Bank of America says Naira overvalued by about 15%, may depreciate to N430/$1
Naira and Dollar
The Bank of America has said Nigeria’s currency, the naira is overvalued by about 15 percent, and will likely depreciate to N430/$1 next year. The Bank’s analysts Rukayat Yusuf and Andrew MacFarlane… Business Hallmark
BoI wins SME Bank, Deal of the year in African Bankers’ Awards
The Bank of Industry (BoI) has been recognised as the Small and Medium Enterprises (SME) bank of the year in Africa and also for raising the deal of the year through its €1 billion syndicated loan facility… Business Day.
Customers to pay banks for deposits as CBN lowers rates on savings to 1.25%
There are strong indications that depositors would from today begin paying banks for savings deposits in their custody after the Central Bank of Nigeria (CBN) instructed commercial banks… Daily Sun.
Banks rob FG of N1trn revenue through manual stamp duty collection — Suswam
Senator Gabriel Suswam representing Benue North East, in this interview by Osaretin Osadebamwen, suggests how the Federal Government can reduce the over N5trillion deficit in the proposed 2021… Nigerian Tribune
AfDB To Establish Youth Entrepreneurship Banks – Adesina
Dr. Akinwumi Adesina, President of African Devel¬opment Bank (AfDB) Group, has said the bank will ensure that Africa’s youths’ poten¬tial are fully unleashed through the establishment of Youth… Daily Independent
Nigeria’s central bank to supply $100m to BDCs next week
The Central Bank of Nigeria (CBN) is expected to supply about $100 million to 5,000 Bureau De Change (BDC) operators across the country as it resumes dollar sales to them on Monday. The CBN chose a… Business Day
Bank stocks gain by most in 3 months after CBN slashes interest rate on deposits
Nigerian bank stocks gained by the most in three months Tuesday after the Central Bank of Nigeria (CBN) reduced the interest rate on savings deposits to a minimum of 1.25 percent per annum from 3.75… Business Day
Here’s what CBN’s 1.25% interest on savings deposits means for banks, depositors, economy
Effective Tuesday, September 1, 2020 interest on local currency savings deposits will be negotiable subject to a minimum of 10 percent per annum of Monetary Policy Rate (MPR), according to the… Business Day
Nigeria’s Obinna Ukwuani appointed Chief Digital Officer of Bank of Kigali
A Nigerian Obinna Ukwuani has been appointed as the chief digital officer by the Bank of Kigali, Rwanda. Ukwuani, a former Paystack executive, will lead the Bank’s Digital Factory Division for product… The Nation
World Bank Approves $500 Million Loan For Turkish Firms
The World Bank approved a loan of $500 million for a project in Turkey targeting to finance small- and medium-sized enterprises (SMEs) affected by the economic impacts of COVID-19. According to a… Daily Independent.
U.S. warns banks against North Korean hacking operation
A joint advisory from the Cybersecurity and Infrastructure Security Agency, the Department of the Treasury, the Federal Bureau of Investigation and U.S. Cyber Command has been sent to U.S. financial institutions… New Telegraph.
Merger Creates Largest Black-Owned US Bank
City First Bank in Washington and Broadway Federal Bank in Los Angeles are merging to form the largest Black-led bank in the US. Wayne-Kent Bradshaw, chief executive of Broadway Federal Bank Combining… Daily Independent
COVID-19: Access Bank advocates digital banking to prevent spike
Access Bank Plc on Tuesday urged Nigerians to embrace digital channels for their monetary transactions to ensure safety and reduce cases of COVID-19 in the country. Mr Victor Etuokwu, the… Business Hallmark
Banks can’t collect electricity bills, union tells CBN
Organised labour in the nation’s power sector has rejected a recent directive by the Central Bank of Nigeria, CBN, that banks should take over the collection of electricity bills from Electricity Distribution… Vanguard
Heritage Bank to stimulate economic growth with youth empowerment schemes
As part of its further response to deal with the global economic challenge occasioned by COVID-19, Heritage Bank Plc has reiterated commitment to deepen its support to young entrepreneurs in… Business Day