e-Fraud: Banks loss N9.7bn in 7 months vindicates NDPC statistics
The recent revelation by the Nigeria Inter-Bank Settlement System (NIBSS) that banks in the country had lost N9.7 billion to e-fraud in first seven months of 2023 has further vindicated the position of the National Data Protection Commission (NDPC) during…
Just in: CBN’s Price Verification System portal goes live August 31st
Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria (CBN) hereby announces the GoLive of the Price Verification System (PVS). Consequently, with effect from August 31, 2023, all…
NNPCL’s Afrexim deal an upfront cash loan on crude oil proceeds, but…
The recent announcement by the Nigerian National Petroleum Company Limited (NNPCL) that it had secured a USD3.00 billion emergency crude repayment loan from the African Export-Import (AFREXIM) bank has continued to elicit reactions. According to the NNPCL, this loan agreement…
Global stocks drop on China jitters as BOE hike further on hot wage data
By Edward Moya US stocks remained heavy after a robust retail sales report sent yields higher and raised the odds that the Fed might not be done raising rates. A healthy consumer was supposed to drive soft landing calls,…
Foreign currency transfer designed to ease cross-border businesses—Ecobank
Major Pan African financial group, Ecobank has reiterated that the introduction of Foreign Currency transfer on Ecobank Mobile and Omnilite app is to promote and facilitate ease of cross-border business and financial transactions, stressing that it would be of immense…
Corruption Concerns Drive 650% Increase for Regtech AI checks in banks
A new study from Juniper Research, the foremost experts in fintech, has found that the total number of KYC checks for banking, conducted using AI, will reach almost 175 million globally by 2028; up from just over 23 million in…
FG agrees with CBN’s plans to address FOREX market volatility
Deeply concerned about recent developments in the foreign exchange market, President Bola Tinubu has approved measures to stabilise and enhance liquidity in the market, including the parallel market. The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun…
NGX, CIS, ASHON to work with MOFI on market development, listings
Nigerian Exchange Limited (NGX), along with the Chartered Institute of Stockbrokers and the Association of Securities Dealing Houses of Nigeria (ASHON), have demonstrated their willingness to collaborate with the Federal Government through the Ministry of Finance Incorporated (MOFI) in facilitating…
Fidelity Bank Fetes Nigerians in Benue IDP camps
Leading financial institution, Fidelity Plc, has distributed over 1,200 food packs to the internally Displaced Persons in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society. The event, which took place on Thursday,…
A look at CBN’s latest policies on Nigerian Banks
The Central Bank of Nigeria (CBN) communicated through individual circulars to Deposits Money Banks (DMBs) on 24 July 2023, reaffirming its commitment to not only retain the minimum Loan to Deposit Ratio (LDR) at 65.0% but also resume its enforcement…
