NEWS
CBN Orders Banks on Monthly Report of Mobile, ATM Transactions
The Central Bank of Nigeria has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across digital channels, as part of new compliance measures introduced in its revised Guide to Charges.
The directive was contained in a circular issued on April 21, 2026, titled “Exposure Draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria, 2026 (The Guide)” and signed by the Director of the Financial Policy and Regulation Department, Dr.
Rita Sike.According to the apex bank, Chief Compliance Officers and Heads of Information Technology in financial institutions are required to jointly render electronic reports of all failed transactions conducted via Automated Teller Machines, Point of Sale terminals, mobile channels, web platforms, and other electronic systems.
The circular read, “The Chief Compliance Officer and Head Information Technology shall jointly render monthly reports electronically, of all failed electronic transactions via various e-channels (ATM, PoS, mobile, web/internet and related channels) that originate or terminate in the institution.”
The reports are to be submitted to designated CBN email addresses, reinforcing the regulator’s push for stricter monitoring of service failures across the banking system.
Beyond the reporting requirement, the CBN also introduced broader accountability measures, placing responsibility on top management of financial institutions to ensure strict adherence to the new guide.
Executive Compliance Officers or Managing Directors are mandated to cascade compliance expectations across all business units and ensure that banking systems are configured to apply only approved charges.
Specifically, the regulator directed that Heads of Information Technology must ensure that “all systems configurations only capture and allow posting of charges as permitted and described in this Guide,” while Chief Compliance Officers are to monitor strict compliance with the framework.
The revised guide, effective May 1, 2026, replaces the 2020 version and provides a comprehensive framework for charges across banking and other financial services.
The CBN explained that the review was aimed at promoting a safe and sound financial system, encouraging innovation, and expanding financial inclusion through lower tariffs on micropayments and transactions.
It added that the revised framework would strengthen oversight and accountability, encourage the adoption of electronic payment channels, and accommodate new industry participants.
A key feature of the proposed guide is the introduction of caps on several banking charges, alongside a requirement for banks to disclose fees clearly and allow customers to negotiate charges where applicable.
The document states that where fees are designated as negotiable, financial institutions must inform customers of their right to negotiate and agree on charges through verifiable means.
The guide also mandates that any new product, service, or charge not covered must receive prior written approval from the CBN, tightening regulatory control over fee innovation in the banking sector.
Under the new structure, charges apply across a wide range of institutions, including commercial banks, merchant banks, payment service banks, non-interest banks, microfinance banks, finance companies, primary mortgage banks, development finance institutions, credit guarantee companies, and mobile money operators.
To strengthen consumer protection, the CBN directed that non-credit-related charges can only be applied to the extent of funds available in a customer’s account, while any unpaid charges must be deferred without accruing interest.
The draft also introduces enhanced compliance requirements, mandating senior management and compliance officers to ensure that only approved charges are applied across banking systems.
In the detailed schedule of charges, the CBN set clear limits across multiple banking services. For electronic transfers, interbank charges are capped at no fee for transactions up to N5,000, N10 for transactions between N5,000 and N50,000, and N50 for transactions above N50,000.
ATM withdrawals from other banks are also regulated, with charges of N100 per N20,000 withdrawal on on-site machines and additional surcharges capped for off-site transactions.
The guide maintains zero charges on several customer-facing services, including account reactivation, account closure, and mandatory monthly statements, while introducing caps on others, such as statement requests to third parties and card issuance fees.
In the lending segment, the CBN requires all loan pricing to be quoted using the Annual Percentage Rate, ensuring that borrowers see the full cost of credit upfront. It also caps penalty charges on loan defaults at one per cent per month for naira loans and 0.25 per cent for foreign currency loans.
The regulator further outlined minimum disclosure requirements for loan agreements, covering borrower details, loan purpose, repayment schedule, collateral, interest rates, and penalties, as part of efforts to improve transparency in credit transactions.
The draft guide has been released for public comments, with stakeholders expected to submit their inputs to the CBN before May 8, 2026, ahead of its full implementation.
Foreign News
Ghana Evacuates 300 from South Africa over Anti-immigrant Protests
Ghana says it will evacuate 300 citizens from South Africa following a recent wave of protests against foreign nationals.
Foreign Minister Samuel Okudzeto Ablakwa said in a post on X on Tuesday that the Ghanaian president had granted approval for their “immediate evacuation”.
