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Microfinance: CBN, NDIC, Others Disagree With Senate Over MFBs bill

Microfinance: CBN, NDIC, Others Disagree With Senate Over MFBs bill

They faulted the Senate’s move during a public hearing by its Committee on Banking, Insurance and other Financial Institutions in Abuja on Monday. Stakeholders in the banking sector have disagreed with the Senate over its planned amendment of laws on the regulation and supervision of microfinance banks in the country, insisting that the banks need […]

Banks’ Foreign Asset Holdings Rise First Time In 4 Months

Banks’ Foreign Asset Holdings Rise First Time In 4 Months

In perhaps another sign of improving dollar liquidity, banks are gradually rekindling their appetite for foreign assets, as their holdings rise for the first time in four months, after a difficult year that has seen straight declines since February. Net foreign assets of the banking system, at N8.5 trillion, rose by 17.5 per cent at […]

Keystone Bank Denies Hiding TSA Fund

Keystone Bank Denies Hiding TSA Fund

Keystone Bank Limited has denied concealing funds meant to be transferred into the Federal Government’s Treasury Single Account. The Federal High Court in Lagos had on Thursday ordered seven commercial banks to temporarily remit a total of $793.2m allegedly hidden by them in contravention of the Federal Government’s TSA policy. But Keystone Bank, in a […]

CBN Injects $195m Into Forex Market

CBN Injects $195m Into Forex Market

At Monday’s Forex trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $50,000,000 to the Small and Medium Enterprises forex window. Ahead of the decisions of the Monetary Policy Committee on Tuesday, the Central Bank of Nigeria on Monday boosted liquidity in various segments of the inter-bank foreign […]

CBN Returns N51.9bn Illegal Deductions To Bank Customers

CBN Returns N51.9bn Illegal Deductions To Bank Customers

The Central Bank of Nigeria, CBN, said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the bank customers. The CBN stated that the amount was illegally removed from the accounts of bank customers across the country in the past five years. The Acting Director, Corporate Communications, CBN, Mr. […]

$793.2m TSA: FG Serves Forfeiture Order On Diamond, Skye, First Bank, others

$793.2m TSA: FG Serves Forfeiture Order On Diamond, Skye, First Bank, others

The Federal Government has served seven banks with the order of the Federal High Court in Lagos directing a temporary forfeiture of $793.2m allegedly hidden with the banks in contravention of its Treasury Single Account policy. Government’s lawyer, Prof. Yemi Akinseye-George (SAN), who obtained the ex parte order on July 20, confirmed the development on […]

Emefiele: Why CBN Can’t Cut Interest Rate Now

Emefiele: Why CBN Can’t Cut Interest Rate Now

Governor Godwin Emefiele Nigeria’s Central Bank, CBN, has said the high inflation rate and rising operating costs in the banking sector are some of the major reasons for the high interest rate in the country. He said this in a lecture titled: ‘The dilemma of monetary policy and exchange rate management in a recession: Potential […]

CBN To Continue Review On Economy Policies, Says Emefiele

CBN To Continue Review On Economy Policies, Says Emefiele

The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said the apex bank will continue to review its polices to ensure that the best is achieved for the country’s economy. Emefiele disclosed this in Nsukka […]

CBN Maintains Forex Gains, Growth Expectations As MPC Meets

CBN Maintains Forex Gains, Growth Expectations As MPC Meets

As the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) begins today-Monday, there are expectations that the policymakers will retain previous decisions to ensure deepening of effects. The fourth meeting of the year is coming on the backdrop of recent happenings in the global and domestic space in the last two […]

Banks Hit By Cash Crunch As CBN Mops Up Naira

Banks Hit By Cash Crunch As CBN Mops Up Naira

The Central Bank of Nigeria, CBN, has engaged in continuous and aggressive mop up of cash from the economy in the past six months, in order to reduce demand for foreign exchange, especially the dollar. The development is said to be responsible for the cash crunch that has hit the economy with a heavy toll […]

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