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Banking
As the Shortage of New Naira Notes Remains, more Banks Close.
According to research by The PUNCH, more banks have started closing their branches as the currency shortage…
NDIC Reaffirms Commitment to Safeguarding Mfbs Customers
In order to improve failure resolutions, the National Association of Microfinance Banks Unified Information…
Banks Close Locations Due To Customer Assaults
This happened the day after the Lagos State Police Command warned that some groups were preparing to start…
Due To Lack Of Naira, Sterling Bank Waives Transaction Costs.
All personal account transaction fees have been abolished, according to Sterling Bank, as a show of support for…
Agriculture and Manufacturing Record Fastest Production Cost Increase in January…
According to the Purchase Manager Index (PMI) study from Stanbic IBTC Plc, operators in the industrial and…
First female CEO for UBA’s operations in Africa is appointed.
The board of Directors of the United Bank for Africa Plc, has appointed Mrs Abiola Bawuah, as chief executive…
Nigeria’s New Naira: Racketeering Thrives In Abuja And Other States
In Abuja, the nation's capital, Lagos, Anambra and other states, black marketers were observed selling the new…
AFDB is Planning a $1.5 billion Food Facility For Nigeria And Other Countries
The African Development Bank has said it has put in place a $1.5bn emergency food production facility to support…
Nigeria: FG Allots N1.2tn for CBN Debt Servicing.
According to research, the Federal Government intends to spend N1.2 trillion servicing the loans it received from…
The Central Bank of Nigeria has increased interest rates to 17.5%.
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by…
Nigeria: Customers Flood Banks in Kebbi, Demanding New Naira Notes.
Customers in Birnin Kebbi flocked to banks to deposit or withdraw money, while several voiced concerns about the…
CBN Bans Abuja and Lagos PoS Operators for Cash Swap.
Mobile money/Point of Sales agents in Abuja and Lagos have been cut off from the Central Bank of Nigeria's…
CBN Initiates $15.3 billion to Help Bolster Naira.
To maintain the value of naira from January to October 2022, the Central Bank of Nigeria injected $15.3 billion…
Bank Borrowing from the CBN Increases by 260% to N21.87 trillion.
According to CBN financial data, Deposit Money Banks borrowed N21.87 trillion from the Central Bank of Nigeria in…
Nigeria: Bank Deposits Increased by 19% to N43 trillion.
Bank deposits in Nigeria increased by N6.92 trillion from N36.13 trillion at the end of October 2021 to N43.05…
CBN External Reserves Decreased by $3.43 billion in 2022.
The Central Bank of Nigeria provided data showing a $3.43 billion decline in Nigeria's foreign reserves in 2022.…
World Bank: CBN Loan Repayments will Consume 62% of Revenue.
Despite the restructuring plan, the World Bank has predicted that interest payments on the Federal Government's…
CBN: Banks’ Annual Loans To Businesses Reached N6.69 Trillion.
The Central Bank of Nigeria (CBN) recently reported that the amount of additional cash deposits that banks had…
NIBSS: Mobile Transfers in Banks Increased by N2.1 trillion in November.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), bank customers in Nigeria transferred a…
As Interest Rates Rise, Nigerians are Borrowing Less, According to the CBN.
According to Central Bank of Nigeria (CBN) records, the amount of outstanding consumer credit in Nigeria decreased…
According to Bank CEO, Digital Banking can Promote Financial Inclusion.
Ademola Adebise, Managing Director/Chief Executive Officer of Wema Bank Plc, has stated that the development of…
Banks’ Operating Expenses are Up 19.2% Due to High Inflation and Regulatory…
Following a high inflation rate and regulatory charges, 14 Nigerian banks reported N2. 03 trillion in total…
Super Central Bank Week Pressures Crypto Market.
Following its last six significant rate increases in 2022, the US Federal Open Market Committee (FOMC) declared…
Kenya Incurs Additional Foreign Debt of Sh5.4 billion.
In the fiscal year that ended in June, Kenya's external debt servicing costs increased by Sh5. 4 billion,…
Bank of England to add 50 bps to Bank Rate on Dec. 15.
Despite the economy entering a recession, the Bank of England will increase Bank Rate by another 50 basis points,…
Iranian Authorities Plan to Freeze the Bank Accounts of Women who Reject the…
According to a member of the Iranian parliament, the government intends to introduce new penalties for women who…
Despite Global Headwinds, Remittances Grew by 5% in 2022.
Remittances to low- and middle-income countries increased by an estimated 5% to $626 billion in 2022. Remittances…
Breaking: New revised Cash Withdrawal Limit By The Central Bank Of Nigeria.
According to the CBN memo released today 06 December 2022, the Central Bank Of Nigeria has revised its cash…
Zenith Receives the Award for Best Bank in Nigeria.
According to The Banker's Bank of the Year Awards 2022, Zenith Bank Plc has been named The Bank of the Year in…
The Central Bank of Nigeria Sells $9.4 billion in Forex.
In the first six months of 2022, the Central Bank of Nigeria sold $9.4 billion worth of forex in the foreign…