MONEY MARKET

Diamond Bank Plc has violated the Central Bank of Nigeria (CBN) directive on Non-Performing Loan (NPL) ratio of five per cent, as its NPL stood at 6.9 per cent at the end of 2015 financial year. The bank in 2014 had reported NPL of 5.2 per cent, an indication that...

The overnight interbank rate climbed sharply on Friday to an average of 8.5 percent, 4.5 percentage points higher than last week's close on payment for bond purchases and on Assets Management Company of Nigeria (AMCON) contributions. According to Reuters’ report monitored by Business247, Nigeria's commercial lenders in 2010 agreed to...

The Central Bank of Nigeria (CBN) has cautioned bank customers over activities of unscrupulous individuals who demand banks details under the pretext of being Customer Care representatives of the regulator. CBN in its circular noted that bank customers are falling prey to the activities of unscrupulous individuals who demand for...

Niyi Jacobs The Central Bank of Nigeria (CBN)  has confirmed that it was fully aware and indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities, and assured all customers, other stakeholders, and the general public of safety and soundness of the...

NIYI Jacobs The FSDH Merchant Bank Limited (FMBL) has warned that 2016 will be a very challenging year for banking business in Nigeria, following massive impairments which have prompted several banks to issue profit warnings and the general downturn in the Nigerian economy. The bank also noted that the federal...

BY Niyi Jacobs The Central Bank of Nigeria (CBN) has ordered all banks in the country to programme their Automated Teller Machines (ATM) in such a way that it would not dispense cash if the user blocks his or her image from the security camera. This is stipulated in the...

By our Correspondent Nine Money Deposit Banks in the country provide N191.47 billion loan impairment charges for the financial year ended December 31, 2015 The same banks loan impairment charges up by nearly 80 per cent from N106.6 billion provision in 2014, an indication of Nigeria banks prudent loan portfolio...

In the absence of its Managing Director/Chief Executive Officer, Mr. Nnamdi Okonkwo, the Board of Directors of Fidelity Bank Plc has appointed Alhaji Mohammed Lawal Balarabe, Executive Director North as Acting Managing Director/Chief Executive of the bank with immediate effect subject to regulatory approval. The appointment was announced on Monday...

The management of Fidelity Bank Plc said $115 million or N23.3 billion transactions conducted for former Minister Of Petroleum Resources, (Mrs) Diezani Alison-Madueke were duly reported as required by the regulators. The Bank in a statement also said it was cooperating fully with the Economic and Financial Crimes Commission (EFCC)...

Nigeria’s energy companies that bought oil fields from oil majors when oil was selling for more than $100 a barrel, have been hammered by the crash in oil prices. Now their troubles are taking a toll on the banking sector in the country. In the two years before crude oil...