Home Topics Banking Sector

Banking Sector

The Nigeria Interbank Settlement System (NIBSS) has issued approved standard operating guidelines for the Bank Verification Number (BVN) matching system, mainly for a harmonised way of verifying customer’s identity.

Nigerian banks get standard operating guidelines for BVN matching

The Nigeria Interbank Settlement System (NIBSS) has issued approved standard operating guidelines for the Bank Verification Number (BVN) matching system, mainly for a harmonised way of verifying customer’s identity.
A United State of America based Cyber Security expert, Dr. Augustine Ohwobete has told organizations, especially financial institutions to put measures in place to check cyber crimes, following the pace at which digital disruption and innovative new technology were reaching the market.

US-based cybersecurity expert tasks institutions on cyber crimes

A United State of America based Cyber Security expert, Dr. Augustine Ohwobete has told organizations, especially financial institutions to put measures in place to check cyber crimes, following the pace at which digital disruption and innovative new technology were reaching the market.
Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency.

Revisiting CBN ban on cryptocurrency transactions

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.
The Senate President, Ahmad Lawan, has said that for appreciable development to take place in the country, more women must be regarded and enlisted to take up more spaces in governance.

Senate moves to recover N16 trillion AMCON loans

The Senate, Tuesday, considered a critical bill seeking to empower the Asset Management Corporation of Nigeria (AMCON) in the aspect of assets recovery, as well as strengthen it against economic sabotage by debtors with unpaid loans to the tune of about N16 trillion naira.
Lagos lawyer and human rights activist, Femi Falana

Femi Falana: EFCC can mandate bank MDs, executives to declare assets

The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN: Nigerians are free to use bitcoin, others

The Central Bank of Nigeria (CBN) said there was no time the bank banned the activities of Cryptocurrencies in the country.
FMDQ Securities Exchange has posted 13.66 per cent turnover growth in the Fixed Income and Currency (FIC) for the month of July.

FMDQ admits N53.2 billion bonds of Fidelity Bank, TSL SPV

FMDQ Securities Exchange recently approved the listing of the Fidelity Bank Plc Series 1N41.21billion Fixed Rate Subordinated Unsecured Bond under its N100.00billion Bond Issuance Programme to its platform.
Nigerian mobile network operators have threatened to discontinue the use of Unstructured Supplementary Service Data (USSD) short code service by some banks effective Monday March 15, 2021 over N42 billion debt owed them.

Telcos stop USSD services to banks over N42 billion debt

Telecom operators in Nigeria on Friday announced that they will stop the use of Unstructured Supplementary Service Data (USSD) by banks and other financial institutions in the country by Monday.
The recent declaration by the court that N50 stamp duty on teller deposits or electronic transfer of funds is illegal is in order, frontline Lagos Lawyer, Fred Nzeako, has said.

Energy firms’ bank debts rise to N5.94 trillion

The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Crypto ban: We acted in Nigerians’ best interest – CBN

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system.

ICPC boss says virtual assets, cryptocurrencies risky for Nigeria

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, SAN, on Tuesday said virtual assets and cryptocurrencies are risky for implementation in Nigeria.
FILE PHOTO - Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS-Brendan McDermid

Analysts foresee faster economic recovery as oil price hits $60

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

IMF: Nigeria’s economic outlook remains challenging

The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.
The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.

Nigeria’s central bank investigates crypto companies’ accounts for fraud

The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.

Arewa, Ohaneze youths, others back central bank governor on crypto ban

The Arewa Consultative Youth Movement, Ohanaeze Ndi Igbo Youth Movement, Oduduwa Youths and Middle Belt Youths have hailed the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, over the bank’s recent policy stopping Deposit Money Banks (DMBs), non-financial institutions and other financial institutions from doing business in crypto and other digital assets.
Former Finance Minister Seth Terkper has revealed that Ghana risked returning to the International Monetary Fund (IMF) for support following the rising debt.

Ghana risks returning to the IMF over high debt – ex-minister

Former Finance Minister Seth Terkper has revealed that Ghana risked returning to the International Monetary Fund (IMF) for support following the rising debt.
Former Nigerian minister, Jubril Martins-Kuye, has died.

President Buhari mourns former minister Martins Kuye

President Muhammadu Buhari, on Sunday, mourned a former Minister of Commerce and Industry, Jubril Martins-Kuye, who died earlier in the day.
Mr Bayo Olugbemi, President, Chartered Institute of Bankers of Nigeria (CIBN) says the banking sector in Nigeria has a good capital base to facilitate the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement.

