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Tag: Bank

Fraud losses decline in Nigerian banks in Q1 2024 - Report
featured News

Fraud losses decline in Nigerian banks in Q1 2024 – Report

The Financial Institutions Training Centre has reported a substantial decrease in financial fraud losses among Nigerian banks for the first quarter of 2024. According to their latest “Report on Fraud and Forgeries in Nigerian Banks for Q1 2024,” the losses to financial fraud plummeted by 77.62% compared to the preceding quarter. In specific figures, Nigerian […]

featured

Nigerian banks close two million accounts over inactive BVN, NIN

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of suspicious accounts, following the regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is revealed in a report by the Nigerian Interbank Settlement System, according vanguard. According to […]

Bank executives urge cybersecurity cooperation for stability
News

Bank executives urge cybersecurity cooperation for stability

Onwubuke Melvin   The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This was disclosed in a communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently, according to The Punch. To […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

Banks dollar sale drops as naira falls to N1,479
Banking

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

Parthian Partners pays third bond coupon
Banking

Parthian Partners pays third bond coupon

Parthian Partners Limited has made the third consecutive coupon payment on its N10 billion bond. The PUNCH reported that the Chief Financial Officer at Parthian Partners, Olayinka Arewa, recently said in a statement: “It takes agility and dedication to navigate rising inflation and economic pressures. We stuck to our word and continued to provide our investors […]

BOI, IFC partner to fund industrial sector
Economy

BOI, IFC partner to fund industrial sector

BOI, IFC partner to fund industrial sector A stakeholder conference will be held by the Bank of Industry and the International Finance Corporation to discuss the present state of the operating environment and promote the expansion of the industrial sector in the nation. The PUNCH revealed that the conference which was with the theme, “Empowering Futures: A Collaborative Journey in […]

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing
Business

China cuts bank reserve first time in 2023

China’s central bank announced on Friday that it will reduce the amount of cash that banks must retain as reserves for the first time this year. The aim of the reserves cut according to the bank is to to maintain a surplus of liquidity and to promote the country’s economic recovery. The second-largest economy in […]

Logo and the photo of the Central Bank of Nigeria's building
Business

Elections: No plans to shut down bank transactions, CBN insists

The Central Bank of Nigeria has debunked rumours spreading that it plans to shut down bank transactions from February 23 to February 27, 2023 because of the forth coming election. This fake new was confirmed on the verified Instagram account of the apex bank on Wednesday where it advised Nigerians to be “wary of fake […]

New naira: Beware of currency hoarders, EFCC warns BDC operators
Business

EFCC retrieves unremitted N900m for NHIS

EfccIThe Economic and Financial Crimes Commission  has again retrieved a sum of N900 million for the National Health Insurance Scheme. The EFCC’s spokesman, Mr Wilson Uwujaren, disclosed this in a statement on Saturday. According to the News Agency of Nigeria, the council’s spokesperson claimed that the amount was a part of the money some banks […]

Zulum
Banking

Naira scarcity: Zulum inspects Maiduguri banks [Video]

The Executive Governor of Borno State, Prof. Babagana Umara Zulum, on Friday, visited various commercial banks across the state to conduct inspection.   Zulum, in an online video was seen physically inspecting banks in Maiduguri, the state capital.   Some of the banks visited were the branch of the Central Bank of Nigeria in the […]