Stocks Shed N20Bn As Insurance Firms Lead Losers
Investors lost N20bn on Wednesday as the nation’s stock market extended its decline to the third consecutive trading session amid…
Category: Banking
Alibaba Revenues Soar But Ant Group Float Uncertain
The company founded by Jack Ma saw revenues up 37% against the same quarter of 2019 to 221bn yuan ($34.2bn,…
Exclusive: Suspected Chinese Hackers Used SolarWinds Bug To Spy On U.S. Payroll Agency – Sources.
Suspected Chinese hackers exploited a flaw in software made by SolarWinds Corp to help break into U.S. government computers last…
US Treasury’s Yellen To Meet Regulators About GameStop Volatility
United States Treasury Secretary Janet Yellen is calling a meeting of top financial regulators this week to discuss market volatility…
How To Get The Most Covid Financial Relief When Filing Your Taxes This Year
No one likes doing their taxes. But there is very good reason for everyone to file a federal tax return this year,…
Amazon Gets Court To Block $3.3 Billion Retail Deal Involving India’s Richest Man
Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers.…
Canadian Dollar Leads G10 Peers As U.S. Stimulus Hopes Rise
The Canadian dollar strengthened against its U.S. counterpart and all the other G10 currencies on Tuesday, as oil prices climbed…
UK’s Austerity Guru Shows Better Timing As Banker
George Osborne is perhaps best-known for cutting government spending far too quickly as British finance minister from 2010 to 2016.…
Portugal’s Economy Fell 7.6% In 2020, Biggest Drop Since 1936
LISBON, Feb 2 (Reuters) – Portugal’s economy shrank 7.6% last year, its biggest annual slump since 1936, and the government…
Euro Zone Fourth-Quarter GDP Falls Less Than Expected, Another Fall Seen In First Quarter
The European Union’s statistics office Eurostat said that according to its preliminary flash estimate, gross domestic product in the 19…
Banks’ Non-Performing Loans Rise To N1.5Tn
The non-performing loans in the banking sector rose by N333bn as of the end of the third quarter of 2020…
UBN, Transcorp Top Trades On NSE As Index Drops 0.13%
Union Bank of Nigeria (UBN) Plc, Transcorp and UBA Plc were the most active stocks yesterday as the stock market…
Banking Gearing Up For Major Restructuring
The banking sector is experiencing a paradigm shift with traditional banks facing stiff competition from new entrants into the sector,…
Paternity Scandal: FCMB Adam Nuru Proceeds on Voluntary Leave to Allow Independent Investigation
The embattled Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru has reportedly volunteered to proceed on leave…
Nigeria: Bank Customers Condemn Vilifying Posts About FCMB On Social Media
The Bank Customers Association of Nigeria (BCAN) late Sunday detested in unequivocal terms the attempt by some social media commentators…
Nigeria’s Apex Bank Bans Mobile Money Operators From Receiving Remittances
The Central Bank of Nigeria (CBN) has suspended Mobile Money Operators, Payment Switch providers from receiving remittances or integrating their…
Nigerian Banks Issues Disclaimer Against Azimo Money Transfer
Nigerian Banks have issued disclaimers against Azimo, a money transfer application that claims to facilitate global money transfers. Azimo is…
Nigeria Needs More Naira Reform For $1.5 Bln World Bank Loan, Country Director Says
The World Bank needs Nigeria to strengthen reforms of its currency, the naira, before it can approve a $1.5 billion…
‘Polaris Bank Paying Dollars To Money Transfer’s Beneficiaries’
POLARIS Bank has started the payment of dollars to beneficiaries of money transfer across all its branches. The bank, in…
Nigeria’s Banks Grapple With Covid-19 And Oil Price Slump
Nigeria has sunk into its second recession in less than five years as the Covid-19 pandemic and oil price crash…
Why CBN Licensed Payment Service Banks
Bank account ownership is quite compulsory in many developed countries of the world. Research shows that nearly half of the…
COVID-19: Economic Crisis May Cause Banks To Fail Stress-Tests
The coronavirus pandemic has deeply impacted the situation in the world – especially the economic one. A lot of people…
How Nigeria’s New Banks Law, BOFIA, Will Impact Financial Sector
In assenting into law of the BOFIA 2020, President Muhammadu Buhari said the new legislation represents a “monumental piece of…
Four Key Risks Could Make 2021 The Toughest Year For Banks Since 2009, Says S&P
S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with…
Nigeria To Tap $750 Mln World Bank Loan For Local Regions
Nigeria is in the process of accessing a $750 million World Bank loan to enable local states to support vulnerable…
Wealthy Nigerians Seek To Secure Future With Dominica’s Citizenship By Investment Programme
LONDON, Nov. 10, 2020 /PRNewswire/ — With a looming recession, inflation on the rise and a lack of security, high…
Banks’ Patronage At CBN’s Liquidity Window Drops To N48b
The Central Bank of Nigeria (CBN) has said that daily patronage of the Standing Deposit Facility (SDF) by commercial and…
Banks’ Borrowings From CBN Crashes By 93%
MONEY MARKET Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93…