Tag: DMBs
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CBN Governor admits Nigerian banks facing pressure
The Central Bank of Nigeria (CBN) has admitted that Nigeria’s Deposit Money Banks (DMBs) are faced with both external and internal pressures but that they are “satisfactorily resilient” amid the pressures.
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ICYMI: Merger, acquisition of banks coming soon in Nigeria
Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has disclosed plans to implement a new round of banking recapitalisation for Deposit Money Banks (DMBs) in the country.
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CBN releases more old notes to DMBs, as banks confirm receiving more cash
As the Central Bank of Nigeria (CBN) steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents, the apex bank has released more old notes to Deposit Money Banks (DMBs). The CBN had on Thursday begun the release of…
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Valentine: Nigerians compelled to prioritise, save, as cash crisis persists
Access to cash remains a major challenge for Nigerians despite efforts by the Central Bank of Nigeria (CBN) to monitor distribution of the new naira notes through its Banks’ Branch Spot-Checks on ATMs and many cash-starved citizens are worried the situation would impact the valentine’s day celebration. For weeks, cash-starved citizens have experienced perilous times…
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CBN issues new directives to banks over Naira notes redesign
The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till January 31, 2023 to enable bank customers to return old naira notes for new ones.
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CBN clarifies position on operation of domiciliary accounts
The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs). The CBN Director, Corporate Communications, Mr Issac Okorafor made the clarification while speaking to newsmen in Abuja on Sunday. A domiciliary account is a type of current account that allows you to…
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CBN orders DMBs, Microfinance institutions to open 7.6m new savings accounts
The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target. Financial institutions in all the states and the Federal Capital Territory (FCT) were given different targets. Lagos banks have the highest target of 2,293,080 while banks in…
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DMBs dare CBN, resume bank-to-bank forex sales without approval
Indications have emerged that some Deposit Money Banks, DMBs, in the country have commenced direct sell of foreign exchange (forex) to one another, without seeking prior approval of the Central Bank of Nigeria (CBN). The policy shift became exigent following the improvement in forex supply to key segments of the market, a development that has…
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Senate to invite CBN, DMBs over forex crisis, high interest rates
…Says Presidency will sign 2017 Appropriation Bill soon Senate President, Dr. Bukola Saraki has said the Senate as part of its legislative function will intervene in the high interest rates on loans and forex crisis that has lingered for a while now by inviting the apex bank, Central Bank of Nigeria, CBN and Deposit Money…
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FG closes 20,000 accounts with DMBs, saves N5.4tn into TSA
The Federal Government on Tuesday said it has closed down over 20,000 accounts belonging to Ministries, Departments and Agencies, MDAs domiciled with the various Deposit Money Banks, DMBs and saved over N5.4tn in the Treasury Single Account, TSA. TheNewsGuru.com recalls that TSA commenced in September 2015. The Accountant General of the Federation, Ali Ahmed Idris,…