The International Monetary Fund, IMF, sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move “slightly” too late, Managing Director Kristalina Georgieva said yesterday. The US Federal Reserve, the European Central Bank (ECB) and others have held interest rates elevated in recent month...
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest today, Thursday February 1, 2024. The CBN, which made the disclosure in a new circular released yesterday, also warned lenders against hoarding excess foreign currencies for...
•Mohammed Bello The Revenue Mobilisation Allocation and Fiscal Commission has said a substantial amount of government revenue remains trapped in the vault of commercial banks unremitted. The commission also expressed concern about the non-remittance of monies to the government coffers by revenue-generating agencies to the extent that a large c...
•Gunmen Security experts have accused commercial banks of encouraging the kidnapping epidemic in the country, as some ransoms are paid into bank accounts. The experts and analysts, who have backgrounds in military, intelligence, and policing, also stressed that abductions had become an industry enabled by the financial institutions that receiv...
•Aerial view shows floodwater at the new concession of agents of the Central Bank of Congo in Kinshasa Burst riverbanks are causing turmoil in DR Congo’s capital Kinshasa, with dark and foul-smelling water pouring into homes across working-class neighbourhoods in the central African megacity. The impoverished metropolis of some 15 million peop...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Union Bank, Keystone Bank and Polaris Bank. The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Jim Obazee, the special investigator on the activities of former CBN Governor, Godwin Emefi...
The probe instituted by the Economic and Financial Crimes Commission (EFCC) into the use of foreign exchange by some companies and financial institutions under the former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele is to be spread to at least 20 banks, sources close to the commission have said. This paper was […]
•Cardoso and Opara Operators in the banking industry are mobilising $20m to replace specialised workers whose exit abroad in search of greener pastures has worsened service levels in banks. Also, rising network glitches and weaker digital channels have exposed banks to increasing activities of hackers, reports The PUNCH. Mr James Emeka worked ...
The Central Bank of Nigeria has reviewed its position on the ban on cryptocurrency transactions in Nigeria. The apex bank said yesterday that it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions, reports Daily Trust. This is contained in a circular dated […]
The Central Bank of Nigeria (CBN) has threatened to sanction banks and Point of Sales (POS) operators found to be complicit in the current Naira scarcity crisis. The apex bank, in a statement yesterday, urged members of the public to report infractions, especially hoarding of Naira by Banks and POS operators, in their areas to […]