NDIC Seeks To Hold Directors Accountable For Bank Failures
The Nigeria Deposit Insurance Corporation has sought a legal backing from the National Assembly to enable it to hold directors…
Category: Banking
CBN Seeks Power To Freeze Bank Accounts ‘Linked To Criminals’
The Central Bank of Nigeria is seeking sweeping powers to freeze bank accounts “linked to criminals in the country via…
CBN Seeks Exclusive Right To Bank Licensing, Revocation
The Central Bank of Nigeria (CBN) has said, in line with international best practices and to avoid duplication of functions,…
Banks Now To Seize Defaulter’s Funds In Other Banks
The Central Bank of Nigeria, CBN, has issued guidelines on the Global Standing Instruction, GSI, which enables banks to seize…
Bank Of England Debating Digital Currency Creation
The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey.…
Banks To Place Chronic Loan Defaulters On Watch List
the Central Bank of Nigeria on Monday released the guidelines aimed at reducing non-performing loans in the banking sector and…
Nigerian Banks To Debit Debtors’ Accounts Directly
The Central Bank of Nigeria (CBN) has released guidelines on Global Standing Instruction (GSI) that would enable banks to debit…
Looming Free Fall – How To Save The Naira
On Tuesday, the Central Bank of Nigeria, CBN, adjusted the value of the Naira to exchange to the dollar at…
Nigeria’s Confusing Currency and IMF Loan
Humbled by crashing oil prices and the coronavirus pandemic, Nigeria appears to be heeding the International Monetary Fund’s advice by…
Latest Nigerian Currency Devaluation Sows Confusion With Traders
Naira devalued by 5.5% against dollar, according to FMDQ data. Nigeria is seeking to unify its multiple exchange rates
China Imposes Checks On Large Transactions After Bank Runs
China imposed a program to keep large transactions in check amid heightened concerns over the state of its financial system…
Nigeria: OPS Backs CBN On Exchange Rates’ Unification
The Organised Private Sector (OPS) has commended the recent step by the Central Bank of Nigeria (CBN) towards unifying the…
Is Nigeria’s Mobile Money Data An Unsolved Puzzle Fintechs Toy With?
Here’s a simple question: How many mobile money agents are in Nigeria at present? Well, the answer is not so…
Banks, Other Lenders Urged To Finance Africa’s Economy
The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, has called on financial institutions to develop innovative home-grown…
British Pound Heads For First Weekly Win Against Dollar In Four
Sterling was headed for its first positive week in four against the dollar on Friday, holding close to the $1.25…
Spain’s Banks Look To Make Lockdown Branch Closures Permanent
As Spain reopens after the COVID-19 crisis, its banking industry is seizing the opportunity to shrink its swollen branch network…
Eco Common Currency And Gulf Between
If it goes according to schedule, the currency of the West African Economic and Monetary Union (UEMOA) since 1945, the CFA…
Naira Gains Against The Dollar Across Forex Markets As Liquidity Hits Record Increase
At the black market, the naira appreciated marginally by N1 to a dollar to close at N461 to a dollar.…
UK New Money Transfer Rules You’ll Have To Follow From 30 June
Transferring money from your bank account to friends, family and other payees is going to change slightly from the end…
Nigerian Banks’ Forex Shortage To Hit $5bn
Nigerian banks’ foreign currency funding gap will rise to $5bn over the current low oil prices, volatile foreign inflows and…
Moody’s – Nigerian Banks To Face Pressure With Reduced Dollar Deposit
Banks in Nigeria are facing foreign currency shortages because of low oil prices, volatile foreign inflows and lower remittances…
Sterling Steadies As Survey Shows Nascent Manufacturing Recovery
Sterling hovered around $1.24 on Wednesday after manufacturing survey data pointed to a small increase in output after the historic…
Nigeria: NASD Plc OTC To Enhance Capital Raising Capabilities
The Managing Director/CEO of NASD Plc, Mr. Bola Ajomale, has said the company, which is providing over-the-counter (OTC) market for…
Naira Declines Against US Dollar, Remains Pressure Across FX Segments
Naira declined against the United States dollar on the Investors and Exporters’ forex window on Tuesday. The local currency depreciated…
Euro Is Riding A Wave Of Confidence On Europe Pandemic Response
The euro’s best rally in more than two years looks set to extend, with a host of market metrics reflecting…
Nigeria’s Economic Advisory Council Cautions Against Multiple Exchange Rate
The Presidential Economic Advisory Council, PEAC, yesterday, advised the Federal Government to move away from multiple exchange rates to a…
Central Bank Of Nigeria: Leveraging I&E Window For Exchange Rate Stability
Having successfully used the Investors and Exporters’ (I&E) foreign exchange window to stop the naira from crashing to a record…
Banks Warn Debt Forgiveness Will Hurt, Not Help Africa
Scrapping the debt of heavily indebted African nations will only come back to haunt them, according to two of the…
Nigeria: FG, States Eye N212b Revenue As Naira Heads To N400/$
THE federal, states and local governments are set to earn additional N212 billion revenue this year from the planned unification…