Tag: Banks
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Loan Policy Violation: CBN clears air on deductions, states when affected banks will get refund
The Central Bank of Nigeria (CBN) on Thursday clarified that the deductions on some banks’ Cash Reserve Ratio (CRR) were not a fine but a punitive measure for their failure to abide by the regulator’s directive on the new lending regime of 60 per cent deposits to them. The clarification was given at the end…
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CBN deducts N500bn from 12 banks for violating loan policy
The Central Bank of Nigeria (CBN) has deducted nearly N500 billion from Six Deposit Money Banks (DMBs) listed on the Nigerian Stock Exchange (NSE) as well as six other lenders for failing to meet the 60 percent loan to deposit ratio (LDR) before Monday, September 30, 2019. Recall that the apex bank had in July…
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Alleged probe: NFIU denies writing banks for account details of NASS, Judiciary officials
…Says it already has access to such details The Nigerian Financial Intelligence Unit (NFIU) said it did not write to banks demanding the bank accounts of leaders of the National Assembly and the Judiciary A document, said to be from the NFIU, was circulated on Friday showing a request to banks for the information on…
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CBN moves to sanction banks for e-payment breach
Bank chiefs who breach Central Bank of Nigeria’s (CBNs) e-payment reporting rules, including using unapproved third party end-to-end payment solution are to face sanctions, the apex bank said on Tuesday. Chief executives of banks who flout the apex bank’s guidelines will get a warning letter with the institution fined N2million, the regulator said in the…
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CBN confirms issuing operational licenses to three new banks
The Central Bank of Nigeria (CBN) has confirmed the issuance of banking licences to three new players, bringing the number of banks operating in the country to 23. According to a circular hosted on the apex bank’s website, the new operators are; Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited. While two…
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Why CBN must conduct regular stress tests on Nigerian banks, By Mike Owhoko
The Central Bank Governor, Godwin Emefiele, has been advised to conduct stress tests on the Nigerian banks more regularly to determine the true health status and capital adequacy of these banks to withstand potential adverse effects and challenges in a dynamic and vulnerable economy like Nigeria aimed at protecting depositors’ funds and other investors’ interests.…
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CBN issues operating licences to five new banks
Indications emerged that the Central Bank of Nigeria (CBN) recently issued licences to five new banks to carry out financial services in the country. According to sources, one of the new banks may commence operations this week. However, further findings revealed that most of the newly licensed lenders are planning to kick off banking operations…
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Reps to investigate CBN, banks, others over stamp duties non-remittance
The House of Representatives is to constitute an ad hoc investigative panel over the non-remittance of stamp duty by the Central Bank of Nigeria (CBN), money deposit banks and other collection agents. The lawmakers alleged the banks and other collection agencies are shortchanging the nation by refusing to remit the duties into the Federation Account…
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“How Banks Make Free Money From Govt Funds” – CBN Governor, By Henry Boyo
BY HENRY BOYO The oppressive impact of the myriad charges on the transactions of every owner of a bank account in Nigeria, was subject of discussion, in this column in recent weeks. Media reports have also suggested that these charges, may contribute trillions of Naira income for banks annually; indeed, the income from retained stamp…
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Robbery attacks: Banks shut down operations in Ondo
Sequel to an armed robbery attack on Monday that left over seven people dead at commercial bank in Idoani, economic activities at the neighbouring Akoko area were on Tuesday paralysed. Commercial banks in the four local governments, especially in Ikare-Akoko, were shut down. Many people, who came for transactions, returned home without achieving their aim.…