Banking and Finance

Deposit Money Banks (DMBs) have announced temporary suspension of overseas Automated Teller Machine (ATM) card services and Point of Sale (PoS) transactions. The banks’ decision followed consistent dollar scarcity and challenges faced by manufacturers and real sector operators in sourcing foreign exchange from…

Kristalina Georgieva, Managing Director of the International Monetary Fund, IMF, says the war in Ukraine can have a devastating blow for Africa. Georgieva raised the concern in a statement by IMF media contact person, Nicolas Mombrial, on Thursday, following a meeting with…

FBNH the owners of First Bank Ltd has transferred Mr Seye Kosoko, the former company secretary of FBNH replacing him with Mr Adewale Arogundade who takes over in acting capacity. This was disclosed in a press release from FBNH published on the website…

THE Central Bank of Nigeria (CBN) has advised manufactures whose revenues are in naira against taking dollar loans. CBN Governor, Godwin Emefiele disclosed this yesterday during a facility tour of Tolaram Group projects and Lagos Sea Port under construction. Tolaram Group manages…

The Nigeria Deposit Insurance Corporation (NDIC) said the Corporation has performed creditably well even in the face of daunting challenges, stressing that it has declared 100 percent liquidation dividends to depositors of Deposit Money Banks (DMBs). Managing director and chief executive of…

The Central Bank of Nigeria (CBN) said it has disbursed N368.79 billion to over 778,000 comprising of 648,052 households and about 130,000 Small and Medium Enterprises (SMEs). It also said 4,478,381 smallholder farmers who cultivated 5.2 million hectares of farmland across the…

The Chairman of Titan Trust Bank, Mr Tunde Lemo, has stated that the Central Bank of Nigeria (CBN) should not be blamed for the insufficiency of forex in the country. He noted that though the CBN has to tinker with the forex policy…

The Economic and Financial Crimes Commission and the Code of Conduct Bureau, on Thursday, opposed the proposal to make workers in the financial sector declare their assets to the Central Bank of Nigeria. The House of Representatives’ Committee on Financial Crimes held…

The IMF will not channel the $100 billion Special Drawing Rights (SDR) loan for disbursement to Nigeria and other benefitting African countries through the African Development Bank (AfDB), it was learnt at the weekend. International Monetary Fund (IMF) Managing Director Kristalina Georgieva, who…

COMMERCIAL banks have released more names of forex defaulters in compliance with the directive of the Central Bank of Nigeria (CBN) to publish the names of individuals looking to trick the system. Information available on the websites of 10 commercial banks show that…