Banking and Finance

The Central Bank of Nigeria has stopped disbursing funds to farmers under the Anchor Borrowers Programme which started in 2015, but beneficiaries kicked against this on Thursday. Presidents of 68 agricultural commodities’ associations told journalists in Abuja on Thursday that the apex bank…

The Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of 20 failed banks to come for verification and payment of their deposits that are in excess of the guaranteed sums known  as liquidation dividends. Bello Hassan, managing director/CEO of NDIC made the…

The African Development Bank (AfDB) has signed an agreement with First City Monument Bank (FCMB) for a $50 million line of credit to support access to finance for small and medium-sized and women-empowered enterprises. FCMB will use the line of credit to expand…

There is no plan to print the proposed new naira notes outside Nigeria, a Central Bank of Nigeria (CBN) Board member has said. “All the new currency notes are printed in Nigeria by the Nigeria Security, Printing and Minting Company (NSPMC), so I do not…

A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed his support for the bank’s decision to redesign some of the country’s currency notes. He also said the bank does not need the permission of the finance ministry…

The United Bank for Africa (UBA) says it would begin operations on Saturdays for cash deposits. The Bank disclosed this in an email sent to customers on Friday. The financial institution said all its branches will be open on Saturdays from 10am to…

The Central Bank of Nigeria (CBN), in conjunction with the NIRSAL Microfinance Bank, (NMFB) has started recovering their loans from Nigerians. Yesterday, many Nigerians started receiving debit alerts from their phones by mid-afternoon. The buzz was all over the place that the NMFB had…

In an apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria, in the ongoing process of redesigning three series of the naira, the…

Nigeria’s tax agency plans to generate tax from online gaming transactions using a platform run by a UK-based financial technology company. The Federal Inland Revenue Service (FIRS) will use the Sentinal National Payment Gateway and Electronic Solution to improve tax collection from gaming companies,…

The IMF has urged Nigeria to apply caution in its plan to replace higher denominations of the naira and avoid any missteps that could undermine confidence in the financial system. The International Monetary Fund has reached out to the central bank to get…