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 penalized at least nine Deposit Money Banks for their inability to provide sufficient cash at automated teller machines (ATMs) during the holiday season. Each bank has been fined N150 million, resulting in a total penalty of N1.35 billion. The banks were found to be in violation of the…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
Customers of eight commercial banks paid N119.3 billion as service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24). People Talk: On sale of new Naira notes at Nigerian parties0:00 / 0:00 This represents a 65 percent year-on-year (YoY) increase when compared with N72.22 billion the customers paid in Q1’23. The…
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN). Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation…
Nigerian commercial banks closed at least 2 million bank accounts in the first quarter of 2024, Q1’24. The move was aimed at eradicating questionable accounts, particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN. Theadvocate.ng recalls that the Central Bank of Nigeria,…
Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN). This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow. The sector on…
