Access Bank, one of Nigeria’s top commercial banks, has informed customers that they can now resume online transactions, withdraw cash from Automated Teller Machines (ATMs), and make Point of Sale (POS) payments using their ATM cards, following a service disruption that occurred on Sunday. The bank released this update in a statement after experiencing several…
The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent as of January, unchanged from November of the previous year, in light of a decrease in inflation. Additionally, the Cash Reserve Ratio (CRR) remains at 50 basis points, the liquidity ratio (LR) is set at 30…
The International Monetary Fund (IMF) has reported that the banking sectors and their profitability are largely shielded from the impacts of inflation and rising interest rates in both advanced and emerging markets. In a report published over the weekend, titled “Rising Rates May Trigger Financial Instability, Complicating Fight Against Inflation,” the IMF noted that vulnerabilities…
The Central Bank of Nigeria (CBN) has confirmed that the N100 fee will remain in place for customers withdrawing less than N20,000 from Automated Teller Machines (ATMs) of other banks. This announcement follows the CBN’s admonition to Nigerian banks against imposing restrictions on ATM withdrawals below N20,000 per transaction. The information was shared in a…
By Ajibola Olarinoye On Monday, February 10, 2025, the Central Bank of Nigeria (CBN) introduced new guidelines regarding the use of Automated Teller Machines (ATMs). These guidelines were detailed in a circular sent to all banks in Nigeria, signed by John Onojah, the acting Director of the Financial Policy and Regulation Department at the…
Fidelity Bank has officially introduced a new physical facility designed specifically for small and medium-sized enterprises (SMEs) and entrepreneurs in the creative industry. In a statement released on Wednesday, the bank announced that the facility, named the Fidelity SME Hub, will include training halls, meeting rooms, networking areas, and podcast studios, along with dedicated spaces…
Access Holdings Plc has officially appointed Uche Orji as an Independent Non-Executive Director of its subsidiary, Access Bank Plc. In a statement released by the bank on Saturday evening, it was announced that the appointment became effective on January 7, following approval from the Central Bank of Nigeria (CBN). The statement emphasized that this appointment…
Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer. In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the Bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the…
First City Monument Bank (FCMB) is excited to announce the appointment of Felicia Obozuwa as the Executive Director of Corporate Services and Service Management, following the approval from the Central Bank of Nigeria (CBN). With nearly 30 years of experience and a strong track record of success, Felicia is set to make significant contributions in…
Nigeria’s indigenous firm, Seplat Energy Plc, has finally completed its acquisition of Mobil Producing Nigeria Unlimited, MPNU, from ExxonMobil at $800 million after over two years when the first deal was signed. The company disclosed this in a recent press release. According to the oil company, the purchase will add another 120,000 barrels to the…
