Currency in circulation increases by N240 billion in one month
The currency in circulation increased by N240 billion between November and December 2019. This was stated in the Central Bank…
Category: Banking
Manufacturing PMI drops to 59.2 index points in January — CBN
The Central Bank of Nigeria, CBN, said that the Manufacturing Purchasing Managers Index, PMI, dropped marginally to 59.2 index points…
Banks’ borrowing from CBN rises 215% to N19.5trn
BANKS’ borrowing from the Central Bank of Nigeria’s, CBN, rose by 215 percent year-on-year (y/y) to N19 trillion in 2019…
Sterling Bank: Impressive growth in profit despite elevated OPEX
Sterling Bank (Sterling) released its FY 2019 UNAUDITED report, with Gross Earnings coming in flat at N149.5bn, in line with…
LAPO Microfinance Bank unveils ‘My Piking and I’
LAPO Microfinance Bank Limited has unveiled ‘My Pikin and I’, savings account designed to provide support for women and children…
Why bank customers abandoned 4.5 million current accounts
Bank customers have said that stringent procedures of commercial banks and charges have made them abandon current accounts. According to…
CIBN tasks manufacturers on backward integration for rapid growth
The Chartered Institute of Bankers of Nigeria (CIBN), has said the manufacturing sector has huge potential to become the livewire…
Senate confirms Kingsley Obiora as CBN deputy governor
The Senate, yesterday, confirmed the appointment of Dr. Kingsley Obiora as a Deputy Governor of the Central Bank of Nigeria…
Union Bank to sell UK subsidiary
Union Bank of Nigeria Plc has entered a share sale and purchase agreement to sell its United Kingdom subsidiary, Union…
Stanbic FY 2019: Modest earnings despite frail Q4 performance
Stanbic recently released its FY 2019 UNAUDITED results wherein Gross Earnings grew 5% y/y growth to N233.8 billion, slightly below…
UBA announces board appointments
The United Bank for Africa (UBA) Plc has announced the appointments of Aisha Hassan-Baba and Kenneth Orji as Non-Executive Directors…
Firstbank wins mobile app, retail bank awards
First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and the “Fastest Growing Retail Bank” winner…
CBN raises Cash Reserve Ratio to 27.5%
The Central Bank of Nigeria has raised the Cash Reserve Ratio from 22.5 per cent to 27.5 per cent. Briefing…
Banking sector gross credit grows by N2trn in 7 months — Emefiele
The Central Bank of Nigeria governor, Godwin Emefiele (CBN) says the Banking Sector Gross Credit has grown by two trillion…
Central Bank of Nigeria appoints directors
The Central Bank of Nigeria (CBN) has announced the appointment and redeployment of some directors. A statement from the CBN…
ACCA study sees low economic confidence, debt risks
A gauge of the nation’s economic confidence in the fourth quarter (Q4) 2019, showed not just a dip, but a…
Africa is resurging, AfDB encourages global investors
The African Development Bank (AfDB), yesterday, told global investors that the continent is resurging with huge investments opportunities in billions…
Afreximbank announces $1-billion Adjustment Facility, Other AfCFTA Support Measures as African Leaders Meet
Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), yesterday in Niamey, addressed the 12th Extraordinary Summit of African…
Network hitches linger as slow Internet impacts banking, businesses
It appears there is no respite yet for consumers, especially those who make use of the Internet facility, as the…
Ecobank partners USAID, NIRSAL, DBN on agric funding
Ecobank Nigeria is opening up multiple partnerships with the United States Agency for International Development (USAID), Nigeria Incentive-based Risk-Sharing System…
UBS cuts mid-term guidance after missing 2019 targets
UBS Group AG has cut its mid-term guidance after missing its key targets for 2019. The results come as the…
GTBank Reduces “Quick Credit” Interest Rate To 1.33% Monthly
Guaranty Trust Bank, Nigeria’s largest bank by market capitalization, has crashed its interest rate for its ‘quick credit’ facility from…
Customers Slam GTBank Over Several Hours Of Downtime
Nigerian multinational financial institution Guaranty Trust Bank plc also known as GTBank is currently having network issues and customers have…