He said the “distressed” Ghanaians had registered at the country’s embassy in Pretoria to be rescued in response to an advisory by the foreign ministry “Following the latest wave of xenophobic attacks”.
Last week, South African authorities denied that anyone had been attacked, saying the widely circulated videos were fake.
On Monday, South African President Cyril Ramaphosa said the recent “protests and criminal acts directed at foreign nationals” did not reflect government policy, describing them as “isolated acts of criminality”.
He added that South Africa would “regulate migration, secure our borders and enforce our laws”.
Thousands of South Africans joined protests against illegal immigration, demanding the mass deportation of undocumented foreign nationals. Protesters say illegal immigration has had an impact on jobs, housing and crime.
On Tuesday, the Ghanaian embassy in South Africa advised nationals to be highly cautious and prioritise their safety by avoiding public gatherings and shut their shops or businesses in the port city of Durban ahead of a protest planned on Wednesday.
Ghana and Nigeria have recently summoned the South African envoys to their respective countries over the mistreatment and harassment of their citizens.
Ghana has also written to the African Union (AU) asking it to discuss the issue, saying it posed a “serious risk to the safety and wellbeing” of Africans in South Africa.
South Africa responded by saying it had “nothing to hide”. The government has condemned the circulation of what it called “fake videos and images” described by some as recordings of attacks on foreign nationals.
Other countries that have warned their citizens in South Africa include Kenya, Malawi, Lesotho and Zimbabwe.
According to official figures, South Africa is home to more than three million foreigners, or about 5% of the population, but there are believed to be many more without papers.
Xenophobia has long been an issue in the country and has been accompanied by occasional outbursts of deadly attacks.
NEWS
FG Sets June 17 for Digital Switchover Inauguration
The Minister of Information and National Orientation, Alhaji Mohammed Idris, said the Federal Government’s Digital Switchover (DSO) project is ready for commissioning on June 17.
Idris disclosed this on Wednesday in Abuja while speaking with newsmen after assessing DSO facilities put in place by the Nigerian Communications Satellite Ltd.
(NIGCOMSAT) in partnership with National Broadcasting Commission (NBC).The DSO project, managed by the NBC, is Nigeria’s nationwide transition from analog to digital terrestrial television broadcasting.
The project aims to improve broadcast quality, boost the digital economy, and free up spectrum for broadband.
The minister described the completion of the DSO project as an indication that President Bola Tinubu had fulfilled his promise in carrying out reforms across the sectors, especially the broadcast industry.
“I think this is a new dawn for our country. The promise that President Bola Tinubu made that he is going to reform all sectors and we are seeing this reform in action in the broadcast industry.
“You recall that for many years, Nigerians have been grappling with this idea of the digital switchover. In other words, moving our transmissions from the analogue to the digital.
“Now this has happened and is ready to be inaugurated by June 17, this year,” he said.
According to him, while going around the facilities, many of the channels have already been unbundled here.
“This is going to bring a lot of advantages to all the broadcasters, the viewers, and everybody that advertises.
“Now science is at play. I mean, if you are now viewing any particular station, you know who is viewing what, how many people are viewing.”
The minister said that the standard measurement that was absent in the previous experiments was now being made available.
According to him, this will help advertisers to make informed decisions about what programming is it that people are watching, and what is it that Nigerians want to watch across all the demographics.
“So, it’s easy for you to now say, I want to put an advert on this channel or I want to put it on this channel. Who are you targeting?”
The minister lauded the collaboration between NIGCOMSAT, NBC and the Ministries of Communication and Information and National Orientation for making the initiative happen.
He also thanked President Tinubu for providing all the resources required to deliver the project to Nigerians.
“It’s been such a shame in the past that Nigeria has not been able to achieve this. But now the digital switchover is here.
“Everybody now can watch whatever he wants to watch in real time and painlessly. Free TV everywhere for everybody.
“This will enable viewers, advertisers, and everybody to now take informed decisions about what he views on any particular channel.
“I think this is a great thing that is happening. And we know that by the time that we return here on June 17, when this is going to be officially unveiled to Nigerians, Nigerians will really be very happy about it.”
The Managing Director/ CEO of NIGCOMSAT, Jane Egerton-Idehen, attributed the success of the DSO project to the strong collaboration among relevant agencies and support given to NIGCOMSAT by the President.
The Director-General of the NBC, Charles Ebuebu, said the commission had considered emerging technologies while designing digital terrestrial television broadcasting.
