Here are the most popular banking news of the last week of 2017.
Apex bank urged to hasten release of export fund
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to hasten the release of the N550 billion Export Stimulation Fund to boost the performance of non-oil export sector.
CBN extends settlement banking arrangement
The Central Bank of Nigeria (CBN) has postponed until further notice it earlier directive for banks to adhere to settlement banking arrangement for all clearing sessions. The central bank stated this in a circular that was signed by its Director, Banking and Payments System Department…
Report Explains Why CBN Must Reduce Interest Rate in 2018
Energy Crisis threatens to spike inflation rate Obinna Chima in Lagos and Ndubuisi Francis in Abuja A report by the Financial Derivatives Company Limited (FDC), which did a comparative analysis between the economies of Nigeria and Ghana in 2017, has advised the Central Bank of Nigeria (CBN) to embrace an accommodative monetary policy stance…
CBN’s interventions to keep naira stable in 2018
The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said. The naira has been hovering at 360 to a dollar for investors, around the same level as in the parallel market.
CBN injects $210m as naira depreciates to N360.37/$
The Central Bank of Nigeria (CBN) yesterday sustained its intervention in the foreign exchange market by injecting $210 million in the interbank foreign exchange market.
CBN, RIFAN set to crash rice prices
The National President, Rice Farmers Association of Nigeria (RIFAN), Alhaji Aminu Goronyo, has assured Nigerians that the market prices of locally produced rice will soon crash. Goronyo said in Abuja on Wednesday that the price of a 50kg bag of locally produced rice would plummet from N18,000 to between N6,500 and N7000 by April 2018.
Banks’ borrowing from CBN increases by 52% in December
Liquidity challenges in the economy made the amount of money that commercial banks borrowed from the Central Bank of Nigeria to increase by 52 per cent in the first three weeks of December, data obtained from the CBN website showed on Monday…
Naira’s stability lifts pressure on CBN
Nigeria’s exit from recession, coupled with the naira’s stability against international currencies, were clearly two of the key developments in 2017. Tony Chukwunyem looks back at the outgoing year and how the Central Bank of Nigeria (CBN) succeeded in ending it on a high note…
2018: SMEs Hopeful As CBN Intensifies Intervention
There are strong indications that the sustained and diversified intervention programmes of the Central Bank of Nigeria (CBN) would provide the required platform for the numerous micro, small and medium enterprises (MSMEs) to position for ultimate transformation into the arena of industrialisation…
DMO: $3.3bn Dual Borrowing Supports CBN’s Aspiration to Cut Interest Rates
A bridge under construction…projects of this nature are highly capital intensive • FG must utilise proceeds judiciously, analysts Bamidele Famoofo The Debt Management Office has said the US$3.3 billion long-term dual borrowing by the federal government supports the desire of the Central Bank of Nigeria to reduce interest rates…
School Census: World Bank commends Oyo govt
Nigeria’s representative to the World Bank, Tunde Adekola, has commended the Oyo State Government for releasing the annual School Census Report. Speaking on Thursday during the presentation of the report to the stakeholders in the education sector, Adekola described it as “veritable data” that will aid the government and international donors…
World Bank presents N34m cheque to 16 Kwara communities
Kwara State Community and Social Development Agency (KWCSDA) has presented a cheque of N34 million naira to 16 community beneficiaries of the World Bank-assisted Community Development Projects in Kwara State.
ITFC, Afreximbank to Support African Trade with $100m, €50m Agreements
The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, have signed a $100 million agreement and a EUR 50 million agreement with the aim of facilitating and financing exports…
EFCC recovers N27.7bn unremitted withholding taxes from six banks
The Economic and Financial Crimes Commission (EFCC) has recovered over N27.7billion from six banks being unremitted withholding tax on dividends. Also, about seven more banks were said to be on the radar of the anti-graft agency for similar infractions.
A banking year in an economy wriggling out of recession
As 2017 wraps up and the financial sector of the Nigerian economy brace up for 2018, CHIMA NWOKOJI in this report, reviews key policy issues that made the year eventful for the banking sector…
FirstBank to Hold Youth Mentoring Programme
First Bank of Nigeria Limited has announced it is convening a youth mentoring session, themed: “Building a Financially Literate Tribe.” The event, which would be hosted by the Chairman of the bank, Ibukun Awosika, is being organised to drive a culture of financial literacy among the youth and…
Best Of 2017: Commerce: FirstBank, The Old Reliable
One hundred and twenty three years old and still going strong, First Bank of Nigeria has had a remarkable year with plenty of bests to its name.
Nigeria’s oldest and largest banking institution almost singlehandedly racked up all the top industry awards, from the Financial Times’ Bankers Magazine’s ‘Most Valuable Banking Brand in Nigeria’, to the World Finance Global Banking Awards’‘Best Private Bank in Nigeria’.
