•National Assembly complex, Abuja The National Assembly yesterday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023. The one-time tax will be used to finance capital infrastructure development, education, healthcare and other...
The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorised forex dealers, advising them against rejecting old and lower dollar denominations from customers in the country. According to the apex bank, the directive became necessary as it had been inundated with complaints from customers after it conducte...
•CBN Governor Yemi Cardoso Ongoing bank recapitalisation will not be business as usual, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said yesterday. He hinted that the conditions will be tough to ensure that all banks that scale the hurdles will be strong enough to withstand the headwinds, reports The Nation. The banks should be [&he...
•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated yesterday, Monday May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile [&hel...
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 […]
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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