MONEY MARKET

A month after the Central Bank of Nigeria (CBN) directed all commercial banks in the country to ensure that their loan book should be 60 per cent of total deposit; the apex bank has increased the ratio to 65 percent In a letter sent to all deposit money banks, the...

The National Bureau of Statistics (NBS) says the Nigerian banking sector allocated N15.13 trillion as total value of credit to the private sector in the second quarter (Q2) 2019. The NBS figures, contained on its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2019)was...

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday said it paid a sum of N116.258 billion to depositors and customers of defunct banks last year. NDIC Managing Director/CEO, Alhaji Umaru Ibrahim, revealed this while speaking at the 14th International Trade Fair in Abuja, said the payment comprised insured and uninsured...

The Chief Executive Officer (CEO), First Bank Nigeria PLC, Dr Adesola Adeduntan, said the bank will engage 500,000 agents across the country to ensure that its services were made available to people in every nook and cranny. Adeduntan made this known on Tuesday at opening of the 12th Annual Banking...

  The Central Bank of Nigeria (CBN) and the Financial Reporting Council of Nigeria (FRCN) have sanctioned the United Bank for Africa (UBA) and Guarantee Trust Bank (GTBank) for failure to comply with the Know-Your-Customers (KYC) guidelines and the anti-money laundering requirements. The sanctions are contained in their audited financial...

  The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of implementation of its cashless policy is on the amount in excess of the set limits. The Director, Corporate Communication Department, Mr Isaac Okorafor, made the clarification in an interview with News Agency...

The Central Bank of Nigeria (CBN) on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system. The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting. He said that contrary...

  The Central Bank of Nigeria (CBN) on Friday decided to retain the Monetary Policy at 13.5 per cent. The MPR is the rate at which the CBN lends to the real sector and often determines the cost of borrowing in the economy. While speaking with journalists at the end...

Some banks customers have expressed disappointment on the directive of the Central Bank of Nigeria (CBN) to Deposit Money Banks (DMBs) on new charges on certain lodgements and withdrawals. A cross section of customers who spoke to News Agency of Nigeria (NAN) in Abuja on Wednesday described the policy as...

  The Central Bank of Nigeria (CBN) has said that the nationwide implementation of the cashless policy will begin by March 2020 and that the implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals The apex bank said this...