Tag Archives: CBN

BVN: Mortgage, Microfinance Banks’ Customers, Others Barred From Withdrawals

By Nse Anthony-Uko (Sundiata Finance) — The Central Bank of Nigeria (CBN) has directed Other Financial Institutions (OFIs) to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status. OFIs operators are those in Microfinance Banks (MFBs), Primary Mortgage Institutions, Development Finance Institutions (DFIs), Discount House, Bureaux-de-change, among others. The CBN in a circular signed by ...

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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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Nigeria’s NSE Gains 41.3%, Emerges World’s 3rd Best In 2017

By Nse Anthony-Uko (Sundiata Finance) – The Nigerian Stock Exchange (NSE) has emerged as the world third best performing stock market for 2017 among major global stock exchanges. Its 41.30 per cent year to date return (YTD) as of Friday- last closing day of the year is behind Argentina’s Buenos Aires Stock Exchange Merval Index (+77.2% year-to date), and Turkey’s ...

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Foreign Direct Remittances To CBN Hit $5.8bn In 9 Months

By Nse Anthony-Uko (Sundiata Finance) – Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, current data has shown. At $1/N305, the data from CBN’s website revealed N169.5 billion or $555 million was remitted in January this year but dropped to N63.89 billion or ...

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Naira Drops To N307/N At Interbank Rate – CBN

(Sundiata Finance) — The Central Bank of Nigeria (CBN) on Monday disclosed that naira for the first time weakened marginally to N307 against the dollar at the official interbank market. Traders attributed the drop to gradual move to merge its multiple exchange rates. Nigeria now has at least five exchange rate including the official one which the bank used to mask ...

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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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CBN Mops Up N231.25bn As Liquidity Remains Tight

By Nse Anthony-Uko (Sundiata Finance) – The Central Bank of Nigeria (CBN) on Thursday sold N98 billion of treasury securities bringing its Treasury Bills sale to N231 billion within the week in its effort to keep liquidity tight to support the naira. The local currency remained stable selling at N363 to the dollar at the parallel market. Traders said the ...

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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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CBN Sells $195m, Naira Recovers, Closes At N364/Dollar

By Nse Anthony-Uko (Sundiata Finance) – The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m. This came just as the naira appreciated to 364 per United States dollar at the parallel market, up from the 365/dollar recorded on Friday. Figures released by the CBN showed that the regulator offered the ...

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