Banking

Disregard news of Skye Bank liquidation, says CBN

The Central Bank of Nigeria (CBN) has advised customers and other stakeholders of Skye Bank to disregard any message suggesting a liquidation of the bank. According to the Acting Director, Communications, Mr Isaac Okorafor, malicious messages are making the rounds suggesting that the bank is distressed or has been liquidated by the CBN. “The CBN […]

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Investors appetite for Access, UBA shares raise NSE’s Index by 48.23 points

Transactions at the Nigerian Stock Exchange yesterday showed that investors interest in Access Bank Plc and United Bank for Africa Plc shares raised the All-Share Index of the Exchange by 48.23 points to 27,437.25 from the 27,389.02 of the previous day. Consequently, Access Bank emerged the top traded stock by volume with 65.98million shares worth […]

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CBN defends monetary policy decisions

The Central Bank Governor Mr. Godwin Emefiele , has said that the apex bank took the best monetary policy option in addressing the current economic challenges facing the country. He also said that unless Nigerians embrace fully the concept of diversification, the country would not be able to generate enough foreign exchange to cushion the […]

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First Bank dismisses involvement in alleged N11.2b fraud in NPA

First Bank of Nigeria at the weekend absolves itself of any involvement in the alleged N11.2 billion fraud at Nigerian Ports Authority (NPA). This came as a response to an online medium, PREMIUM TIMES’s report on Saturday that the new management of the NPA has uncovered an alleged fraud totalling N11.23 billion involving the foremost […]

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Naira

‘Naira devaluation negatively affecting banks, financial institutions’

By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]

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UBA, First Bank, Fidelity, Ecobank disburse forex to BDCs

No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]

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Diamond Bank

Diamond Bank unveils online loan application platform

Diamond Bank has said that it has raised the bar in Nigeria’s financial services sub-sector through the introduction of an online loan application platform that allows customers to request for a loan, monitor and receive automatic feedback on the approval process anywhere, anytime without hassles. The bank said this innovation has reaffirmed its commitment to […]

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NDIC reviews deposit insurance cover for morgage banks

Bamidele Akindele The Nigeria Deposit Insurance Corporation (NDIC) has been granted approval for an upward review of its maximum deposit insurance coverage (MDIC) from N200,000 to N500,000 per depositor for primary mortgage banks (PMBs) and the extension of di’erential premium assessment system (DPAS) to the PMBs. Minister of Finance, Mrs. Kemi Adeosun granted the approval […]

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CBN hq

Nigeria central Bank order workers to declare assets

The move analysts saw the above title as expansion of anti-corruption crusade to the private sector especially the Banking industry as the order direct all the 19 Deposit Money Banks in the country to declare their assets. The order, which came in a letter through the Banking Supervision Department of the CBN to all the 19 commercial […]

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AfDB approves $9m equity investment for SME’s in Nigeria

The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]

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CBN hq

“Cheques can now be paid into savings accounts” says, CBN

The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The new guidelines were contained in a circular posted […]

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UBA’s GMD calls For closer collaboration among African Central Banks

Outgoing Group Managing Director of pan-African banking group, United Bank for Africa (UBA) Plc Mr Philips Oduoza has called for increased collaboration among African central banks in order to drive intra-African trade on the continent. He said this on July 22, 2016 when he delivered the fourth Valedictory Lecture of the Chartered Institute of Bankers […]

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