Tag: Lending
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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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Naira: Scarcity hits Interbank Market as overnight lending rises to 120%
There was naira scarcity on the interbank market Tuesday, leading the overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) to close at 120.08 percent. The overnight lending had hit 148 per cent on Monday as news of a Federal High Court ex parte order instructing all Nigerian banks to forfeit all monies held in…