The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage for Deposit Money Banks (DMBs) from N500,000 to N5,000,000 and would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent This was announced today by the Managing Director/Chief Exec...
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is contained in a report by the Nigerian Interbank Settlement System, NIBSS, which also [&...
The federal government today, Monday, April 22, vowed to sell off the five electricity Distribution Companies (DisCos) now under the management of banks and Asset Management Company (AMCON) in the next three months to reputable technical power operators. Recalled that Abuja Electricity Distribution Company (AEDC) is currently under the managem...
Following the growing number of Automated Teller Machines (ATMs) that have remained “temporarily unable to dispense cash”, in recent times, the banking public has accused Deposit Money Banks (DMBs), of colluding with Point of Sales (PoS) terminal operators to deliberately trade on the naira and extort Nigerians of their hard-earned money. Most...
Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN. The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks, reports Vanguard. Consequentl...
The Central Bank of Nigeria yesterday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within 90 days. The development happened as the naira rose against the greenback at both the official […]
•New Naira notes The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-i...
•CBN Governor Yemi Cardoso No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for […]
•Banks The service disruption caused by Thursday’s cuts to the undersea cable supplying broadband Internet connectivity to Nigeria and countries in the West African sub-region, yesterday, forced many banks and other financial institutions, as well as telecom companies and allied firms to scale down their operations. Customers of the financial ...
•CBN Governor Cardoso The Central Bank of Nigeria (CBN) has strengthened its pre-emptive surveillance of banks to unearth infractions and ensure compliance with extant rules and guidelines. The banks have been under intense criticism in recent periods for alleged complicity in economic crimes, reports The Nation. The Economic and Financial Cri...