MONEY MARKET

The Nigeria Deposit and Insurance Corporation (NDIC) has reviewed the maximum deposit insurance coverage for deposit money banks (DMBs) from N500,000 to N5,000,000 and this would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent. The Managing Director, Mr...

-declares a final dividend of 60kobo per share Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion. According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank...

  Nigerian commercial banks have instituted withdrawal limits on their automated teller machines (ATMs), with variations observed across different banks, according to an investigation by TheCable. This development traces back to the cash scarcity episodes experienced in parts of Nigeria in the latter half of the previous year. The Central...

  The Central Bank of Nigeria has issued a directive to all banks on the need to strictly comply with recent foreign exchange policy reforms. In a letter signed by the Acting Director, Banking Supervision, Dr. Adetona Adedeji on Thursday addressed to banking institutions, the CBN stressed the need for...

The Minister of State for Youth Development, Mr. Ayodele Olawande, has praised the Nigeria Deposit Insurance Corporation (NDIC) for its significant achievements in safeguarding depositors from the adverse impacts of bank failures. He commended NDIC for consistently supporting the Central Bank of Nigeria (CBN) in overseeing the banking sector and...

  The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased interest rate to 22.75 percent. The decision to hike interest rate was taken by the MPC in its bid to combat inflation and stabilize the foreign exchange market. The CBN led by Yemi Cardoso, as...

  allocates US$20,000 to each The Central Bank of Nigeria (CBN) has taken a decisive step to bridge the widening gap in the official and unofficial exchange rate, by stipulating that all Bureau De Changes (BDCs) are permitted to sell foreign exchange to end-users at a margin not exceeding one...

Abuja Electricity Distribution Company (AEDC ) on Monday said it will disconnect electricity in the Presidential Villa and 86 Federal Government’s Ministry Department and Agencies over N47,195 billion outstanding debts as of December 2023. AEDC made this known on Monday in a report made available to news men. Some of...

In what has been termed the crowning glory of a successful year, leading financial institution -Fidelity Bank Plc -has been recognized for its devotion to providing exceptional customer experience. According to the recently issued KPMG 2023 West Africa Banking Industry Customer Experience Survey, the bank recorded a marked improvement in...

The Central Bank of Nigeria (CBN) has assured depositors of the safety of the money in their bank accounts. The CBN gave this assurance in a statement signed by its spokesperson, Hakama Sidi-Ali on Wednesday. Sidi-Ali said the CBN noticed reports in certain media outlets about a recommendation for the...