Union Bank is transforming and in good position’
Union Bank celebrated its 100th anniversary this year. If there were doubts about the bank achieving the objectives of its Transformation Agenda, they have been cleared, going by the resounding success recorded since the transformation journey began.
Union Bank announces changes to board
Union Bank of Nigeria Plc has announced changes to the membership of its Board of Directors with the retirement of an Executive Director, Mr. Ibrahim Kwargana and the resignations of non-executive directors, Mr. Mansur Ahmed, Dr. Onikepo Akande and Mrs. Arina McDonald in October 2017. Kwargana’s retirement came after 33 years in the banking sector…
Union Bank donates to VVF centre in Kano State
UNION Bank has once again taken a stand for women with its support for those affected by Vestigo Vaginal Fistula (VVF) through donations to the women’s VVF hostel, Kwali, Kano State.
Ecobank MD lauds upgrade of Okpekpe Road Race
The Managing Director, Ecobank Nigeria Limited, Charles Kie, has commended Pamodzi Sports Marketing, organisers of 10km Okpekpe International Road Race on the recent upgrade of the Road Race to silver Label by International Association of Athletics Federations (IAAF). He emphasised that the elevation does not only lend credence to the standard and popularity of the Race, but also represents a milestone in the development of sports in Nigeria.
Ecobank, Partners LASEPA, LAWMA on Cleaner Lagos Initiative
The Lagos state environment regulators have lauded Ecobank Nigeria’s various initiatives towards sustainable and safer environment in the state. The Lagos State Environmental Protection Agency (LASEPA) and Lagos State Waste Management Authority (LAWMA) stated that Ecobank’s deliberate policy to rid the state of non-biodegradable materials…
Access Bank gets CBN’s sustainable banking awards
Access Bank Plc has received top honours at the inaugural Nigeria Sustainable Banking Awards. The bank won in four categories during the award presentation in Lagos. The categories are: Sustainable Bank of the Year, Sustainable Transaction of the Year (Oil and Gas Sector), Sustainable Transaction of the Year (Agriculture) and Excellence in Women Economic Empowerment…
Access Bank secures $250m to support agric MSMEs
Ifeanyi Onuba Access Bank Plc has said it will provide funding for the Micro, Small and Medium Enterprises at a low-interest rate as part of measures to boost their contribution to the economy.
Zenith Bank gets new directors
The Board of Directors of Zenith Bank Plc has approved the appointment of Dr. Temitope Fasoranti and Mr. Dennis Olisa as executive directors of the bank with effect from December 29, 2017. The bank said that both appointments were consistent with its tradition and succession strategy of grooming leaders from within…
Diamond Bank hits digital buttons, improves market share
Overtime, Diamond Bank has acquired a reputation for digital banking excellence, but this has not been without early problems. The bank’s online platform has had a few snafus but it appears to be engaging in solid customer relationship repair. Offline, the bank has had a similar number of challenges on meeting customer’s experiential requirements,…
Innoson and GTBank: A Case of Two Smart Alecs
I’m totally uninterested in tribal wars. I just can’t stand them. So I naturally stood aloof as Nigerians had their fill of this week’s scandal. I think many Nigerians have developed a Nollywood state of mind. You remember Nollywood? The place where they sometimes cook up some of the blandest plots? Some practitioners there are doing great these days, but maybe the damage done to the minds of Nigerians while we slummed is impossible to correct…
Fidelity Bank deploys banking solution for IGR
As part of deliberate efforts to change the face of service and create total customer experience in the financial services industry, Fidelity Bank has deployed a ground breaking and innovative solution for the collection of internally generated revenue (IGR) in Lagos State. Working in conjunction with the State Government, Fidelity Bank developed the tax collection/ payment solution via its Unstructured Supplementary Service Data (USSD) channel (*770#).
Minister Lauds Sterling Bank’s Intervention in Transport Sector
The Minister of Transport, Rotimi Amaechi has commended the role being played by Sterling Bank Plc in the repositioning of the sector. The minister was quoted in a statement from the bank, to have made the remark at the end of the 2017 National Conference organised by the Ministry of Transport…
Stanbic IBTC supports creative industry
Stanbic IBTC has again underscored the symbiotic relationship that exists between business and arts at its yearly Fine Arts and The Acts event, which held in Lagos. According to the financial institution, the event, themed ‘Nigeria to the World’, also served as an avenue to appreciate its loyal customers…
Heritage Bank, Group partner on pageantHeritage Bank Plc has partnered with Folio Media Group, publishers of the Daily Times, to organise the 60th anniversary of Miss Nigeria and the 2017 edition of the beauty pageant. Miss Ehiguese Mildred Peace, representing Adamawa State, emerged Miss Nigeria at the grand finale of the beauty pageant held at Eko Convention Centre in Lagos