Tag: Banks
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Banks lost N12bn to robbery, other fraudulent activities in six months – CBN
Statistics obtained from the Central Bank of Nigeria (CBN) on Monday revealed that losses recorded by banks from armed robbery cases and other criminal activities perpetrated by members of staff and non-staff members of lending institutions rose to N12bn in six months. According to the CBN the attempted fraud and forgery cases, which were, however,…
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“How banks make free money from government funds”
BY HENRY BOYO In an address to Pressmen about 5 years ago, in Abuja, Lamido Sanusi, who was CBN Governor (2009-2014), unexpectedly, decried the prevailing monetary framework which made it possible for banks to make free money from their portfolio of government funds. Although this writer has consistently condemned this obvious rip-off, in several articles,…
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Nigerian banks record N1.6trn ATM transactions in three months
The National Bureau of Statistics (NBS) has revealed that transactions valued at N1.6 trillion were recorded in Q2 2018 by banks operating in Nigeria via the Automated Teller Machine (ATM). In terms of volume, a total of 217.4 million transactions were carried out at various ATM points across the country in the period under review.…
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Banks’ lending to private sector declines by N600.60b in Q2 – NBS
The total loans granted by Nigerian banks to the private sector declined from N16 trillion in the first quarter of 2017 to N15.34 trillion in the second quarter of 2018, a difference of N600.60 billion. A report by the National Bureau of Statistics (NBS) on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels…
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Oil, manufacturing sectors got highest credits from banks in second quarter – NBS
The oil and gas and manufacturing sectors got the highest credits from banks to the private sector at N3.45 trillion and N2.02 trillion respectively in the second quarter (Q2) of 2018, the National Bureau of Statistics (NBS) has said. In its report published on Friday, titled ‘Selected Banking Sector Data – Q2 2018,’ the NBS…
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CBN orders banks to offer loans to agric, manufacturers at nine per cent
The Central Bank of Nigeria (CBN) will be refunding Cash Reserve Ratio (CRR) to banks that fund projects in agriculture and manufacturing sectors, its Director of Banking Supervision, Abdullahi Ahmad, has said. Speaking on Thursday at the end of the Bankers’ Committee meeting in Lagos, Ahmad said the outlook for the economy in 2018 is…
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Pandemonium in Edo as gunmen attack police station, two banks, kill 12
There was pandemonium on Thursday as suspected robbers killed twelve persons, including a policeman, during an attack on a police station in Akoko-Edo Local Government of Edo State and invasion of two banks at Igarra, the headquarters of the council. Two persons, who were detained at the police station for minor offences, were also killed…
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Why banks can’t lend at single digit interest rate – CBN
The Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Dr Joseph Nnanna, on Thursday blamed the inability of Deposit Money Banks to lend at single digit interest rate on the attractiveness of treasury bills, an instrument used by the government to borrow from the money market. He said this at a roundtable event on…
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Nigerian banks stop cash withdrawal from ATMs abroad
Commercial banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally. Recall that banks have been encouraging travellers to open and fund dollar accounts, which aside having no spending limits, provide them the flexibility to spend at all times. The lenders…
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Banks sabotaging efforts on new notes – CBN
The Central Bank of Nigeria (CBN) has blamed commercial banks for sabotaging its efforts in replacing mutilated notes with new ones in the country. Mr Isaac Okorafor, Acting Director, Communications Department of the CBN, made the allegation in Lagos on Thursday in an interview. Okoroafor was reacting to lamentation from Nigerians on the high level…