Tag: Banks
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Are Nigerian Banks at risk? CBN responds to viral allegations
The Central Bank of Nigeria (CBN) has moved to dispel concerns about the stability of the country’s banking sector following controversial claims circulating on social media.
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Follow global standards to combat illicit $1.3trn funds flow, CBN orders banks
The Central Bank of Nigeria (CBN) has directed financial institutions nationwide to strictly comply with global banking standards to help curb the movement of $3 trillion in illicit funds worldwide. The apex bank stated that adherence to this directive would bolster confidence in Nigeria’s financial sector and enhance its stability. It reaffirmed its commitment…
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Insider loans: CBN issues sweeping directive to banks
The Central Bank of Nigeria (CBN), Nigeria’s banking regulator has issued a sweeping directive asking many banks to comply with stricter insider lending limits or risk regulatory sanctions. This was contained in a letter to banks, where the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit…
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CBN, banks sell $9.9bn as naira tumbles to N1,670/$
The Nigerian Autonomous Foreign Exchange Market increased to N15.74tn ($9.90bn) in August 2024, an FMDQ report has stated. This came as the Central Bank of Nigeria revealed that foreign inflow into the country increased to $585m in the same month. Also, at the official market on Tuesday, the value of the naira dropped to N1,658…
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See how fraudsters swept N43bn from Nigerian banks in 91 days
The Financial Institutions Training Centre (FITC) has revealed that a whopping N42.6 billion was lost to frauds within the second quarter, (April -June) of 2024.
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Financial Infractions: Banks in trouble as EFCC beams searchlight on executives
Due to financial infractions in the banking sector, the Economic and Financial Crimes Commission (EFCC) has said bank executives are complicit in aiding money laundering in the country, adding that it would commence prosecution soon. Speaking at the 17th annual conference of the Chartered Institute Bankers of Nigeria, the Chairman of the EFCC, Ola Olukoyede…
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Naira Stabilization Effort: CBN releases $876.26M to support currency
The Central Bank of Nigeria (CBN) has sold $876.26 million to end users through 26 banks in an effort to stabilize
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Day 2 protests fresh updates: Banks,Lagos Alaba, Ladipo, Computer Village, remain shut
As the the nationwide protests across the country continues to rage on, traders in most Lagos markets might have taken to just sit and watch. The situation in Tradefair complex is almost same for Alaba, Ladipo, Computer Village and others remain sealed. Cities like Lagos, Port Harcourt in Rivers State, and Benin City in Edo…
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Global Microsoft outage hits airlines, banks and media
Businesses including banks, airlines, telecommunications companies, TV and radio broadcasters, and supermarkets have been taken offline after blue screen of death error screens were seen on Windows workstations across the globe
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Just In : CBN opens up on Unity bank and Keystone bank license withdrawal
The Central Bank of Nigeria (CBN) has denied withdrawing the licences of Unity Bank and Keystone Bank. A circular, purportedly from the CBN, had been shared on social media, advising all affected customers to withdraw their money from the banks using an automated teller machine (ATM) card or transfer their funds to another bank before…