Nigeria’s External Reserves Down By $261m
Data published by the Central Bank of Nigeria’s (CBN’s) website showed that Nigeria’s external reserve is now $36.3 billion as…
Category: Banking
Coronavirus: U.S. Bank Deposits Increase By $2 Trillion
It’s the banking world’s version of the rich getting richer. A record $2 trillion surge in cash hit the deposit…
Several U.S. Banks To Close Branches, Offices Early For Juneteenth
Several U.S. banks are closing branches and offices early on Friday to observe the Juneteenth holiday, which commemorates the day…
U.S. Bank Profits Plunge 70% On Coronavirus Loss Provisioning
U.S. bank profits fell by 69.6% to $18.5 billion in the first quarter of 2020 from the year prior as…
Adesina Reacts To AfDB Vice President’s Resignation
President of the African Development Bank (AfDB), Akinwumi Adesina has reacted to the resignation of Jennifer Blanke, as vice president…
U.S., Nigeria Square Up in Tussle Over African Bank Chief
The U.S. and Nigeria are facing off in a dispute over whether allegations against the head of the African Development Bank should be investigated a second time, exposing a fault-line between the West and the continent over the issue.
Banks Are Deep In A Bear Market, And Traders See Little Reason For Hope
Bank stocks are breaking down. The KBE bank ETF, which includes major companies Citigroup and JPMorgan, has fallen 13% just…
FCMB Issues Official Statement On Collapse Of Customer At Onipanu Branch; Debunks COVID-19 Claims
Leading Nigerian financial institution, First City Monument bank (FCMB) has issued an official statement to address the video making rounds…
Nigeria’s Access Bank To Cut Staff Salaries To Avoid Job Losses
Access Bank Plc plans to cut salaries to avoid job losses as a lockdown to contain the coronavirus hampers the…
Foreign Investor Dollars In Lockdown In Nigeria Debt Market
Country’s reserves under pressure as crude prices plunge. Debtholders await regulator’s dollar sales after lockdown. An aerial view shows empty streets during lockdown in Lagos.
Nigerian Banks To Take $3.8 Billion Hit for Missing Targets
Nigeria’s central bank took 1.47 trillion naira ($3.8 billion) from lenders as additional cash reserves for failing to meet regulatory…
Venture Firm Benchmark Raises New Fund Without Early Uber Investor: Source
The Silicon Valley venture capital firm known for its early backing of companies such as Uber Technologies Inc is raising…
JPMorgan Asset Seeks Collateral Protection in Private Lending
JPMorgan Asset Management is prioritizing lending to companies with high-quality assets as more cash-hungry borrowers need fresh funding. The firm has…
80,000 Apply For Central Bank Of Nigeria’s Coronavirus Intervention Fund
Three weeks after the Central Bank of Nigeria released the guidelines for the N50bn targeted credit facility, over 80,000 applications…
FCMB Group Records N188bn Revenue, Grows Profit to N20.1bn
FCMB Group Plc has announced its financial results for the year ended December 31, 2019. The audited results showed that…
US Fed Takes On Role Of World’s Central Bank By Pumping Out Dollars
Unveils new repurchase facility for foreign central banks. Dollar squeeze threatens world economy reeling from virus
British Banks Cancel Payment Of Dividends To Shareholders
Britain’s banking sector on Wednesday scrapped billions of pounds (dollars) in shareholder dividends and share buybacks after the Bank of…
Standard Bank Withdraws Guidance Over COVID-19
Standard Bank on Tuesday withdrew its financial guidance citing uncertainty caused by the coronavirus (COVID-19) which has forced South Africa…
US Fed Sets Up Scheme To Meet Booming Foreign Demand For Dollars
Central bank meets global shortage of greenbacks after scramble for safety. Investors and companies have flocked to the safety of US dollars to offset the blow to revenues from widespread economic shutdowns.
Why Is The US Fed´s Unlimited Money-Printing Scheme Dollar Positive In Coroanvirus Times.
Why the Fed´s unlimited money-printing scheme is dollar positive in coroanvirus times The Fed’s “buy everything” mode provides firepower…
Unknowns Await Emerging Markets After Wildest Moves Since 2008
As most nations brace themselves for a likely surge in coronavirus cases through April, the signals from the developing world…
‘Clear We Have Entered Recession’ – IMF Chief
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations,…
Coronavirus: IMF, World Bank Suspend Debt Payments By Nigeria, Others
The International Monetary Fund and World Bank on Wednesday announced a hold on debt payments from Nigeria and other sub-Saharan Africa…
Banks in the UK close branches
Scores of bank branches are closed and others have restricted opening hours as a result of the coronavirus crisis. Branches…
BREAKING: CBN Retains MPR At 13.5% To Allow ‘Interventions Play Out’
The monetary policy committee of the Central Bank of Nigeria (CBN) has voted unanimously to retain the monetary policy rate…
Historic Fed Boost Fails To stop Wall Street’s Virus-Driven Sell-Off
Wall Street’s slide deepened on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, overshadowing unprecedented moves…
Stanbic IBTC Declares N75b Profit For 2019
STANBIC IBTC Holdings Plc has declared a profit after tax of N75 billion for the year ended December 31, 2019,…
Forex Racketeering: CBN Fines Banks, BDCs Hundreds Of Millions For Infraction
THE Central Bank of Nigeria (CBN) reportedly fined major banks and bureau de change operators hundreds of millions for committing…
Goldman Injects $1 Billion Into Own Money-Market Funds After Heavy Withdrawals
Goldman Sachs Group Inc poured more than $1 billion into two of its prime money-market portfolios this week due to…