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Monday, October 26, 2020

Senate directs Committee to investigate complaints of illicit, excessive bank charges

By Kingsley Okoye Abuja, Oct. 7, 2020 The Senate on Wednesday at plenary directed its Committee on Banking, Insurance and other Financial Institutions to investigate complaints of Nigerians on illicit and excessive bank charges by commercial banks on customers’ accounts. It also directed the Central Bank...

CBN tasks airlines, shipping companies over adherence to exports regulation

By Kadiri Abdulrahman Abuja, Sept. 7, 2020 The Central Bank of Nigeria (CBN) has called on airlines and shipping companies involved in the transportation of exports from Nigeria, to henceforth adhere strictly to laid down regulations. This is contained in a warning circular by Dr....

CBN Liquidity boost expected as N567bn hits interbank market

By Babajide Komolafe The Central Bank of Nigeria (CBN) is expected to resume its liquidity mop up this week in response to inflow of N567 billion into the interbank money market. Last week the apex bank suspended its liquidity mop up through issuance of secondary market...

Bankers institute re-certifies NDIC academy as training provider for banking industry recertification

By Ginika Okoye Abuja, Sept. 28 2020 The Nigeria Deposit Insurance Corporation (NDIC) Academy has been re-certified and its accreditation renewed as a training service provider for various professionals in the banking industry for the next three years. A statement by Mr Sunday Oluyemi, the...

Coronavirus pandemics accelerates Nigeria’s digital mobile banking push

LAGOS/ABUJA (Reuters) - Civil servant Amos Dam is frustrated after waiting two hours to enter a bank in Nigeria's capital Abuja. He is one of about 20 people sitting on plastic chairs under a canopy to protect them from the sun on a pavement...

COVID-19: Financial expert urges CBN to support banks

By KadiriI Abdulrahan Abuja, Sept.13, 2020 A financial expert, Mr Okechukwu Unegbu, has urged the Central Bank of Nigeria (CBN) to increase support for commercial banks to address the impact of COVID-19 pandemic on the sector. Unegbu, a past President of Chattered Institute of Bankers of...

CBN sells $50 mln to quench foreign FX demand

ABUJA, Sept 2 - Nigeria's central bank has sold around $50 million to foreign investors on the spot and forward markets, in what the bank said was a test trade to gauge the level of dollar demand on the currency market, traders said...

We will soon enrol others to CRMS, GSI policy — CBN director

By Lydia Ngwakwe Lagos, Aug. 28, 2020 Mr Kevin Amugo, Director, Financial Policy and Regulation Department, CBN, on Friday said that talks were ongoing with other financial institutions, to bring them on board the Credit Risk Management System (CRMS). Amugo made the announcement at a webinar...

CBN circulated five Naira and other lower banknotes worth N237.14 billion in 2019

The Central Bank of Nigeria (CBN) disbursed lower denomination banknotes worth N237.14 billion to microfinance banks (mfbs), merchants, shopping malls, market associations among others in 2019, to increase the circulation of such notes in the country. The apex bank disclosed this in its 2019 annual...

Nigerian banks recovered N50.32m loans from defaulters within 9 days – CBN

By Lydia Ngwakwe Lagos, Aug. 18, 2020 Mr Kevin Amugo, Director, Financial Policy and Regulation, CBN, said Nigerian banks recovered about N50.32 million bad loans from debtors within nine days the country commenced operations of the Global Standing Instruction (GSI). Amugo made the disclosure on Tuesday,...
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