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Banks fail to meet Central Bank’s forex terms

The Central Bank of Nigeria (CBN) is set to cancel the Foreign Exchange Primary Dealers (FXPDs) status of some of the 15 FXPDs banks for recording low forex volumes of transactions against set guidelines. In a  report by correspondence, Some of the FXDPs banks include FirstBank, Zenith Bank, United Bank for Africa (UBA), Access Bank, GTBank, […]

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CBN orders Banks to sell forex to BDCs

The Central Bank of Nigeria has ordered agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators. The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website”. The circular by the Acting Director, […]

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Central Bank gives loan to Skye Bank

The Central Bank of Nigeria has provided a loan to Skye Bank Plc to boost its liquidity after the lender breached requirements on capital and lending. The short-term lending facility will allow new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect […]

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UBA, MasterCard announce Pan African partnership

…Five year deal across 19 markets focused on driving financial inclusion in Africa United Bank Africa (UBA) and MasterCard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership which came into effect in the second quarter of 2016 will see UBA issue […]

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Fitch affirms UBA’s viability rating as Agusto upgrades rating to “Aa”

-as UBA stock now best performing on the exchange Fitch International, one of the foremost global rating agencies has affirmed United Bank for Africa (UBA) Plc’s viability rating at “B”, as the pan-African banking group continue to sustain its benchmark asset quality and strong profitability amidst industry and macroeconomic challenges. UBA is one of the […]

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Skye Bank: New M.D unveils vision

The new Group Managing Director/Chief Executive Officer, Skye Bank Plc, Mr. Tokunbo Abiru, has reiterated the the Central Bank of Nigeria’s position that the lender remains healthy and strong. Abiru, who spoke after taking over from his predecessor, Mr. Timothy Oguntayo, said that the bank’s fundamentals remained strong and assured the customers and other stakeholders […]

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Godwin Emefiele

CBN replaces Skye Bank chair, MD, says depositors’ funds safe

The Central Bank of Nigeria on Monday wielded the big stick by replacing some key members of the Board of Directors and management team of Skye Bank Plc, saying its findings revealed that the bank had fallen short of the minimum thresholds in critical prudential and capital adequacy ratios, Punchng report. As a result, the […]

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Interbank rate drops as market liquidity surges

The nation’s interbank overnight rate fell to five per cent on Friday from 15 per cent a week ago, as cash from maturing treasury bills and payments by the government to contractors helped boost liquidity. The increased cash flow left the money market with a N267.10bn surplus balance on Friday, reversing the N300bn shortfall of […]

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