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Net Foreign Inflow Hit $9.35bn In February – CBN

The nation’s economy recorded a net foreign exchange inflow of $9.35bn in February. The Central Bank of Nigeria disclosed this in its February monthly report. It said, “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February 2019, […]

Labour Ministry, Senators Clash Over Banking Bill Amendments

The relationship between the Ministry of Labour and the National Assembly worsened on Wednesday when the representative of the Minister of Labour, Chris Ngige, clashed with members of the Senate Committee on Banking, Insurance, and other Financial Institutions, at a public hearing. The public hearing was on Banks and other Financial Institutions Act Cap B3 […]

Why We Increased 2020 Budget Despite Low Revenue ― Presidency

The Presidency at the weekend explained the reason behind the upward review of the 2020 budget, saying it was premised on the need to tailor funds to address critical infrastructure gap and the consequences of the coronavirus pandemic on the economy. Recall that President Muhammadu Buhari, Friday, signed the Appropriation (Repeal and Amendment) Act, 2020 […]

Operators Task Banks on SMEs Lending, Financial Advisory

Following banks’ implementation of reduced charges as recently directed the Central Bank of Nigeria (CBN), analysts and operators have underscored the need for banks to increase lending to growing companies in the small and medium enterprises (SMEs) space to avoid erosion of revenue and boost their bottom-line. The analysts argued that commercial banks must depart […]

Nigerian Banks Spent N200b Preventing Cyber Attacks In 2019

NCS seeks renewed vigour from FG, Private sector to tackle menace Nigerian banks were estimated to have spent about N200billion preventing various forms of cyber attacks on their operations in the country in 2019. The Nigeria Computer Society (NCS), which revealed this, yesterday, said more efforts must be harnessed locally, to curb the growing menace […]

Interbank money market to record N607bn net inflow in June

THE interbank money market is expected to record net inflow of N607 billion this month as well as frequent liquidity mop ups by the Central Bank of Nigeria, CBN, through treasury bills. According to projections by analysts at FSDH Merchant bank, the market will record inflow of about N1.36 trillion in June from the various […]

Stakeholders challenge MfBs on regulatory compliance

STAKEHOLDERS in the Microfinance Bank, MfB sub-sector have stressed the need for operators to understand regulatory requirements in bank examination. Meanwhile, they said that more and stiffer competition from non-banking financial players especially the financial technology (fintech) firms, would impact on the performance of the subsector. These positions were expressed at a one day capacity […]

Banks CEOs Decry Debtors’ Smear Campaign

The Committee of Banks’ Chief Executive Officers in Nigeria has condemned the action of bad debtors who now resort to smear campaigns against banks and their chief executives in order to either delay repaying loans or avoid meeting their debt obligations completely. The Body of Banks CEOs, as the group is known, during a meeting […]