Banking and Finance

The International Monetary Fund (IMF) has stated that Nigeria and other Sub-Saharan African countries were facing monetary policy challenges, urging them to cut down vulnerabilities, which it listed to include reducing balance sheet mismatches, develop money and foreign currency markets, and reduce…

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, yesterday said the Bankers’ Committee’s efforts to renovate and emplace a modern National Arts Theatre were yielding fruits as the monument as well as the creative industry were already attracting the interest…

The Central Bank of Nigeria (CBN), has warned Deposit Money Banks (DMBs) to stop bringing “composed banknotes ” as part of their deposits with the apex bank. The warning is contained in a circular issued in Abuja by Ahmed Umar, the Director, Currency…

Ngozi Njoku, a Lagos-based trader, has accused a staff member of the Guaranty Trust Bank (GTB) branch in Egbe, Lagos, of defrauding her under the guise of helping her. Njoku also accused the bank of shielding the employee whose name she did not…

The Nigerian Deposit Insurance Corporation (NDIC) has reassured creditors and depositors of the safety of their funds even when such institutions fail, saying it has paid a total of N119.101 billion as insured sums to 535,815 depositors, creditors and shareholders of closed…

The International Monetary Fund (IMF) has said it will be committing $100 billion to tackle climate change challenges in Nigeria and other developing economies. IMF Managing Director Kristalina Georgieva, who disclosed this yesterday in her opening remarks at the World Government Summit, said…

THE World Bank has sanctioned SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions company, and its Managing Director, Mr Isah Kantigi, for alleged corrupt practices. The firm, which was involved in the National Social Safety Nets Project, was sanctioned for…

Four Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021. This was contained in the 2021 financial statements of the banks. The banks are Access Bank Plc, Guaranty Trust Bank Plc, First Monument…

In a bid to enhance credit to Micro, Small and Medium Enterprises (MSMEs), the Central Bank of Nigeria (CBN), has announced new guideline for regulation and supervision of credit guarantee companies in Nigeria. The apex bank also announced a minimum share capital of N10 billion, a…

NIGERIANS spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, according to the Central Bank of Nigeria data. According to CBN’s Balance of Payments, Nigerian parents and guardians paid about $28.65bn for their wards to study abroad…