CIBN boss optimistic banks will facilitate AfCFTA success

Mr Bayo Olugbemi, President, Chartered Institute of Bankers of Nigeria (CIBN) says the banking sector in Nigeria has a good capital base to facilitate the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement.
The recent declaration by the court that N50 stamp duty on teller deposits or electronic transfer of funds is illegal is in order, frontline Lagos Lawyer, Fred Nzeako, has said.

2021: Banks to walk a tightrope amid low revenue environment

Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles.

Lagos chamber hints of rising inflationary rate in 2021

Its Director-General, Dr Muda Yusuf, attributed the projected inflation outlook for the incoming year to the combination of food supply shocks, heightened insecurity in major food-producing states, foreign exchange policies, illiquidity and higher energy costs.

Nigerian banks record ₦42.4 billion decline in non-performing loans

A report by the National Bureau of Statistics (NBS) has shown that Nigeria’s banking sector non-performing loans dropped by N42.4 billion in three months.
National Bureau of Statistics NBS

NBS: N319.99 trillion e-payments recorded in Q3 2020

A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said.

Recent Stories

FILE PHOTO - A harvester is used to deposit wheat crop on a tarpaulin in a field on the outskirts of the western Indian city of Ahmedabad March 24, 2015. REUTERS-Amit Dave-File Photo

New zinc-fortified wheat set for global expansion to combat malnutrition

Scientists at a leading global grains research institute expect to sharply ramp up new wheat varieties enriched with zinc that can boost the essential mineral for millions of poor people with deficient diets, the institute’s head told Reuters.

Group urges support for fight against tuberculosis

The National Tuberculosis and Leprosy Control Programme has urged the media to assist in enlightening the public on the causes, prevention and treatment of tuberculosis .
The curtain was drawn on the 20th National Sports Festival tagged ‘Edo 2020’ yesterday with the defending champions, Team Delta, amassing an astonishing 384 medals, comprising 158 gold, 116 silver, 110 bronze to beat Host Edo State and other participating states to the number one position for the sixth consecutive time.

Team Delta wins National Sports Festival for sixth record time

The curtain was drawn on the 20th National Sports Festival tagged ‘Edo 2020’ yesterday with the defending champions, Team Delta, amassing an astonishing 384 medals, comprising 158 gold, 116 silver, 110 bronze to beat Host Edo State and other participating states to the number one position for the sixth consecutive time.

Official: Another attempted jailbreak in Edo foiled

The Nigerian Security and Civil Defence Corps (NSCDC), Edo Command, says it foiled a jailbreak attempt by inmates at the Nigerian Correctional Service (NCoS) facility, Ubiaja, Esan South East Local Government Area.
RB Leipzig coach Julian Nagelsmann played down his influence on their 3-2 Champions League defeat of Manchester United.

RB Leipzig boss ‘in Bayern Munich sights’ after Premier League links

The highly-rated RB Leipzig boss has recently been linked with Tottenham, among other clubs across Europe, in the event that Spurs decide to part company with Jose Mourinho after a frustrating 2020/21 campaign.

Most Popular

MSF: Maiduguri, environs record 1,158 cases of measles

Medecins Sans Frontieres (MSF) known as Doctors Without Borders said that 1,158 cases of measles were recorded within Maiduguri and environs within the past five months.
A widow, Dorothy Nnabode on Monday told the National Human Rights Commission (NHRC) panel that the police shot and killed her husband in front of her.

NHRC to probe petition against CCT chairman for ‘assault’

The National Human Rights Commission (NHRC) has vowed to probe the petition accusing the chairman of the Code of Conduct Tribunal (CCT), Danladi Umar, of assaulting a security guard at an Abuja plaza.
The National Bureau of Statistics (NBS) said the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N2,05.14 in August from N2,01.45 recorded in July.

Nigerian government to inject into market 10 million cooking gas cylinders in a year

The Federal Government will inject five to 10 million Liquefied Petroleum Gas (LPG) gas cylinders into the market in the next one year, according to Mr Dayo Adeshina, Programme Manager, National LPG Expansion Implementation Plan.

COREN commissions Nasarawa office, harps on quality engineering

The Council for the Regulation of Engineering in Nigeria (COREN) on Thursday commissioned its branch office in Nasarawa State amid warning to engineering practitioners practicing in the state to uphold standards in rendering their services or face sanctions.
Taofeeq Arapaja, a former deputy governor of Oyo State, has emerged the National Vice-chairman (South-west) of the Peoples Democratic Party (PDP).

Taofeeq Arapaja emerges PDP South-west chairman

Taofeeq Arapaja, a former deputy governor of Oyo State, has emerged the National Vice-chairman (South-west) of the Peoples Democratic Party (PDP).