Banking & Finance

The Central Bank of Nigeria has revoked the operating licences of 42 microfinance banks in the country.  The Nigeria Deposit Insurance Corporation disclosed this on Friday in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders …

As part of the measures to ensure compliance with the new rules on diaspora remittances, the Central Bank of Nigeria on Friday directed the Deposit Money Banks to close naira accounts of International Money Transfer Operators. The new directive was contained in a circular tilted ‘Receipt of diaspora remittances: Additional …

The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has advised Nigerian banks and other financial institutions to explore Africa’s market expansion enabled by the AfCFTA to capture trade flows and investment through superior customer value proposition. Stressing the potentials of Nigeria’s market, Ahmed said: “With more …

The International Monetary Fund and World Bank have intensified calls on Nigeria to speed up currency reforms without which Africa’s largest economy may fail to achieve the growth it needs to prevent millions more from falling into penury. A unified and flexible exchange rate will ease external imbalances and bolster activity in the OPEC …

Nigerian commercial banks and international money transfer operators (IMTOs) and commercial have agreed to start paying beneficiaries of diaspora remittances in foreign currencies through the designated bank of their choice, the Central Bank of Nigeria has announced. This followed the apex bank’s insistence that all Deposit Money Banks (DMBs) must close all …

The six largest-listed banks by stock value in Nigeria achieved a consolidated net profit of 601.5 billion naira ($1.58 billion) over the first nine months this year. Denominated in the local currency, this makes an increase of 5.43% compared to the same period in 2019. In the US dollar, despite …

The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users. The Central Bank also devalued the Naira by N6 to Dollar, this brings the Naira closer to the exchange rate unification policy recommended by the …

The Central Bank of Nigeria’s Monetary Policy Committee has retained the Monetary Policy Rate at 11.5 per cent, the CBN Governor, Godwin Emefiele, announced Tuesday after the committee’s two-day meeting in Abuja. It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent …

The Central Bank of Nigeria, CBN, has authorised commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture. According to the loan guideline released on Tuesday and sighted by The Nation, the scheme comes is under the Accelerated Agriculture Development Scheme, AADS, in …

Officially in default on external debt since November 13, Zambia has found it increasingly difficult to reach an agreement with its creditors to renegotiate its debt. Today, several creditors accused the country of a lack of commitment in its debt management. In a statement, a group of Zambia’s creditors, which …