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Banks Divert Loans To Public Sector

Charles Ebi In an apparent demonstration of low confidence in the nation’s economy, banks are focusing their lendings to the public sector to the detriment of the private sector. Despite the increased tempo of economic activities following the lifting of

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Banks Shield Owners Of Accounts Without BVN – FG

The Federal Government has accused commercial banks in the country of shielding owners of accounts without Bank Verification Numbers (BVN) in order to frustrate the intention of the policy which is to curb the flow of illicit funds and corruption.

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Banks deploy 9,145 PoS in two months

A total of 9,145 Point of Sales terminals were deployed for cashless transactions by banks across the country in the first two months of the year. This brings the total number of active PoS terminals in the country to 164,607

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Banks hiding stolen wealth should be sanctioned, says Osinbajo

Acting President Yemi Osinbajo says sanctions should be imposed on banks and other financial institutions that are housing looted funds. Speaking at a conference in Abuja on Monday, Osinbajo said until such measure is taken, developing countries will not go far

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Allocate 60% of FX to Manufacturers, CBN tells banks

The Central Bank of Nigeria has asked commercial banks  to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy. The fall in oil revenue which caused

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CBN bars nine banks from all forex deals

Thisday newspaper has reported that the Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled

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No Nigerian bank in distress — CBN.

The Central Bank of Nigeria, CBN, said yesterday that no bank in the country was distressed. CBN, in a statement by acting Director, Corporate Communications, Mr. Isaac Okorafor, said the infusion of a new Board and management for Skye Bank

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