Banking Business

CBN orders banks to remove interest rate, CAP on goods and services

Ihesiulo Grace 10 September 2019 0

Philip Clement – Abuja The Central Bank of Nigeria has directed all financial institutions and mortgage banks to eliminate interest rate and lending fees on goods and services rendered to customers. In a circular signed by the Director, Financial Policy and Regulations of the bank, Kelvin

Business

Capital repatriation: CBN to invite MTN, Stanbic IBTC, 3 others

Ihesiulo Grace 26 September 2018 0

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that the apex bank would invite leading telecommunication operator – MTN and the four banks sanctioned recently for capital repatriation to prove their cases. The four banks are: Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank. Emefiele gave the hint on Tuesday […]

Business Money

CBN tightens liquidity through sales of Tbills worth N98bn

Ihesiulo Grace 19 October 2017 0

.As Naira stabilises at FX markets Motolani Oseni There are indications that the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN) has tightened liquidity to support the nation’s currency, Naira, through the sales of fresh N98 billion worth in Treasury Bills (TB) securities on Thursday, after it auctioned N133.25bn on Wednesday. On […]

Business News

Bitcoin, other virtual currencies not legal tender in Nigeria – CBN

Ihesiulo Grace 20 January 2017 0

The Central Bank of Nigeria (CBN), has ruled out transactions in bitcoin and other virtual currencies by any bank in the country. The apex bank, in a circular to all banks on Tuesday, signed by its Director of Financial Policy and Regulation Department, Kelvin Amugo, said the move was necessitated by money laundering and terrorism […]