Bank Directors Supports CBN on Foreign Currency Hoarding
The Bank Directors Association of Nigeria (BDAN) has expressed support for the Central Bank of Nigeria’s (CBN) directive instructing commercial…
Category: Banking
Banks Rush to Sell Excess FX Holdings Ahead of CBN Deadline
Commercial banks in Nigeria were in a frenzy on Thursday as they worked tirelessly to offload their surplus foreign exchange…
FBN Holdings Reports N309bn Profit
FBN Holdings, in its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, announced a substantial profit of…
CBN Orders Banks to Sell Excess Dollar Stock to Stabilise Exchange Rate
In a bid to stabilize Nigeria’s volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks…
OPay Bolsters Security Measures to Combat Financial Fraud
Nigerian financial technology firm OPay has launched an array of security measures aimed at fortifying its platform against financial fraud,…
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented by the Independent Petroleum Marketers…
Standard Chartered Bank Kenya Waives Upfront Fees for Online Money Market Fund
Standard Chartered Bank Kenya has announced the removal of the one percent upfront fee charge on its online money market…
World Bank Engages Nigerian Government on Effective Public Fund Utilization
The World Bank has communicated its engagement with the Federal Government of Nigeria to ensure that public funds are utilized…
Economic Challenges Pose Strain on Nigerian Banks’ Operating Expenses, Warns Agusto&Co
As inflation and economic pressures continue to rise, Nigeria’s deposit money banks (DMBs) are cautioned to brace for stretched operating…
Google’s Former Director for West Africa, Juliet Ehimuan, Joins Zenith Bank’s Board of Directors
Juliet Ehimuan, a distinguished figure in the technology industry and former Director of Google West Africa, has been appointed as…
Nigeria’s Central Bank Introduces Forex Price Verification System
The Central Bank of Nigeria (CBN) has launched a Foreign Exchange Price Verification System aimed at facilitating importers’ access to…
Kenya Commercial Banks Raise Base Lending Rates for Seventh Consecutive Month
Kenyan commercial banks have increased their base lending rates for the seventh consecutive month, reaching 13.31 percent by the end…
NDIC Trains Law Enforcement Operatives to Probe Revoked MfBs and PMBs
The Nigeria Deposit Insurance Corporation (NDIC) has organized a workshop to train law enforcement operatives and officers responsible for investigating…
Nigerian Government Aims for N100 Trillion Asset Under Management (AuM) Growth Over 10 Years
The Nigerian Federal Government, represented by the Ministry of Finance Incorporated (MOFI), has set a target to achieve N100 trillion…
Nigerian Central Bank to Rename Official Forex Market as Nigerian Foreign Exchange Market (NFEM)
The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, announced that the official foreign exchange market, previously…
Central Bank of Nigeria Exempts Microfinance and Primary Mortgage Banks from Cash Withdrawal Limits
The Central Bank of Nigeria (CBN) has issued a circular exempting Primary Mortgage Banks and Microfinance Banks that provide banking…
Central Bank of Nigeria Achieves 64.1% Financial Inclusion, Targets 95% by 2024
The Central Bank of Nigeria (CBN) has reported achieving a financial inclusion rate of 64.1%. The CBN aims to raise…
NOVA Merchant Bank Receives Shareholder Approval for Transition to Commercial Banking
NOVA Merchant Bank has obtained the approval of its shareholders to transition into a commercial bank during its annual general…
NGX Reclassifies Fidelity Bank Plc’s Stock to Medium Price Category
The Nigerian Exchange Limited (NGX) has announced the reclassification of Fidelity Bank Plc’s stock from Small price stock to Medium…
Fidelity Bank to Raise Additional Capital through Public Offer and Rights Issue
Fidelity Bank plans to seek approval from its shareholders to raise additional capital through the issuance of 13,200 billion ordinary…
NOVA Merchant Bank Unanimously Approved for Transition to Commercial Banking”
Shareholders of NOVA Merchant Bank have given their unanimous approval to transition the bank into commercial banking during its 6th…
Access Bank and Standard Chartered Bank Finalize Agreement for African Subsidiaries’ Acquisition
Access Bank Plc and Standard Chartered Bank have reached an agreement for Access Bank to acquire Standard Chartered’s shareholding in…