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...
•Gunmen Gunmen have attacked two commercial banks in Anyigba, Dekina Local Government Area of Kogi State, killing one security officer and one civilian during the operation. A video trending on social media indicated that the hoodlums launched a heavy attack on the two financial institutions around 5 pm, reports Channels TV. Eyewitness account...
As the deadline given to banks to link all bank accounts to NIN elapsed last Thursday, many banks in the country are yet to implement the directive. Recall that the Central Bank of Nigeria, CBN had issued a directive to all commercial banks in the country last year to restrict tier-1 accounts without proper Biometric […]
•Applicants for NIN Over 70 million bank customers are at risk of losing access to their accounts when the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers and National Identification Numbers goes into effect. The CBN had on December 1, 2023, in a circular directed that a ‘Post no Debit’ restriction...
Bank Customers have continued to besiege various bank branches in Lagos, to meet Central Bank of Nigeria (CBN) deadline for linking Bank Verification Number (BVN) and National Identification Number (NIN) to their accounts. In separate interviews with our correspondents, the bank customers also asked the CBN to extend the deadline for them to l...
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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