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…
Category: Banking
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…
Germany Prepares 150 Billion Euro Emergency Budget In Coronavirus Package
Germany is readying an emergency budget worth more than 150 billion euros ($160 billion) to shore up jobs and businesses…
U.S. Coronavirus Stimulus To Be Worth ‘North Of $2 Trillion’ -White House Aide
The White House expects the impact of economic stimulus to counter the effects of coronavirus to be more than $2…
How Sham Trades Tricked Germany Out Of Billions
Two British bankers were handed suspended jail sentences on Wednesday and one told to pay a 14 million euro penalty…
British Banker Hit With 14 Million Euro Penalty In German Fraud Trial
Two British bankers were handed suspended jail terms on Wednesday and one a 14 million euro penalty in Germany’s biggest…
CBN rolls out new forex regulations
As the battle to save the Naira from a free fall ensues, the Central Bank of Nigeria (CBN) has resumed…
Bank of England cancels stress tests for UK’s biggest lenders
The Bank of England will postpone all non-critical supervisory work in the City and review plans to run the banking…
South Africa Regulator to Crack Down on Price Gouging in Disaster
South Africa’s Competition Commission will prioritize complaints about rising prices for essential products to ensure that firms exploiting consumers are…
Nigerian Central Bank Starts Uniform Exchange Rate for Naira
Nigeria’s central bank will migrate to a single exchange rate for the naira by collapsing the multiple exchange rate policy…
Coronavirus: Banks advice customers to use digital platforms
Banks in the country have urged their customers to utilise their digital self-service solutions because of the coronavirus affecting different…
The Only Question on South African Rate Cut May Be ‘How Much?
The debate around South African interest rates has now moved from whether the central bank will cut, to how much…
CBN grants businesses one-year extension on loan repayment
The Central Bank of Nigeria on Monday announced policy measures to tackle the impact of coronavirus on the businesses and…
CBN Policy Measures In Response To COVID-19 Outbreak And Spillovers
March 16, 2020 The Corona Virus (COVID 19) pandemic is having significant adverse consequences for both the global and the…
Zenith Bank limits int’l withdrawal amount on card
Zenith Bank has limited the monthly international withdrawal limit on its Naira cards to $1,000 per month, according to PUNCH.
US Federal Reserve cuts rates to zero to support economy during coronavirus pandemic
In a bold, emergency action to support the economy during the coronavirus pandemic, the Federal Reserve on Sunday announced it…
Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc.
Market unfavourable for Naira devaluation – CBN
The Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around. The CBN made…
Oil Drop May Force Nigeria to Devalue Naira as Reserves Sink
The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange…
Coronation Merchant Bank declares N5.09bn profit after tax for 2019
Coronation Merchant Bank Limited on Thursday announced a profit after tax of N5.09 billion for the financial year ended Dec.…
StanChart grows full-year profit by eight per cent
Standard Chartered (StanChart) has grown its full year 2019 profit by eight per cent and improved earnings per share by…
Unity Bank introduces USSD in Nigerian languages
Unity Bank Plc has launched an Unstructured Supplementary Service Data, USSD banking in Nigeria’s three major languages – Yoruba, Hausa…
Stanbic IBTC nets N75b profit in 2019
Stanbic IBTC Holdings Plc recorded a net profit of N75.04 billion in 2019 as the financial holding company sustained steady…
Union Bank pays first dividend in 11 years
Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business…
FX intervention pressure mounts on Brazil central bank to sell dollar reserves
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and…
IMF: coronavirus means 2020 growth will be lower than 2019
The International Monetary Fund is to offer $50bn (£39bn) in emergency funding for countries hit by the coronavirus, as it…