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Friday, November 27, 2020

CBN Backtracks on Forex Rules After Naira Value to U.S Dollar Weakens

Currency at the weakest level in three months on black market Softened stance seeks to reduce pressure on parallel market Nigeria’s central bank has backtracked on a rule that banned companies from sourcing imports from third parties other than manufacturers after the naira extended losses in...

CBN links cashless policy to increased electronic banking risks

By Chinyere Joel-Nwokeoma Lagos, Nov. 18, 2020 The Central Bank of Nigeria (CBN) on Wednesday said the implementation of the cashless policy aimed at promoting financial inclusion had increased the risks associated with electronic banking in the country. Mr Hassan Bello, the CBN Director, Banking Supervision...

CBN plans N10bln annual fund to support struggling Nigerian banks

Nigeria plans to start a fund that will operate a bridge bank to nurse struggling lenders back to health. The central bank will inject 10 billion naira ($26 million), or an amount that still needs to be determined by its board, into the so-called resolution...

Naira weakens to lowest level in six weeks as CBN’a dollar sales stalls

Nigeria’s naira has fallen to its weakest level in six weeks in informal trading as the central bank’s interventions in the official window failed to meet demand. The local unit changed hands for 470 per dollar on Friday, the weakest since Sept. 29, according to...

Banks confidence in private sector dips as lending dropped to N425 billion

Despite the increased tempo of economic activities following the lifting of the Coronavirus induced economic lockdowns, banks lending to the private sector crashed by N425 billion in September 2020. According to the Central Bank of Nigeria, CBN, monthly Depository Corporation survey report, credit to the...

GSI : Lawyer advocates legslative intervention to reduce non-performing loans

By Lydia Ngwakwe Lagos, Nov. 11, 2020 A legal practitioner, Mr Kemi Pinheiro, on Wednesday in Lagos, called on the National Assembly to come up with a robust legislative intervention that would aid the reduction of Non-Performing Loans (NPLs) in Nigeria. Pinheiro, the Principal Partner, Pinheiro...

Nigerian Banks May See Capital Ratio Plunge to 9.3% If Economy Contrasts by 3.5% in Q3

Capital ratios may drop to as low as 9.3% at year-end from 15% Non-performing loans ratio could more than double to 16.7% Nigerian lenders will drop below minimum capital buffers required by regulators should the economy shrink further this year, according to stress tests done by...

Zenith Bank see most lenders upstream borrowers hedge matured in 2021 and more expensive if oil remains depressed

2020 has been a very challenging and I guess I should say unprecedented year as we continue to deal with the health, financial and economic impacts of the Covid-19 pandemic,” UK Eke, then group managing director at First Bank of Nigeria, told investors on...

Commercial banks in Lagos witness low turnout of customers after curfew

By Lydia Ngwakwe Lagos, Oct. 26, 2020 Commercial banks in Lagos State on Monday witnessed gradual return of business after the 24-hour curfew imposed on residents was lifted with low turnout of customers. Naija247news reports correspondent who visited banks in Iganmu, Bode Thomas, Okota...

Chartered Institute of Bankers postpones 2020 investiture

By Lydia Ngwakwe Lagos, Oct. 22, The Chartered Institute of Bankers of Nigeria (CIBN) has suspended its 2020 Fellowship Investiture Ceremony earlier scheduled for Oct. 24, at Balmoral Convention Centre, Victoria Island, Lagos. This is contained in a statement signed by Mr Nelson Olagundoye, CIBN Head,...
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