Tag Archives: Banks

CBN To Fine Banks N10,000 Per Week for Payment Infractions

By Nse Anthony-Uko (Sundiata Finance) – The Central Bank of Nigeria (CBN) has said banks that failed to comply with its payments system rules and regulations will be sanctioned N10,000 per week. The apex bank said operators in the National Payments System who failed to apply for licence in three months before the date of expiration will be penalized. The ...

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Fitch Forecast Lower Profitability For Nigerian Banks This Year

By Nse Anthony-Uko (Sundiata Finance) — Fitch, a global credit rating agency, has predicted negative outlook for Nigerian banks this year over continued fragility in the operating environment, stating that they may find it more difficult to sustain profitability given the decline in net Treasury Bill (T-bill) issuance in first quarter of 2018 issuance programme. Coupon rates on T-Bill and ...

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Banks Earn 64% of NSE 30 Profits In Q3

(Sundiata Finance) — Banks accounted for 64.2 per cent of NSE 30 Index’s profits earned in the first nine months of 2017 as the sector provides over 50 per cent liquidity on the exchange. Zenith Bank, Ecobank Transnational, Guaranty Trust Bank (GTBank), First Bank Nigeria Holdings, Stanbic IBTC Holdings, United Bank for Africa (UBA), Union Bank of Nigeria (UBN) and ...

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Bank Cheques To Clear Within Hours Soon

By Nse Anthony-Uko (Sundiata Finance) — Bank customers would soon be able to clear their cheques within hours thus paving the way for faster financial transactions within the country. Currently, bank cheques clear in 24 hours. The Nigeria Inter-Bank Settlement System (NIBSS) and Precise Financial Systems (PFS) is collaborating to unveil a new National Automated Clearing System (NACS) which allows ...

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Banks Begin Restriction Of Fraudsters Accounts

By Nse Anthony-Uko ABUJA, (Sundiata Finance) – Commercial banks in the country have begun sensitizing their customers as the new policy which will bar fraudsters from accessing banking services in the country for up to 10 years. The Central Bank of Nigeria (CBN) had last month issued a circular to that effect which was to take immediate effect. To this ...

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Nigerian Banks Raise $1.7bn Eurobonds In 12 Months

(Sundiata Finance) – Nigerian banks have in the last 12 months raised US$1.7 billion in Eurobonds from the international capital markets, as they seek to boost their capital in the face of a more difficult operating environment in the country. The rush for Eurobonds is boosting the capital position of the banks as well as their dollar liquidity, following the ...

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GTBank, Access, Zenith Bank Contribute N15.5bn To CBN’s Agric, SME Schemes

By Nse Anthony-Uko (Sundiata Finance) – Guaranty Trust Bank Plc (GTBank), Access Bank Plc and Zenith Bank Plc have contributed N15.5 billion to agricultural businesses as well as Small and Medium Enterprises (SMEs) initiatives introduced by the Central Bank of Nigeria (CBN) this year. Commercial banks operating in Nigeria were to contribute five per cent of their Profit after Tax ...

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Nigerian Banks Sitting On N3.55bn Cash Pile

(Sundiata Finance) – Nigerian Banks are sitting on a huge pile of cash, which means they have more money to reward shareholders in form of dividend payment, or to fund any future expansion plans. Investors want to know the current cash flow position of a firm because it forms the basis on which they can assess the financial strength of ...

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CBN, SEC Slams N214m Fine On 5 Banks For Market Infractions

(Sundiata Finance) – The apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have sanctioned five commercial banks N213.7 million between January and June 2017 over 26 market infractions. The sanctions vary from commercial banks failure to detect single Biometric Verification Number (BVN) wrongly linked to accounts owned by different individuals, ...

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CBN Goes Tough On Banks Flouting Forex Rules

Sustains Intervention With $545m By Nse Anthony-Uko ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) on Monday, threatened to sanction any Deposit Money Bank (DMB) breaching its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates ...

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