Business Headlines

CBN reiterates commitment to safety, soundness of banking sector

Ihesiulo Grace 26 July 2021 0

The Central Bank of Nigeria, CBN has reiterated its commitment to the financial soundness and safety of Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in Nigeria. The CBN stated this while clarifying unfounded reports circulating in social media attacking the soundness and

Business Headlines

2019 polls: CBN reads riot act to banks over money laundering

Ihesiulo Grace 23 November 2018 0

…Says heavy penalty awaits any erring banks …MPC holds interest rate at 14%, CRR at 22.5%, Liquidity at 30% The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) in the country to be extremely careful not to violate the money laundering Act, stressing that any bank which breaches the act “will be […]

Business Headlines

For 10th time, MPC retains 14% rate to consolidate reforms

Ihesiulo Grace 5 April 2018 0

* Pegs CRR at 22.5 per cent * Wants FG to offset N2.7trn contractors’ debts The members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have for the 10th consecutive period, voted to retain anchor lending rate (MPR) at 14%, Cash Reserves Ratio .22.5%, Liquidity 30% across Asymmetric Corridor at […]

Business Headlines

Revealed: How 6 banks boosted lending by N10.4trn in 2017

Ihesiulo Grace 26 March 2018 0

No fewer than six commercial banks accounted for total lending of N10.4 trillion to their customers as at December 31, 2017, representing growth of 0.6 per cent from N10.37 trillion loans granted to customers in 2016. The Deposit Money Banks (DMBs) include Access Bank, Guaranty Trust Bank Plc (GTBank), Ecobank Transnational International (ETI) and Zenith […]

Business Headlines

CBN lend commercial banks N871bn in one week

Ihesiulo Grace 28 November 2017 0

The Central Bank of Nigeria (CBN) lend total sum of N870.9 billion to Deposit Money Banks (DMBs) operating in the country in just one week, which was higher than N574bn in previous week. The latest figure showed that commercial banks borrowing from the Apex lender rose by 52 per cent in one week, attributable to […]

Business Headlines

BVN: Banks desperate over account closure deadline

Ihesiulo Grace 1 November 2017 0

..Send text messages, others to customers Motolani Oseni, Lagos As deadline of the Federal High Court’s interim order obtained by the Federal Government to freeze all accounts – corporate and individual – without Bank Verification Numbers (BVN) is fast approaching, Deposit Money Banks (DMBs) operating in the country have started reaching out to their customers, […]

Business Capital Market

Experts blame high interest, others on customers’ deposit decline

Ihesiulo Grace 18 August 2017 0

Financial experts have linked the recent decline in deposits of some Deposit Money Banks (DMBs) operating in the country, due to a combination of high interest rate, drop in bank customers’ income and increase awareness among their customers, among many others as factors responsible for the significant drop in the first half of the year. […]

Banking Business Capital Market

How 13 banks posted N118b PBT in three months

Ihesiulo Grace 12 July 2017 0

A total of 13 Deposit Money Banks (DMBs) have declared a total of N118 billion as Profit before Tax (PBT) in three month of 2016 (Q1 2016). According to our correspondent checks, the PBT declared by these 13 DMBs dropped by 13.4 percent or N18.2billion recorded in prior first quarter of 2015. Surprising, Union Bank […]