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Central bank intensifies pressure on banks to lend to the economy

In a bid to further stimulate lending to the economy, the Central Bank of Nigeria, CBN, yesterday, said bank deposit placement through its Standing Deposit Facility, SDF, in excess of N2 billion will not attract interest payment.

Central bank to withdraw N7.9 trillion dirty, mutilated notes

A large proportion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines (ATMs) and over-the-counter payments, the Central Bank of Nigeria (CBN) has said.

Godwin Emefiele: MFBs advanced N482.89 billion credit to MSMEs in 2018

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday disclosed that total aggregate loans granted by Microfinance Banks (MFBs) to micro small and medium enterprises (MSMEs) in the country stood at N482.896 billion as at December 2018.

Central bank to issue loans at five percent to SMEs through NIRSAL microfinance bank

The Central Bank of Nigeria (CBN), says it will issue loans at five per cent and with no collateral to Small and Medium Enterprises (SMEs) through the NIRSAL Micro Finance Bank (MFB).

NDIC becomes full member of Islamic financial board

The Council of the Islamic Financial Services Board (IFSB) with its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance Corporation (NDIC) as a full member of the board.

Central bank: Proposed increase in minimum wage will stimulate growth

The Central Bank of Nigeria (CBN) on Thursday said the proposed increase in minimum wage for Nigerian workers would stimulate output growth in the economy.

N800 billion subsidy debt: Banks take over assets of oil marketers

For their inability to service their huge debts, Deposit Money Banks (DMBs) have taken over the assets of some defaulting oil marketers.

Report: NDIC pays N1.45bn to 34 closed DMBs in 2017

The Nigeria Deposit Insurance Corporation (NDIC), said it paid N1.45 billion to 16, 324 depositors of 34 closed Deposit Money Banks (DMBs) in 2017.
Nigeria's acting finance minister Zainab Ahmed addressing a press conference in Abuja....Twitter-ZShamsuna

Finance minister seeks probe of bank chiefs

Nigeria’s Minister of Finance, Zainab Ahmed, has expressed serious concerns over the rising incidence of non-performing loans (NPLs) in deposit money banks (DMBs) in the country.
Acting Finance Minister of Finance Zainab Ahmed

Zainab Ahmed wants investigation, prosecution of bank chiefs over non-performing loans

The Supervising Minister of Finance, Zainab Ahmed, on Friday expressed serious concerns over the rising incidence of non-performing loans (NPLs) in deposit money banks (DMBs) in the country.

NDIC pays N11.50 billion to depositors of failed banks, recovers N28 billion debt

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, Tuesday said a total of N11.50 billion had been paid to depositors, creditors, shareholders and other stakeholders of closed financial institutions as at December 31, 2017.
FILE PHOTO- An MTN starter kit pack on display at a retail stand in Abuja, Nigeria November 17, 2015. REUTERS-Afolabi Sotunde-File Photo

Central bank promises ‘equitable resolution’ over sanctions imposed on MTN, banks

The Central Bank of Nigeria on Wednesday said it has commenced a review of the information provided by telecoms giant, MTN, and four banks sanctioned recently over alleged illegal repatriation of funds.

Central bank unveils terms for long-term credit to agric, manufacturing sectors

The Central Bank of Nigeria (CBN) on Thursday unveiled terms for long-term credits to key sectors of the economy to boost real sector growth.

Central bank prohibits trading, loan refinancing in new credit scheme

Also, it stressed that refinancing of existing loans is prohibited for funding under the programme, saying that any attempt to falsify information would also attract severe sanctions.

Lagos deputy governor backs campaign against malnutrition in underage children

The Deputy Governor of Lagos State, Dr. Oluranti Adebule, has advocated for nutrition education in schools to help fight the prevalence of malnutrition in underage children.

Central bank may lend directly to companies via commercial papers

The Central Bank of Nigeria might start lending to companies directly by buying their commercial papers.

Central bank orders commercial banks to sell forex to customers, non-customers

As the Central Bank of Nigeria (CBN) at the weekendordered all Deposit Money Banks (DMBs) to sell forex to travellers over the counter, the Association of Bureaux De Change Operators of Nigeria (ABCON) has kicked against the order calling on the regulator to review BDC’s dollar purchase rate to align with rate commercial banks’ buying rate.

Central bank directs commercial banks, bureaux de change to sell forex to eligible travellers...

The Central Bank of Nigeria (CBN) on Sunday directed all commercial banks and Bureau de Changes (BDCs) to sell foreign exchange (Forex) to all eligible travelers over the counter, regardless of their customer status.

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Court remands apprentice for allegedly attempting to steal car

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