“The younger population like things on their mobile devices. That’s why we have put this there.
“We have also gone by way of satellites. So, rather than restricting content to just eight cities. We are all over Nigeria and beyond,” the NBC D-G said.
According to him, NBC is updating the list of channels. We are going to have 100 channels by the day of launch. And even more because more content producers are talking to us.
“We are also bringing up content. We have six regional studios around the country.
“You don’t have to travel to Lagos or Abuja or Kano to develop your content. You just go to the nearest regional studio and develop,” he said.
NEWS
Dangote Exports 1.66bn Litres Fuel During US-Iran War
Fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority has shown that the Dangote Petroleum Refinery & Petrochemicals exported an estimated 1.66 billion litres of refined petroleum products in April 2026.
This came amid mounting tensions in the Middle East and fears of possible disruption to global fuel supply routes following the growing conflict involving the United States and Iran.
An analysis of the NMDPRA’s April 2026 fact sheet showed that the country exported about 513 million litres of Premium Motor Spirit, popularly called petrol; 534 million litres of Automotive Gas Oil, also known as diesel; and 615 million litres of aviation fuel within the month under review.
The Dangote refinery is the only major functional refinery in Nigeria that currently produces enough refined petroleum products for both local consumption and export.
This is the first month the refinery has exported such a high volume of petroleum products, especially jet fuel and diesel, indicating the significance of the 650,000-barrel-per-day plant in Lekki, Lagos State.
The combined export volume translates to approximately 55.4 million litres daily. The development comes as the international oil market faces fresh uncertainty over the security of the Strait of Hormuz, a critical global oil shipping route, following the failure of the United States and Iran to agree on a peace deal.
Industry experts said the rising geopolitical uncertainty had significantly boosted demand for refined petroleum products from alternative suppliers such as Nigeria, especially as Europe, Africa, and parts of Asia scramble for more secure fuel sources.
The NMDPRA document showed that local refineries operated at an average capacity utilisation of 99.12 per cent in April, with the Dangote refinery accounting for the overwhelming share of production.
The regulator stated that the refinery achieved 100 per cent capacity utilisation “for most of the days in April.” The report also indicated that domestic refineries received 18.37 million barrels of crude oil in April, up from 13.11 million barrels recorded in March.
Findings further showed that the refinery maintained strong export momentum despite increased domestic supply obligations. According to the fact sheet, average daily petrol production stood at 53.6 million litres, while 40.7 million litres were supplied locally and 17.1 million litres were exported daily. Similarly, diesel production averaged 23.6 million litres daily, with exports accounting for 17.8 million litres per day, more than double the domestic supply volume of 8 million litres daily. For aviation fuel, exports stood at 20.5 million litres daily, compared to the domestic supply of 2.6 million litres per day.
The strong aviation fuel export performance comes weeks after reports emerged that domestic airline operators threatened to shut down over the rising cost of the fuel.
There are reports that Nigeria has become a net petrol exporter for the first time in decades due to rising output from the Dangote refinery. The refinery had earlier exported about 434 million litres of petrol in March after domestic production exceeded local consumption levels.
The latest figures underscore Nigeria’s gradual transition from a major importer of refined petroleum products to an export hub within Africa. It was observed that jet fuel exports may rise further if instability in the Middle East continues to disrupt traditional supply chains serving Europe and other regions.
The Middle East accounts for a substantial share of global aviation fuel exports, with the Strait of Hormuz serving as a strategic transit corridor for crude oil and refined petroleum products. The prolonged disruption in the region has tightened global fuel supply and pushed up prices internationally.
The NMDPRA report also revealed that Nigerians consumed an average of 51.1 million litres of petrol daily in April, slightly above the 50 million litres benchmark estimated by the regulator. Diesel consumption stood at 17.3 million litres daily, while aviation fuel consumption averaged 2.5 million litres per day.
Despite increased local refining activity, petrol prices remained elevated across the country. The regulator attributed prevailing prices partly to international crude oil costs, which averaged $120.55 per barrel during the month, while gasoline costs stood at $1,074.97 per metric tonne.
The refinery, with a nameplate capacity of 650,000 barrels per day, is expected to play a central role in Nigeria’s energy security and foreign exchange earnings as global fuel trade patterns shift amid geopolitical tensions.
As the Nigerian refinery exports petrol, the NMDPRA has continued to issue licences for the importation of petrol.


