MONEY MARKET

Nigeria's overnight naira interbank lending rate eased to around 16 per cent on Friday, down from about 20 per cent last week on improved naira cash liquidity after the disbursal of July budgetary allocations to government agencies. According to Reuters’ report monitored by Business247 News Online, Nigeria distributes revenues from...

Zenith Bank Plc has launched a new mobile banking solution to make banking simpler and interesting. The bank’s *966# Eazybanking solution, which was recently launched into the Nigerian market, will complement the effort of the Central Bank of Nigeria (CBN) to build a cashless economy and enhance financial inclusion. The...

In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) has licensed 11 International Money Transfer Operators (IMTOs). The newly licensed operators are: Wari Limited, Worldremit Limited, Trans-Fast Remittance LLC, UAE...

President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has decried the poor compliance of banks to the sale of foreign exchange to its members and has called on the Central Bank of Nigeria (CBN) to intervene. Gwadabe said in a telephone interview  said that only about...

The Central Bank of Nigeria (CBN) has warned that any bank engaging in receiving illegal money transfer into the country should desist from it. In a circular signed by the Acting Director, Trade & Exchange Department, CBN, W.D. Gotring, and dated August 25, 2016, CBN said that Deposit Money Banks...

Federal Government plans to offer 212.85 billion naira ($675 million) in Treasury bills maturing between 91-days and 1-year on Aug. 31, the Central Bank of Nigeria said on Friday. The apex bank, according to Reuters report monitored by Business247 News Online, said it will sell 45.85 billion naira worth of...

  Sterling Bank reacts The Central Bank of Nigeria (CBN) has readmitted the United Bank for Africa (UBA) to the forex market after its suspension following breach in TSA dealing. The apex bank gave the directive in a press statement this night signed by its Director, Banking Supervision Mr. ‘Tokunbo...

The Central Bank of Nigeria (CBN) has said that non-performing loans (NPLs) in the banking sector rose by 78 per cent year-on-year to N649.63 billion at the end of May this year. The Governor of CBN, Godwin Emefiele revealed this while speaking on Wednesday in Lagos at the third National...

The Central Bank of Nigeria (CBN) has banned nine deposit money banks (DMBs) from the foreign exchange market for allegedly hiding over $2 billion said to belong to the Nigerian National Petroleum Corporation (NNPC). President Muhammadu Buhari last year began the implementation of Treasury Single Account (TSA) that mandated public...

Amidst macro economy challenges, total of six Deposit Money Banks (DBMs) have reported a N33.9 billion decline in profit after tax. According to data gathered by Business247 News Online, the six financial institutions profit for the half year (H1) ended June 30, 2016 dropped by nearly 28 per cent. These...