Banking and Finance

The Central Bank of Nigeria (CBN) yesterday announced the unveiling of a new online platform for the submission of Microfinance Bank (MFB) licence applications, known as the CBN Licencing, Approval and Other Requests Portal (CBN LARP). The platform effectively replaces the current manual…

To actualise the provisions of the Higher Education Act 2023 otherwise known as Students Loan Act, the Central Bank of Nigeria (CBN) and the Joint Admissions and Matriculation Board (JAMB), are interfacing to fashion out modalities for speedy disbursement to beneficiaries. It will…

The suspended governor of the Central Bank of Nigeria, Godwin Emefiele, resigned from his position in August paving the way for the nomination of Mr. Yemi Cardoso as the new apex bank head, reports Reuters. Emefiele was suspended as central bank chief by…

The Central Bank of Nigeria (CBN) has vowed that going forward, International Money Transfer Operators (IMTOs) that indulge in arbitrary rate quotes outside the permissible range as well as other sharp practices in violation of extant regulations, would face sanctions. This was just…

The acting governor of the Central Bank of Nigeria, Folashodun Shonubi, has said the apex bank will clear all the foreign exchange backlogs within two weeks. Shonubi, who disclosed this in Lagos, said the CBN is working with commercial banks to address the…

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has joined the Nigeria Labour Congress (NLC) to draw the attention of the Federal Government to the “punishing” economic situation in the country. The union stated this in a circular dated September…

Guaranty Trust Holding Company Plc’s profit before tax rose to N327.4bn in the first half of 2023 financial period. The Group disclosed this in a statement on Sunday on its audited consolidated and separate financial statements for the period ended June 30, 2023,…

Foreign exchange (FX) inflows into the Nigerian economy rose by 17.5 percent to $17.18 billion in the first quarter (Q1) of 2023 from $14.62 billion in the fourth quarter (Q4) of 2022, according to the Central Bank of Nigeria (CBN). This was disclosed…

The Central Bank of Nigeria (CBN) has alerted banks and other financial institutions of the arrest of a Nigerian and four others over their alleged involvement in currency counterfeiting amounting to $1 billion, which was bound for African countries. Therefore, the central bank,…

Nigerian banks’ borrowing from the Central Bank of Nigeria (CBN) hit N12 trillion in eight months, indicating a whopping 75 per cent increase, pointing to a liquidity challenge for many of them. Data from the CBN showed that banks borrowed a total of…