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400 Staffs Sacked In Heritage Bank

400 Staffs Sacked In Heritage Bank

  Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations by the News Agency of Nigeria, NAN, on Monday indicated that more workers are penciled for sack. NAN reports that the bank, in October 2014, acquired Enterprise Bank with about N56 billion ($281 million). A top management […]

Stability In The Capital Market-Analyst

Stability In The Capital Market-Analyst

  The uncertainty expressed by investors in the country’s stock and fixed income markets is likely to ease as analysts expect some stability in the capital market this week. Activities in the equities market last week took a see-saw pattern as the Nigerian Stock Exchange All-Share Index contracted and advanced intermittently in the course of […]

CBN Resumes Dollar Sales To BDC Operators Next Week

CBN Resumes Dollar Sales To BDC Operators Next Week

CBN will next week, resume dollar sales to BDCs so as to ensure stability of the Naira exchange rate. The Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDC) operators next week. CBN Governor, Mr. Godwin Emefiele, said this during a meeting with executives of […]

First Bank Increases Mobile App Transfer Limit From N500,000 To N1million

First Bank Increases Mobile App Transfer Limit From N500,000 To N1million

First Bank of Nigeria Limited (FBN) has increased the limits of transfer transaction on its FirstMobile Lifestyle app from N500,000 to a maximum daily limit of N1m. “The app also allows for quick account services, such as account balance inquiry, statement view and much more.“ The Head, Digital Banking, First Bank, Mrs. Folasade Femi-Lawal, in […]

Heritage Bank Empowers Young Entrepreneurs

Heritage Bank Empowers Young Entrepreneurs

As the need to support young Nigerians with great business ideas grows, Heritage Bank Limited says it has collaborated with the Nigerian Young Professionals Forum to intensify its support for young entrepreneurs with N50m under the Young Entrepreneurs and Students Grant Scheme. In a statement on Monday, the lender said the grant was awarded to about […]

Omoluabi Mortgage Bank Inaugurates New Branch In Osun

Omoluabi Mortgage Bank Inaugurates New Branch In Osun

Omoluabi Mortgage Bank has opened a new branch of the bank in Ilesa, Osun State, as the bank steps up its expansion drive. The branch was inaugurated by Governor Rauf Aregbesola of Osun State, the mortgage lender said in a statement on Monday. The lender said the development came about seven months after the launch […]

We Owe Nigerian Banks Over $1bn Debt – Oil Marketers

We Owe Nigerian Banks Over $1bn Debt – Oil Marketers

“We owe some Nigerian banks over $1bn used for the importation of petroleum products, with accumulated interest of N160bn,” oil marketers under the aegis of the Independent Petroleum Products Importers (IPPI) said. IPPI said the interest had accumulated because the government could not pay them or pay the banks’ interest on the loans as agreed, adding that […]

CBN Reduces Forex Sale As Nigeria’s Eurobonds Appreciate

CBN Reduces Forex Sale As Nigeria’s Eurobonds Appreciate

Last week, the Central Bank of Nigeria (CBN) reduced its weekly foreign exchange sale to banks by 25 percent, even as prices of Nigeria’s Eurobond rose amid renewed investor’s interest. Previously the CBN have been selling $7.5 million dollars per week to banks through the interbank foreign exchange market. Financial Vanguard investigations however reveal that […]

FirstBank Online Money Transfer – Important Information on Next Day Value

FirstBank Online Money Transfer. In compliance with the CBN circular on the “Review of Operations of the NIBSS Instant Payment (NIP) System and other Electronic Payment Options with Similar Features”, please be advised that the following modifications have been made on the our FirstOnline platform. Transfers by Individual Customers: A default daily limit of N1 […]

Cbn Extends Stamp Duty Collection To Savings Accounts

Banks are no longer restricting the deduction of stamp duty on deposits made into current accounts, but now apply it to deposits made into savings accounts, investigation has shown. The Central Bank of Nigeria had through a circular issued on January 15, 2016 directed the Deposit Money Banks to deduct N50 stamp duty on each […]

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