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Over 70% eligible staff accept NNPCL early retirement

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Over 70% eligible staff accept NNPCL early retirement scheme

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DMO to raise ₦1.2trn through FGN bond reopening

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Policy and Regulations

Tag: Banks

New year: Banks to close early on Friday
Banking

New year: Banks to close early on Friday

Juliet Buna Financial institutions have said customers have been 8 am and 1pm or 3pm, depending on the bank, to do their transactions on Friday. This is against the usual 8 am and 4 pm work schedule. The development is hinged on the upcoming New Year celebration. Consequently, the banks have directed their customers to […]

Banks record N72bn from account maintenance
Banking

Banks record N72bn from account maintenance

In the first half of 2023, account maintenance fees brought in N72.723 billion for 11 banks that are listed on the Nigerian Exchange floor. The Times reported that this is based on information taken from the listed commercial banks’ half-year financial statements on the Nigerian stock exchange. Access Holdings, GTCO, UBA, Zenith Bank, and GTCO took […]

Equity investors lose N1.5tn as bond yield rises
Banking

CBN instructs banks to keep foreign exchange revaluation profits

Banks are required by the Central Bank of Nigeria to set aside earnings from foreign exchange revaluation as a safety net against impending economic shocks. According to Vanguard, in this case, the regulator forbade banks from using foreign exchange revaluation gains to pay dividends or cover operating costs. This information was provided by the apex bank […]

Banks’ bad loans hit N478bn in Q1 2023
Banking

Banks’ bad loans hit N478bn in Q1 2023

    During the first half of 2023, four prominent banks, including Guaranty Trust Bank Holding Plc , FBN Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc, collectively reported non-performing loans valued at N478.93 billion. According to The PUNCH, this marked a notable increase of almost 16 percent from the N413.36 billion reported at […]

Banks announce nationwide strike from Tuesday
News

Banks announce nationwide strike from Tuesday

Nigerians have been put on high alert as banks, telecoms, and electrical workers have decided to join the NLC strike and go on a two-day strike. Nigerians are urged to withdraw money on Monday in order to avoid being stuck over the next two days. Employees working in the banking, insurance, telecom, and power industries […]

Nigerian banks lose N9.5bn to e-fraud so far in 2023
Banking

Nigerian banks lose N9.5bn to e-fraud so far in 2023

Banks in the country have reportedly lost over N9.5 billion so far in 2023, according to the Nigeria Inter-Bank Settlement System. The managing director of NIBSS, Premier Owoih, said this at the third-quarter meeting of the Nigeria Electronic Fraud Forum, which was held in Lagos. The MD, represented by Temidayo Adekanye, the NIBSS Chief Risk Officer, raised concerns […]

Banks record N72bn from account maintenance
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Banks provide $533.48m for foreign education

The Central Bank of Nigeria has received $533.48 million from banks to be used towards international education. The Punch reported that the sum of the funds disbursed between October 2022 and March 2023 was used to calculate the figure that was taken from the central bank’s most recent statistical bulletin. However, experts anticipate that given the CBN’s […]

CBN, others to review 2.9tTn tax credit scheme
Banking

Bank borrowing from the CBN hits N10.35tn

Banks in Nigeria appear to be increasingly reliant on the Central Bank of Nigeria, for liquidity as borrowings from the apex bank hits N10.35 trillion. According to Vanguard, CBN data show that the banks borrowed N10.35 trillion from the CBN’s Standing Lending Facility during the first half of 2023, H1’23, which ended last weekend. This represents a staggering 140 percent […]

Banking

Abiola Bawuah named UBA’s first female CEO

The United Bank for Africa Plc has appointed Abiola Bawuah as the Chief Executive Officer of its operations in Africa.   The bank announced her appointment, stating that this move demonstrates UBA’s commitment to diversity as the Group Board now includes eight female Directors.   Bawuah, who is a Ghanaian, is the first female CEO […]

Monarchs begs CBN to extend old naira deadline
Banking

CBN to charge banks N1m daily over new currency

Wilson Adekumola     The Central Bank Of Nigeria has said that any commercial bank that failed to comply with the newly redesigned naira notes in terms of picking up for distribution will incur charges of million naira per day.     The Deputy Director on Research, Osun State Bracnch, Adeleke Adelokun made this known […]

Banking

VIDEO: Nigerian banks dispense new naira notes

Commercial banks have started dispensing the newly redesigned naira notes to over-the-counter customers.   Channels Television, on Thursday, reported that some banks in major cities across the country have begun dispensing the new notes to customers over the counter. The Governor of the Central Bank of Nigeria, Godwin Emefiele, had on October 26, said the […]

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