CBN injects $210m to boosts Forex market
The Central Bank of Nigeria (CBN) on Tuesday, announced the injection of another $210,000,000million to boost liquidity in the inter-bank Foreign Exchange Market.
Inflation Declines To 15.9% In November – CBN
The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele yesterday disclosed that inflation declined from a peak 18.7 per cent in January to 15.9 per cent in November, 2017.
CBN’s PMI indicates further economic expansion in November
The Central Bank of Nigeria yesterday released its Purchasing Managers Index (PMI) report for November 2017 which indicated further increases in economic expansion during the month.
Revitalise the economy to check mass poverty, economist advises CBN.
The Central Bank of Nigeria ((CBN) should reduce the lending rate and take other steps to stimulate the economy, to reduce the suffering of the masses, an economist, Mr Boniface Ekezie, has said.
CBN partners with Foundation to tackle unemployment in Nigeria
The Central Bank of Nigeria(CBN) says it is partnering Chief Emmanuel Iwuanyanwu Foundation to tackle the lingering unemployment in Nigeria and Imo in particular.
CBN to Harness Opportunities in Fintechs
The Deputy Governor, Economic policy, Central Bank of Nigeria (CBN), Dr. Okwu Nnanna has expressed confidence in the ability of financial technologies and digital currencies to impact positively on financial system stability and general economic development.
Political interference in CBN operations led to recession – Moghalu
A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, on Thursday said the level of political interference in the operations of the apex bank was a major reason why the economy went into recession.
Nigeria’s foreign reserve rises to $35.2bn — CBN governor
The Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele yesterday said the country’s foreign reserve had risen to $35.2 billion from $23 billion in October last year.
S’East govs shun CBN empowerment programmes- SEEDC boss
South East governors have been accused of distancing their administrations from entrepreneurship programmes initiated by the Central Bank of Nigeria, CBN.
CBN governor advises graduates on job creation
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has urged recent graduates of the University of Nigeria, Nsukka to create jobs in order to overcome the current economic challenges.
How Nigerian banks are making millionaires of loyal customers
Saving money doesn’t need to be so difficult. According to Havard Business School scholar, Professor Peter Tufano, “The most interesting ideas—indeed the oldest—try to make savings a fun or satisfying experience.” However, the problem is that people do not make a habit of doing it; and that is why it appears difficult to save.
CPC comes after banks over excess bank charges
Against the backdrop of in-cessant public outcry, the Consumer Protection Commission, CPC, is set to come after banks over excess services charges. Also the Commission is set to intervene on behalf of electricity consumers over estimated billings and sundry services failures perpetrated by electricity distribution companies, Discos.
Reps Committee Summon Banks, Oil Companies Over Breach of Shareholders’ Rights
Abuja The House of Representatives sub-Committee on Capital Market has summoned over100 chief executive officers and boards of deposit banks, oil companies and other private companies operating in Nigeria over allegations breaches’ and ‘abuse of shareholders rights and interests’.
ICYMI: Bank robbers sack police station, kill cop, guard, resident
There is palpable fear in Lapai, Niger State, after scores of gunmen invaded the community and robbed two financial institutions – First Bank of Nigeria Plc, and United Bank for Africa.
AIG commiserates with police, banks’ officials over robbery attack
Minna Assistant Inspector-General of Police, Salisu Fagge, has commiserated with the Force and officials of banks that lost workers during a recent robbery attack in Lapai Local Government Area of Niger State.
NDIC pays N105bn to 442,651 depositors of closed banks
Nigeria Deposit Insurance Corporation (NDIC) has revealed that as at the end of September 2017, the corporation paid N105billion to 442, 651 depositors of closed deposit money banks as part of the corporation’s mandate of guaranteeing depositor’s savings.
Banks And Hurtful Interest Rates
At a recent outing, the President and Chairman of Council of the Chartered Institute of Bankers (CIBN), Professor Segun Ajibola, re-echoed an issue that had, over the years, bothered and is still bothering the government and people of Nigeria. From his vantage position in the industry, he lamented that interest rates in the country are among the highest in the world.
Heritage Bank extends agent banking services to Ogijo
Heritage Bank Plc has registered its presence in Ogijo in the Sagamu Local Government Area of Ogun State to further deepen its retail banking services across the country. The bank has therefore commissioned of Dunmop Ventures as agent banking partner under the financial inclusion policy of the Central Bank of Nigeria (CBN)…
UBA, Ecobank win Banks of the Year awards
The Banker Magazine has named the United Bank for Africa Plc the 2017 African Bank of the Year. According to a statement by the lender, it is the first time a Nigerian-headquartered bank will be wining the regional award. This came just as Ecobank Transnational Incorporated won “Bank of the Year” awards in five of of its countries of operation.
