E-Financial
CBN Warns Banks Over Mutilated Notes
The Central Bank of Nigeria (CBN), has warned that it would no longer tolerate complaints from commercial bank customers over payment of mutilated notes whereas mint notes found their way to the black marketers who sell them out for spraying at social functions.
Mrs. Tope Omade, CBN’s director, Branch Operations Department, gave the warning during a one-day Customer Forum held in Asaba.
She promised that CBN will continue to beam its search light on commercial banks and other allied banks as well as officials of such banks who are involved in the sharp practices of hoarding mint notes and selling same to black marketers, just as she condemned the attitude of some Nigerians who still indulge in spaying naira at social functions in violation of the law banning spraying of the currency.
According to her, “no bank should henceforth pay customers with unfit and mutilated notes. Plans are on to ensure that strict sanctions were meted out on commercial banks that are still dispensing bad, unfit and mutilated currency notes to the public.
We have the serial numbers of all the mint notes in circulation and we are going to make sure that we trace those banks and their officials who are still involved in the shoddy deals of selling those mints to black marketers”.
Dame Elizabeth Oyibo-Agu, Asaba Branch Controller of CBN, in her key-note address on ‘Delivering Customer Service Excellence’, tasked bank officials “to always focus on service delivery, give the best experience, create unique customer experience, always improve on their experience as well as accord due respect to their customers with strong emphasis on their time and opinions”.
The forum was attended by representatives of the various commercial banks, Development Money Banks (DMBs), Micro-Finance Banks (MFBs), Bureau de Change (BDCs), Ministries, Departments and Agencies (MDAs), among others.
Ecobank Nigeria has announced plans to phase out its Naira-denominated Mastercard debit cards, with a transition period scheduled to run from July 29 to September 29, 2025.
The bank disclosed the development in a message sent to customers on Wednesday, urging account holders to switch to a Verve debit card available free of charge.
According to the notice, the bank’s decision is part of a broader effort to enhance security and ensure smoother digital transactions for customers.
“As part of our ongoing commitment to delivering secure and efficient banking services, we will be phasing out the Ecobank Naira Mastercard,” the statement read.
“In its place, we are pleased to offer you a free Verve debit card to ensure a seamless transition.”
The bank said the Mastercard deactivation would take full effect from September 30, 2025, saying that customers are therefore advised to collect their Verve cards before the deadline to avoid service disruption.
Ecobank also assured customers that the new Verve card would support payments across several digital platforms, including Google Play, YouTube, TikTok, Spotify, Netflix, Prime Video, AliExpress, Zoom, Microsoft, LinkedIn, Starlink, Audiomack, and Uber.
“It will also remain functional for ATM withdrawals and Point-of-Sale (POS) transactions nationwide.
“To obtain the replacement card, customers are instructed to visit the nearest Ecobank branch, request the Verve debit card, and collect it at no cost,” the bank said.
The move follows a growing trend among Nigerian banks to prioritise local card schemes like Verve, which are often more cost-effective and resilient to international payment disruptions.
Central Bank of Nigeria (CBN) has dismissed claims that its recent redeployment of staff from Abuja to Lagos State was politically motivated.
Muhammad Abdullahi, deputy governor, economic policy, made this clarification known at a two-day Interactive Session on Government-Citizens Engagement in Kaduna on Wednesday.
Recall that the CBN had in 2024 rolled out its Early Exit Package (EEP).
As part of the policy, the apex bank reduced its staff strength in Abuja Headquarters.
The decision had been greeted with controversy, with some critics claiming the move was targeted at the banks’ workers from Northern Nigeria.
However, Abdullahi has clarified that the policy was not targeted at anybody.
He noted that a recommendation from the banks’ insurance provider concerning workplace safety triggered its decision to decongest its Abuja headquarters.
“It is not an agenda against anybody,” he stated.
He said, “Some of those staff members taken to Lagos and Kaduna are now so happy they don’t even want to come back to Abuja.
He also dismissed claims that CBN deliberately removed 16 directors, particularly from the Northern region.
“There are many directors from the Northern region currently serving in the bank,” he stated.
He stressed that the son of the country’s secretary to the government of the federation was also redeployed from Abuja to Lagos.
“The son of the Secretary to the Government of the Federation was also moved from Abuja to Lagos. Nobody was spared—it is a policy of the bank,” he stated.
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria (CBN)’s Form A portal.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase foreign exchange at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
This development comes a month after commercial banks announced the resumption of international transactions on their naira cards.
In an email to customers, Guaranty Trust Bank Limited (GTBank) and Lotus Bank announced that the service is now available for applicants paying undergraduate and postgraduate tuition fees abroad.
“Pay international tuition fees directly from your Naira account,” the notice from GTBank read.
To access the service, customers are required to register and submit their applications via the Trade System Portal at www.tradesystem.gov.ng.
GTBank explained: “Select the ‘Form A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application.”
Similarly, Lotus Bank stated, “Register on the Trade System Portal. Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application.”
In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.
“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.
In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.
NIMC Migrates Telcos to NINAUTH Platform
Ecobank Announces Plans to Phase Out Naira Denominated MasterCard
NCDC Unveils Toolkit to Strengthen Disease Surveillance, Forecast Outbreaks
CBN Explains Mass Redeployment of Staff
Google Announces $37m Funding in Africa
Telecom2 days agoGlo Boosts Network Capacity for Enhanced Customer Experience
News2 days agoTranscorp Power Posts Strong Half-Year Profit, Declares ₦11.25Bn Dividend
E-Financial2 days agoFG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS
Telecom2 days agoNIMC Warns Nigerians Against Selling NIN Data Amid Rising Identity Fraud
Telecom2 days agoMTN’s Uto Ukpanah Becomes 30th ICSAN President, Reinforcing Female Leadership in Governance
E-Business2 days agoTemu Joins INTA to Combat Counterfeits and Elevate IP Standards Worldwide
News2 days agoInfraCredit, AMDA Sign Partnership to Unlock Local Financing for Africa’s Mini-grid Sector
General News2 days agoFG Collaborates with China to Digitalize Customs