According To CBN, There Is N1.38tn Less Money In Circulation.
Due to the Central Bank of Nigeria’s naira redesign strategy, the total quantity of currency in circulation in the nation…
Category: Banking
Banks’ Prime Lending Rate Reached 13.67% Despite Macroeconomic Difficulties
Commercial banks’ prime lending rate to the most creditworthy consumers climbed to 13.67% in 2023, a 1.99% Year-on-Year (YoY) rise…
CBN Evaluates Bank MDs, DMDs, And EDs’ Tenure
The Central Bank of Nigeria (CBN) reviewed the terms of the Managing Directors, Deputy Managing Directors (DMDs), and Executive Directors…
Cash-flow Crisis: CBN Introduces USSD for E-Naira on Bullnet
The Central Bank of Nigeria has developed a USSD channel for the eNaira, the central bank’s digital currency. it was…
Early Branch Closures By Banks Due To Elections
Deposit Money Banks have made the announcement that they will have a early closure, one day before the nationwide presidential…
Premium Trust Bank Opens Branch At Redemption City
Premium Trust Bank, a quickly expanding commercial institution in Nigeria, has started conducting business in Redemption City, Ogun State. The…
CBN: IMF Requests A Review Of The 2007 Act
To increase the bank’s autonomy and governance, the International Monetary Fund has advocated for a revision of the Central Bank…
French Agency And BoI Agree To A Funding Of €2.5 Million.
A funding deal for €2.5 million has been agreed between the Bank of Industry and the French Development Agency to…
Wema Bank Supports SMEs In Enugu
According to Wema Bank Plc, it intends to provide small and medium-sized businesses in Enugu with the necessary information and…
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 worsens. Lengthy lines…
NDIC Reaffirms Commitment to Safeguarding Mfbs Customers
In order to improve failure resolutions, the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) is being actively promoted…
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 violence in…
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 its clients…
Agriculture and Manufacturing Record Fastest Production Cost Increase in January – Stanbic IBTC
According to the Purchase Manager Index (PMI) study from Stanbic IBTC Plc, operators in the industrial and agriculture sectors would…
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 officer…
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 notes to those…
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 food…
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…
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 100…
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 new naira…
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 recently…
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 into…
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 2020 through…
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 trillion…
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. The CBN…
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 borrowing from the Central…
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 drawn into…
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 total of N2. 1…
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 by 6.78% from…
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 technology and digital banking…