Category: Business News
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Yuletide: Scarcity of funds hit ATMs
The Central Bank of Nigeria (CBN) has said it will investigate the scarcity of funds witnessed by customers in most Automated Teller Machines (ATMs) in Lagos State. The CBN‘s Acting Director, Corporate Communications, Mr Osita Nwanisobi told the newsmen on Wednesday that ATMs were introduced so as to ease the sufferings of the people. Nwanisobi…
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Consumers ‘ll shun luxury items in next few months – CBN
Most Nigerian consumers are not likely to purchase expensive or luxury items in the next 12 months. The Central Bank Of Nigeria (CBN) made this known in its Consumer Expectations Survey (CES) Report for December 2020, released by the Statistics Department of the apex bank on Tuesday in Abuja. According to the report, most consumers…
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![NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]](https://thenewsguru.ng/wp-content/uploads/2020/12/NDIC-Office.jpg)
NDIC Commences Closure Of 42 Microfinance Banks After CBN’s Directive [Full list]
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 microfinance banks after a directive from the Central Bank of Nigeria (CBN). The NDIC had earlier on Friday announced on its website that the CBN has revoked the operating licences of 42 microfinance banks. “This is to inform the depositors, creditors, shareholders, and…
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Nigerian banks migrate to new cheque standards, to reject old ones from December 31
Nigerian banks are migrating in the New Year (2021), into brand new cheque standards, on the order of the Central Bank of Nigeria (CBN). The banks have in an official mail notification to their various customers said they will not accept the old cheques from December 31, 2020. The new cheques come with unique features.…
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![CBN withdraws operating licences of 42 microfinance banks [Full list]](https://thenewsguru.ng/wp-content/uploads/2020/08/emefiele-1.jpg)
CBN withdraws operating licences of 42 microfinance banks [Full list]
The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The affected banks have been shut down. The Nigeria Deposit Insurance Corporation (NDIC) has stepped in to wind down the banks. In a statement, the NDIC said it would promptly commence the verification of claims of depositors from today.…
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Access Bank Emerges ‘Safest Bank’ in Nigeria
A Nigerian multinational financial institution, Access Bank Plc, has emerged the ‘Safest Bank’ for its continued efforts towards ensuring the protection of customer funds and data for the year 2020. The bank, which was given the title by the Global Finance in its annual rankings of the World’s Safest Banks, has been the recognised and…
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NNPC set to deepen compliance with EITI Standards
In keeping with its resolve to deepen its compliance with the transparency standards dictated by the Extractive Industries Transparency Initiative (EITI) as a Supporting Company, the Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Ms. Murjanatu Ibrahim Gamawa as EITI Implementation Programme Manager to help drive speedy attainment of the EITI requirements across…
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Illegal Bank Charges and the Rule of Law, By Sonnie Ekwowusi
By Sonnie Ekwowusi When last did you check the bank charges slammed on you by your bank to ascertain whether they are appropriate charges or not? If you have not formed the habit of assessing your bank charges better start off today otherwise your bank will be slowly and steadily stealing your money in the…
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Oil prices hit nine-month high
Oil prices hit a nine-month high early on Thursday after U.S. government data showed that crude stockpiles fell last week and on optimism over a coronavirus relief package in the United States. Brent crude futures rose by 28 cents, or 0.6%, to $51.36 a barrel at 0116 GMT, while U.S. West Texas Intermediate (WTI) crude…
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FG suspends issuance of Free Trade Zones licences
The Federal Government has suspended issuance of licences for the operations of Free Trade Zones (FTZs) in the country. The Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, announced this at the inauguration of the panel on the evaluation of the performance of FTZs, on Monday in Abuja. A statement by the minister’s Special…