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Moody’s Downgrades South Africa’s Five Big Banks

Moody’s Downgrades South Africa’s Five Big Banks

The downgrades of the five banks were expected, following South Africa’s sovereign rating downgrade. Following its downgrade of SA’s sovereign credit rating to Baa3 with negative outlook on Friday night, Moody’s Investors Service did the same to SA’s five largest banks on Monday night. Credit rating agencies conventionally do this because their ratings of corporations […]

UBA Customers Condemn Non-Functioning Mobile App

UBA Customers Condemn Non-Functioning Mobile App

Odekuma Faith: UBA Pls change!  The rate at which money is being deducted from my account is too much. Tired of banking with UBA UBA Group: Hello, we apologize. Kindly inbox your mobile number, account number, date of birth  and  email address to enable us assist. Thank you. Enebi Sarah: UBA mobile app is either […]

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

The Nigerian Deposit Insurance Corporation (NDIC) has urged depositors to report any sharp practices by commercial banks. It also called on Nigerians to shun dubious financial schemes and wonder banks which have continued to defraud unsuspecting members of the public. Speaking at the NDIC Day at the ongoing 38th Kaduna International Trade Fair on Thursday, […]

CBN Reintroduces Charges On Cash Deposits, Withdrawals

CBN Reintroduces Charges On Cash Deposits, Withdrawals

The Central Bank of Nigeria had announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals on Thursday.   This came about three years after the apex bank stopped the charges. In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges […]

Naira Records Little Gain Closes At 512/dollar

Naira Records Little Gain Closes At 512/dollar

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 […]

CBN Intervenes In Forex Market With $500m

CBN Intervenes In Forex Market With $500m

The Central Bank of Nigeria (CBN) Tuesday announced a $500 million intervention in the foreign exchange to further boost the liquidity of authorised dealers to meet end users. In a circular to all authorised dealers Tuesday, the apex bank said the sale will be in the form of a Special Wholesale Intervention Forward not exceeding […]

Coronation Merchant Bank Posts N5.3bn Profit

Coronation Merchant Bank Posts N5.3bn Profit

Coronation Merchant Bank Limited said it sustained its tradition of impressive performance with strong financial results for the year ended 2016. The Group’s 2016 results showed that its profit before tax (PBT) rose to N5.3 billion, representing an increase of 128 per cent over last 2015 performance of N2.3 billion. The bank’s net interest income […]

FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

The board of FCMB Group Plc, on Monday announced the appointment of Adam Nuru, formerly Executive Director, Business Development of its flagship First City Monument Bank Limited, as new chief executive. He replaces Ladi Balogun who steps down after a decade in the saddle in line with the directive of the Central Bank of Nigeria […]

RIMAN Urges Diversified Forex Earnings

RIMAN Urges Diversified Forex Earnings

From the nation’s professional risk managers comes urgent appeal to the government to redouble efforts towards diversifying the foreign exchange (forex) earnings capacity of the country.   Under the aegis of Risk Managers Association of Nigeria (RIMAN), they said it would help the country survive and forestall future occurrence of the ongoing economic crisis that […]

Diamond Bank Eyes 8m New Customers With Digital Strategy

Diamond Bank Eyes 8m New Customers With Digital Strategy

Managing Director/Chief Executive, Diamond Bank Plc, Mr. Uzoma Dozie,  says  that the emphasis in Diamond Bank was no longer provision of banking services but empowerment of customers through digital adoption using the Diamond Mobile app. He noted for example, that Diamond Bank was able to grow its customer base by 50 percent in two years, […]

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