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…
…Aims to strengthen financial stability By Sodiq Adelakun Commercial banks in Nigeria have been instructed by the Central Bank of Nigeria (CBN) to refrain from using their foreign exchange revaluation gains for dividends and operational expenses. The directive, which was…
The Central Bank of Nigeria (CBN) has urged Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in the country to be take counter security measures to tackle financial risks that may want to circumvent the system. The regulatory urged…
