The Nigerian stock market witnessed a significant boost in performance on Friday, propelled by gains in tier-one banks such as Guaranty Trust Holding Company (GTCO), Access Corporation, Zenith Bank and FBN Holdings, among others. Investors gained a total of N147…
…17 banks at risk with proposed 15-fold capital increase …Expert calls for incentive-based approach in banking sector reform By Sodiq Adelakun A recent report by Ernst and Young has shed light on the potential ramifications of the Central Bank of…
By Sodiq Adelakun The Central Bank of Nigeria issued a letter to all banks on Thursday regarding the impact of the recent foreign exchange (FX) policy reform. The letter reminded Nigerian lenders to be cautious when dealing with foreign exchange…
In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks. This initiative…
By Sodiq Adelakun Banks in Nigeria are increasingly relying on the Central Bank of Nigeria (CBN) for liquidity, as evidenced by a significant increase in borrowing from the apex bank’s Standing Lending Facility (SLF). In November 2023, borrowing from the…
The Bank Directors Association of Nigeria (BDAN) have lamented the huge operating expense of Banks occasioned by multiple levies from regulators. The BDAN Chairman, Mr. Mustapha Chike-Obi speaking at year’s Bank Directors Association annual conference had the theme, “Emerging Issues:…
By Sodiq Adelakun The Central Bank of Nigeria (CBN) has refuted claims that certain Nigerian banks have failed to meet the capital adequacy ratio. Earlier reports had indicated that approximately eight banks with international authorisation were below the regulatory threshold…
banks The Central Bank of Nigeria (CBN) says it is planning to implement a new round of banking recapitalisation for the Deposit Money Banks (DMBs). Mr Olayemi Cardoso, the CBN Governor, announced this at the 58th Annual Bankers’ Dinner organised…
In a significant move to address the foreign exchange crisis in Nigeria, the Central Bank of Nigeria (CBN) has reportedly started clearing over $10 billion in foreign exchange backlogs for commercial banks and airline operators. A source from a Tier-1…
…Zenith Bank, GTCO, UBA lead way with strong financial performance In a promising development for the Nigerian banking sector, eight Deposit Money Banks (DMBs) have collectively generated approximately N3.9tn in gross earnings during the first half of the 2023 financial…
