department, Musa Jimoh. The apex bank also limited the amount per…
The Central Bank of Nigeria (CBN) has set a N50,000 limit for contactless payments (payments made without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices). Musa Jimoh, CBN’s Director of Payments System Management Department, said the decision was taken due to the…