The Association of Mobile Money and Bank Agents in Nigeria, also known as POS operators, has called on the Central Bank of Nigeria (CBN) to review its daily cash withdrawal limit policy. What’s their reason? Victor Olojo the President of the Association, while addressing journalists at the National Assembly Complex, yesterday, explained that the new…
Nigeria’s inflation crisis will ease in the months ahead, according to the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. What’s the evidence to support the projection? The CBN governor made the projection on Friday while speaking at the 57th yearly bankers’ dinner in Lagos. Noting that efforts made to boost supply-side factors…
The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the sale of Polaris Bank. What’s the sale worth?The announcement followed the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of Polaris Bank’s equity by Strategic Capital Investment Limited (‘SCIL’). The CBN’s Director of Corporate…
About fifteen Nigerian banks have been debited a sum of N838.82b by the Central Bank of Nigeria (CBN) for not meeting the 32.5% CRR threshold. What’s CRR? The minimum sum that banks must hold in cash reserves with the CBN from client deposits is known as the cash reserve requirement (CRR). It is a measure…
Commercial banks are exploring new ways to address Nigeria’s lingering Foreign Exchange challenge. What are they doing? International travelers in need of dollars for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will now have to procure travel debit cards as banks commence card-based dollar disbursements. The new procedure has been announced by many…
The Central Bank Governor of Egypt, Tarek Amer has resigned as the country struggles to address economic woes. His resignation letter did not state any reason for his decision, however, local media reports that President Abdel Fattah Al-sissi has accepted his resignation and has also appointed him as presidential adviser. Any clue about his resignation?…
Naira has continued to maintain its gains amid a weak buying pressure of the dollar in the black market. Naira continued to strengthen on the black market to trade at N650 to a dollar. This is however coming few days after some security personnel stormed a Bureau De Change hub in Abuja. How has the…
United Bank for Africa Plc, Africa’s global bank, has announced the appointment of Mr. Oliver Alawuba as the Group Managing Director. The new GMD will oversee all the Group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates. Who…
A report has shown a significant rise in the usage of electronic payment channels by Nigerians, with utility bill payments via these channels rising by 387% from the N189.50b recorded in the first four months of 2019. What factors contributed to this?The Nigeria Inter-Bank Settlement System (NIBSS) reported a surge in the usage of electronic…
The StoryStandard Chartered says it will fully exit operations in seven countries in Africa and the Middle East (AME) region as part of plans to upscale its businesses. Which countries?The countries include Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. In a statement, the bank said it would also exit its consumer, private and…
