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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 […]

Treasury Bills: CBN Sells Above Inflation To Attract FX Flows

Treasury Bills: CBN Sells Above Inflation To Attract FX Flows

The Central Bank of Nigeria, CBN, has offered six and 12-month Treasuries at yields higher than the country’s inflation rate to lure yield-hungry investors and attract dollar inflows. Severe dollar shortages have been a hallmark of the country’s recession, now in its second year. The downturn was brought on mainly by lower prices for oil, […]

Banks Have Not Grown Branch Network In 5 Years: NBS

Banks Have Not Grown Branch Network In 5 Years: NBS

Nigerian banks have put a hold on branch network expansion in the last five years, data obtained from the National Bureau of Statistics (NBS) reveals. The NBS data shows that banks added 110 new branches between 2011 and 2012 to increase total bank branch network across the country to 5,564 in 2012 from 5,454 in […]

Dollar Drops As Investors Await Fed Policy Clues

Dollar Drops As Investors Await Fed Policy Clues

The dollar inched 0.1 percent lower to 109.98 against the yen, while the euro added 0.1 percent to $1.1217. The dollar eased on Wednesday with investors looking past an expected U.S. rate hike later in the day for clues on Federal Reserve policy for the rest of the year. The dollar index, which tracks the […]

Nigeria To Raise $3.5bn In Foreign Loans To Fund Budget

Global Markets: Global markets traded mixed this past week amidst a number of factors. The markets got off to a positive start to the week on continued recovery in oil prices from recent slide, driven by announcement that Saudi and Russia are open to extending the OPEC oil production cut. Notably, Technology & Cybersecurity stocks surged […]

BVN: We Are Working Ahead Of Deadline For Use – NAMBLAG

BVN: We Are Working Ahead Of Deadline For Use – NAMBLAG

It would be substantially achieved by July 31, if there is need for extension, we should have made some landmark improvement Ahead of the July 31 deadline for the use of Bank Verification Number (BVN) for customers of Microfinance banks in the country, National Association of Microfinance Banks Lagos State Chapter, NAMBLAG, has said that […]

W’bank Says Nigeria’s Revenue Can’t Sustain Interest Payment On Debt

W’bank Says Nigeria’s Revenue Can’t Sustain Interest Payment On Debt

Nigeria’s debt to GDP ratio is relatively low Although Nigeria’s total current debt is relatively low compared to the Gross Domestic Product, the interest rate payment is not sustainable by current revenues, the World Bank has said. Senior Economist at World Bank office in Nigeria, Yue Man Lee, said this in Abuja on Wednesday on […]

Kemi Adeosun Wants BVN For Microfinance Banks Account Holders

Kemi Adeosun Wants BVN For Microfinance Banks Account Holders

Mrs Kemi Adeosun, the Minister of Finance, has urged the Central Bank of Nigeria to extend Bank Verification Number requirement to account holders in Microfinance Banks. She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates. A statement by […]

MasterCard Introduces New Digital Platform

MasterCard Introduces New Digital Platform

MasterCard, global technology company with presence in Nigeria, on Tuesday, launched a digital platform that connects smallholder farmers, agents, buyers and banks in East Africa. Tagged, ‘2KUZE’ which in Swahili means “Let’s grow together,” the platform enables farmers to buy, sell and receive payments for agricultural goods via their feature phones. According to a statement […]

Bitcoin and Central Bank Of Nigeria

Bitcoin and Central Bank Of Nigeria

The Central Bank of Nigeria (CBN) has barred deposit money banks and all other financial institutions from the operation of any form of virtual currency. The warning by the apex bank yesterday was contained in a circular by the CBN Director of Financial Policy and Regulation Department, Mr. Kevin Amugo, Virtual currencies (VCs) such as […]

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