FirstBank implements new features on FirstMobile app
First Bank of Nigeria Limited has implemented new and exciting features on its mobile banking application – FirstMobile to enhance security and customers’ digital banking experience. The new features are The Card-in-Control functionality, the Quick Response (QR) Code, the Transaction receipt and Save beneficiary functions.
Zenith Bank restates commitment to CSR, unveils Christmas decoration
Zenith Bank International has set the tone for the 2017 year end by unveiling its Christmas decoration on Ajose Adeogun Street, Victoria Island. The official light-up ceremony by the bank ushers in celebrations and 2017 end-of-year festivities.
Stanbic, GT Bank, Zenith have highest ROE among peers
Stanbic IBTC Holdings Plc, Guaranty Trust Bank (GT Bank) Plc and Zenith Bank Plc have utilized the resources of owners in generating higher profits than any other lender in Nigeria leading investors to value their stocks more than peers.
GTBank-Masters Cup draw holds
The GTBank-Masters Cup Season 7 draw was held on Thursday at St. Finbarr’s College, Akoka, Lagos. The draw had 26 and 16 teams in the male and female categories respectively with six schools namely Atlantic Hall, Epe, Avi-Cenna International School, Ikeja, Bellina College, Yaba, Grange School, Ikeja, Igbobi College, Yaba and Reagan Memorial…
New TVC: Skye Bank highlights importance of consumer power in modern marketing
Skye Bank Plc has unveiled a new television commercial, TVC that highlights the importance of consumer power in modern marketing.
Skye Bank Xmas promo to produce new millionaires
Skye Bank Plc has begun the Christmas edition of the Reach for the Skye Millionaire promo expected to produce new winners early next month. Both new and old customers stand a chance to win N1 million and monetary and material rewards.
Sterling Bank clicks best financial inclusion company
Sterling Bank Plc has won the best company in financial inclusion award at the SERAs CSR Africa 2017 awards held recently in Lagos. The theme of this year’s edition of the awards is transformation sustainability: From Social Responsibility to Social Impact.
Sterling Bank powers ‘Mums in Business’ Conference
One-woman proposition, a product of Sterling Bank, tailored specifically for women, is partnering with Motherhood In-Style magazine in its maiden edition of a two-day event tagged: Mums in Business Fair and Conference in Lagos.
Stanbic IBTC outlines strategies for investments in real estate
Stanbic IBTC Holdings Plc and other players in Nigeria’s real estate industry are pushing for a long-term strategy for the sector in order to attract domestic and foreign institutional investments and establish a sustainable foundation for the commercial real estate sector to support Nigeria’s economic growth, development and diversification efforts.
Stanbic IBTC retains national Fitch ratings
STANBIC IBTC Bank PLC and its holding company, Stanbic IBTC Holdings PLC, have retained their AAA national ratings by Fitch Ratings, the global leader in credit ratings, reaffirming their strong fundamentals and stability, especially the ability to meet their financial commitments as they fall due.
CIBN approves Union Bank training academy
Union Bank Learning Academy has been awarded full accreditation status by the Chartered Institute of Bankers of Nigeria. The lender said the development was in recognition of its compliance with regulatory standards and best practices.
Seized N13bn: Union Bank opposes Ikoyi flat forfeiture
Union Bank Plc has urged the Federal High Court in Lagos to vacate the interim order forfeiting Flat 7B Osborne Towers, Ikoyi, Lagos to the Federal Government. Acting on intelligence from a whistle-blower, the Economic and Financial Crimes Commission had, on April 12, raided the flat, discovering the sum of $43,449,947, £27,800 and N23, 218,000 (about N13bn) stashed away in iron cabinets and “Ghana-must-go” bags.
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, especially across Lagos.
Fidelity Bank Elevates 256 Staff
Fidelity Bank Plc has announced that it recently elevated a total of 256 staff across various grade levels of the bank. The bank explained that the exercise was in demonstration of its commitment to rewarding excellence, hard work and dedication amongst staff members.
CBN fund: SMEs repay N1.8bn loan to Fidelity Bank – MD
The Managing Director, Fidelity Bank Plc, Mr Nnamdi Okonkwo, has confirmed that small businesses owners that accessed Central Bank of Nigeria (CBN) Micro Small and Medium Enterprises Development Fund (MSMEDF) being managed by the bank, have so far repaid N1.8 billion out of the N2.5 billion they borrowed.
FCMB’s declining FX income weakens Q3 earnings
Declining foreign exchange earnings which has been the basis of growing income by key deposit money banks, including FCMB Holdings Plc, has sustained a depressive trend weakening projected earnings as reflected in the group’s third quarter 2017 result recently released.
FCMB Group completes 88.2% acquisition of Legacy Pension
The FCMB Group Plc has completed the acquisition of an additional 60 per cent equity stake in Legacy Pension Managers Limited. The acquisition, which increased the holding company’s interest in the company from 28.2 per cent to 88.2 per cent, was concluded at the completion board meeting of Legacy Pension last Tuesday.