CBN introduces KYC Requirements for banks, sets new deposit limit for account...
The Central Bank of Nigeria (CBN) has introduced new deposit limits for account holders, which affects all categories of accounts and has also introduced three-tier Know Your Customer (KYC)...
View ArticleCapital Requirement: MFBs Call For Deadline Extension
The South West Zone of the National Association of Microfinance Banks has urged the Central Bank of Nigeria to extend the December 31, 2012 deadline given to them to comply with the Revised...
View ArticleFaulty credit system is killing SMEs, local manufacturers – Okeke
Over the years, investigation had revealed that apart from the epileptic power supply that has affected business operations at every level in this country, poor credit facility has been a major...
View ArticleCBN Disburses N181bn Power, Airline Intervention Fund
The Central Bank of Nigeria (CBN) said it has disbursed a total of N181.42 billion under its Power and Airline Intervention Fund (PAIF), as at December 31, 2012. The banking sector regulator disclosed...
View ArticleCBN to resolve grey areas with Micro Finance Banks
The Central Bank of Nigeria and the National Association of Micro Finance Banks have agreed to set up a technical committee to resolve “Grey Areas’’ in the recapitalisation of micro finance banks. The...
View ArticleBanks, customers disagree on CBN’s bank account categorisation policy
Bank customers have questioned the rationale behind the new policy of the Central Bank of Nigeria (CBN) on categorisation of bank accounts, saying it is counter-productive with respect to its cashless...
View ArticleAMCON extends repayment period for N1.5trillion debt
The Asset Management Corporation of Nigeria has restructured a total of N1.5tn loans as part of efforts to recover debts owed it by corporate organisations, our correspondent has gathered. The amount...
View ArticleReps ask CBN to implement single-digit lending rate
The House of Representatives on Wednesday pushed for a single-digit benchmark lending rate in the country’s banking industry. It directed its Committee on Banking and Currency to engage the Central...
View ArticleCBN heads for another row with NASS over use of foreign currencies for local...
Central Bank of Nigeria (CBN) may be heading for another acrimonious session with the National Assembly and perhaps some civil society groups that would be interested in the issue of the apex bank...
View ArticleBanks’ growth will reflect in real sector – CBN
Deputy Governor at the CBN, Alhaji Suleiman Barau says the apex bank will ensure that the growth recorded in the banking sector is transmitted to real sector. Barau made the pledge in Lagos on Friday,...
View ArticleCBN closes RDAS, WDAS foreign exchange window
The Central Bank of Nigeria (CBN) on Wednesday closed the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS) Foreign Exchange window to help stabilise the nation’s currency....
View ArticleNaira hits N215 to dollar, N332 to pound at Bureau De Change
The Naira on Friday depreciated by N5 to the dollar as it traded N215 at the Bureau De Change (BDCs) segment of the official market. It also depreciated by N7 at the black market, selling at N217 to...
View ArticleCBN grants Fortis Microfinance bank National licence
The Chairman, Fortis Micro Finance Bank Plc., Mr Felix Achibiri, has said that the Central Bank of Nigeria (CBN) has granted the bank a national microfinance licence. Achibiri made the disclosure at...
View ArticleBureau de Change operators back CBN’s forex market initiatives
The Association of Bureau-de-Change Operators of Nigeria (ABCON) has expressed support for the fiscal policy of the Central Bank of Nigeria (CBN) on the country’s foreign exchange market. ABCON’s...
View ArticleNigeria averages N1.5billion POS transactions daily – CBN
The Central Bank of Nigeria (CBN) has said that Nigeria averages about N1.5 billion worth of transactions on the Point Of Sales (POS) terminal daily. Mr Dipo Fatokun, the Director, Banking and Payment...
View ArticleSanusi tells FG to appoint deputy governor as CBN boss
Former Central Bank of Nigeria (CBN) Governor, Chief Joseph Sanusi has called on the Federal Government to appoint one of the deputy governors of the apex bank as governor at the expiration of the...
View ArticleSenate to engage CBN on FX for fuel importers
Senate is to engage the Central Bank of Nigeria (CBN) on the opening of a special window for petroleum marketers to access foreign exchange (FX), which had remained a major challenge to them in...
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