Tag Archives: Banks

More than $100 billion has been wiped off in banks’ value in the United States (U.S.), following the collapse of Silicon Valley Bank. The collapse of the bank has been sending shockwaves throughout Wall St. Trading was temporarily halted in dozens of regional banks yesterday as shares fell by up to 75 per cent, despite Joe Biden’s assurances that ‘U.S. ...

For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis. The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, small-scale businesses, petty traders, transporters and the high and low in the Nigerian economy. ...

As people continue to complain on the scarcity of new naira notes lingers, the Central Bank of Nigeria (CBN), on Thursday stormed various banks’ Automated Teller Machines (ATMs) to ascertain their level of compliance with dispensing the redesigned naira notes. This was even as the CBN said it has waived conditions for Deposit Money Banks (DMBs) across the country to ...

Following sustained depressed returns on investments arising from excessive commercial banks’ debts, shareholders at have urged the Federal Government to tighten the noose on debtors and reject the aroma of the free funds from the banking industry levies. The shareholders under the aegis of Independent Association of Nigeria (ISAN), said that despite the operations of Asset Management Corporation of Nigeria ...

Telecommunications operators in Nigeria may soon withdraw their service support to the banks as the Unstructured Supplementary Service Data (USSD) debt rises to N80 billion. The Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo disclosed this in Lagos while speaking with media at the NITRA ICT Growth Conference 2.0 organised by the Nigeria Information Technology Reporters’ Association. ...

By Ajibola Olarinoye   The apex bank, the Central Bank of Nigeria (CBN)  has released a positive information about the country’s banking sector in its latest report released. According the apex bank, Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022. The latest data shows an increase of 46.5% and higher than the $1 ...

The banking sector regulator, the Central Bank of Nigeria (CBN) and Bankers’ Committee has directed Deposit Money Banks and licensed processing companies to establish Banks Neutral Cash Hubs (BNCH) to reduce their cash management costs. The policy is expected to work through technology, reduce cash as cash management has for decades constituted a large part of banks and other financial ...

The Managing Director of Financial Institution Training Centre, (FITC), Mrs. Chizor Malize, has advised deposit banks and financial technology firms (fintechs) to learn from their previous mistakes in driving financial inclusion in the country. Delivering her keynote at the third edition of Industry Summit/Awards formerly known as Industry evening summit with “Financial inclusion, digital payment and the challenges of banking ...

The apex bank, the  Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against the practice of circulating composed banknotes which is part of their deposits with the apex bank. The apex bank has expressed concerns over the increasing number of these composed banknotes which the members of the public usually request for their replacement. Composed banknotes are ...

The Independent Shareholders Association of Nigeria (ISAN) has recommended that the Central Bank of Nigeria (CBN) pay interest on banks’ mandated deposits as a way out of the Cash Reserve Requirement (CRR) stalemate imposed on banks and to avoid policy incapacitation of the national economy. Speaking at an emergency meeting held at the weekend in Lagos, Chairman, ISAN Universal Academy, ...