Banking and Finance

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has said the bank is not strengthening the Naira with the country’s foreign reserves. Speaking at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank, Cardoso said the Naira…

The Central Bank of Nigeria, CBN has reduced the Loan to Deposit Ratio, LDR of banks to 50 per cent from 65 percent. The reduction was announced via a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the…

The Central Bank of Nigeria (CBN) has sacked 50 more staff across 29 departments on Monday, adding to the list of ongoing disengagements in the apex bank. This brings the number to a total of 117 in the last 20 days. The dismissal cuts…

The Central Bank of Nigeria, (CBN), has banned the use of foreign denominated collaterals for naira loans. However, Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit, are exempted from the ban. The Central Bank…

The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions. A statement by the apex bank on Monday said the $10,…

Nigerian customers of the Guaranty Trust Bank (GTB) are grappling with network downtime, rendering transactions impossible via the bank’s app, USSD or Point of Sale terminals. As observed, the network problem, which started on April 4, 2024, persisted without resolution as at yesterday. Customers…

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the decision of the Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream forex market, describing the move as a major factor in ongoing exchange…

Access Holdings Plc has unveiled plans to establish a capital raising programme of up to $1.5 billion. The programme aims to raise $1.5 billion through a share sale or bond offering. The company also plans to ask existing shareholders to raise N365 billion…

The Central Bank of Nigeria has disclosed that over $1.5bn came into the Nigerian economy over the past few days, indicating that its monetary policy efforts are effective. The CBN’s Acting Director of Corporate Communications Department, Mrs Sidi Ali, disclosed this in a…

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all…