Banking and Finance

Several workers in Nigerian banks are exiting the country, worsening the country’s brain drain crisis and raising training costs for Nigeria’s financial institutions, a new report by Bloomberg has disclosed. The widespread brain drain from Africa’s most populous country — popularly known as…

The World Bank Group has warned Nigeria as well as other developing economies that simultaneous rate hikes in response to increasing inflationary pressure may trigger a global recession and a string of financial crises. In its new study titled “Risk of Global Recession…

The world’s largest cryptocurrency exchange by trading volume, Binance, has announced the creation of its new Global Advisory Board, comprising distinguished experts in public policy, government, finance, economics, and corporate governance. The Global Advisory Board, chaired by former US Senator and Ambassador to…

The Central Bank of Nigeria (CBN) has said its $200 billion non-oil export revenue target policy has introduced new commodities to the market and created new channels for dollar earnings. The Principal Manager, Trade and Exchange Department, CBN, Mrs. Anne Nnenna Ezekannagha, said the…

Shareholders of Sterling Bank Plc have unanimously voted in favor of the creation of a new non-operating holding company (HoldCo) to hold the shares in its commercial banking operation as well as the shares of a newly incorporated subsidiary, The Alternative Bank…

THE Central Bank of Nigeria (CBN) has encouraged the citizens to patronise made in Nigeria products and services to boost the nation’s Gross Domestic Product (GDP). The Director, Corporate Communications, CBN, Mr. Osita Nwasinobi, made the call yesterday at a sensitisation campaign themed,…

Total deposits in the banks rose by 24.17 per cent from N33.85tn as of the end of June 2021 to N42.03tn in the corresponding period of 2022. The Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, disclosed this in her personal statement at…

Deposit Money Banks (DMBs) operating in the country are set to stop further cash disbursements of foreign exchange for personal travel allowance and business travel allowance (PTA/BTA) as a means of stabilising the value of the Naira. Access Bank and First Bank of…

Banks have begun to reduce approval requests for Personal Travel Allowance and Business Travel Allowance to legitimate users. The legitimate users will be able to access forex only once in two quarters, The Punch gathered. Before this new development, the banks had been granting…