New Notes: NUBIFIE confirms scarcity, seeks deadline extension
The National President, Nigeria Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), Anthony Abakpa, has called on the Central Bank of Nigeria (CBN) to as a matter of national importance, extend the deadline for the acceptance of old Naira…
CBN to banks: Henceforth, reveal owners of your customers’ accounts
Friday, January 13, 2023, the Central Bank of Nigeria (CBN) issued a fresh directive to Money Deposit Banks (MDBs) and other financial institutions to unveil beneficial owners of accounts belonging to their customers. The measure to address Anti-Money Laundering (AML)…
MPC member explains decline in banks’ NPLs
A member of Nigerian Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Mr Kingsley Obiora, has averred that the nation’s banking system remained sound, safe and resilient to headwinds. According to him, the industry Non-Performing Loan ratio…
Coronation Asset Mgt presents 2023 Investment Outlook
Last year, 2022 was a miserable year for global savers. Central banks hurriedly raised policy rates to combat inflation which caused prices to correct across equity and bond markets. Then inflation corroded whatever nominal returns were left. As we enter…
2023 WEF to focus on Cooperation in a Fragmented World
The World Economic Forum Annual Meeting 2023 will convene under the theme, Cooperation in a Fragmented World It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world…
‘PoS operators should be registered at CAC to beat withdrawal limit’
Operators of Point of Sale (PoS) as a business have been advised to quickly register their businesses at least, under a Business Name or even limited liability company at the Corporate Affairs Commission (CAC). A Business Development expert, Dr. Ken…
Again, NFIU stops any form of withdrawal by States, FG’s MDAs
The Nigeria Financial Intelligence Unit (NFIU) has announced the prohibition of cash withdrawals from accounts belonging to the federal government, its agencies or parastatals, as well as state and local governments. Addressing journalists in his office in Abuja on Thursday,…
CBN defends sale of Polaris Bank to SCIL, silent on paying back debts
The Central Bank of Nigeria (CBN), has explained that Polaris Bank was sold to Strategic Capital Investment Limited, SCIL, because it offered the highest financial bid of N1.355 trillion, but was silent on how to recoup the strategic loans it…
Confusion as CBN stops withdrawal of new notes, ATMs reject new notes
Twin confusion is currently hitting the smooth transition from old to new Naira notes in the country, Business Hilights Intelligent Unit (BHIU) can authoritatively report. These are one; The observed short-supply of new notes by the Central Bank of Nigeria…
Banks, ATMs still dispense old notes as CBN targets 2025 to end cash transactions
Checks across commercial banks Tuesday, January 3, 2023 in Nigerian mega cities have revealed that withdrawals at banks are still on old notes even as ATMs continue to dispense same old notes. Chatting with some bank customers, they argued that…
