Nigerian banks’ loans to private sector declined by 11.93 per cent in March amid rising interest rates. Data from the Central Bank of Nigeria, CBN, showed that loans to the private sector dropped to N71.21 trillion at the end of…
Banks in Nigeria may need to increase their capital base significantly in order to obtain regional or international banking licenses, according to a report by Cardinal Stone Securities. The report suggests that banks may be required to boost their capital…
By Sodiq Adelakun Nigerian financial institutions, fintech companies, a blockchain firm, and the Africa Stablecoin Consortium have announced that they will be unveiling a Naira stablecoin called cNGN on February 27, 2024. The consortium made this announcement in a statement…
By Sodiq Adelakun Starting from November 1, 2023, banks in Nigeria will face sanctions from the Central Bank of Nigeria (CBN) if they reject the ‘Magnetic Ink Character Recognition line’ (MICR Line) in cheque transactions. This announcement was made by…
By Sodiq Adelakun During the first half of this year, four banks in Nigeria recorded a total of N478 billion in non-performing loans, according to their financial results. These banks include Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc,…
Following Nigeria’s commitment to adopt the International Sustainability Standards Board (ISSB) standards, Ms. Tinuade Awe, the Chief Executive Officer of NGX Regulation Limited (NGX RegCo), emphasised the importance of Nigerian banks swiftly integrating environmental, social, and governance (ESG) principles into…
A member of the Monetary Policy Committee, Adeola Adenikinju, has highlighted the urgent need for Nigerian banks to reduce their operating costs in order to improve their profitability. The Central Bank of Nigeria released this in his personal statement made…
…As manufacturers, farmers shut operations By Philemon Adedeji Despite insecurity in Nigeria, Nigerian banks still maintained positive records by raking Billions of Naira as profits in the first quarter of 2022, the Nigerian NewsDirect investigation reveals. This finding comes on…
The Asset Management Corporation of Nigeria (AMCON) has received a sum of N125.9 billion from twelve commercial banks listed on the Nigerian stock market as part of the Sector Resolution Funds in the first quarter of 2022, analysis shows. According…
