Banking

• Normalise rates to boost transactions, says LCCI boss • Rewane warns against exchange rate fixing • Political consideration, intrigues thwart apex bank’s efforts The dithering by the Central Bank of Nigeria (CBN) to tackle foreign exchange (FX) rate unification, a programme it pledged to pursue aggressively last year, has …

The First City Monument Bank (FCMB) has named Mrs Yemisi Edun as the Acting Managing Director of the bank in the interim, while Mr Adam Nuru is on leave. This was  contained in a statement signed by the FCMB management and obtained by the News Agency of Nigeria (NAN) via …

By Jimoh Ibrahim As Nuru appears before the Board of the ethics committee of FCMB today, one unknown issue for trial is Moyo Thomas’s unquestionable beauty. But the memo there is about the ethical qualifications of the MD. Unfortunately, morals are not laws because of their imposing characteristics that offend …

First City Monument Bank(FCMB) has mandated its Managing Director, Mr. Adam Nuru to proceed on a leave pending the determination of the probe being conducted over alleged unethical conduct. Recall it is in the news that a Group had earlier ignited a petition to the CBN & FCMB Board, demanding …

The Central Bank of Nigeria has warned operators against paying recipients of diaspora remittances in local currency. It warned that violators could lose their operational licences if they failed to comply with its guidelines on remittances. The CBN said this in a circular to International Money Transfer Operators and Payment …

After threatening to withhold $1.5 billion until Nigeria carries out foreign exchange reforms to its satisfaction, the world Bank has finally approved the facility for Nigeria. While Nigeria is still working on its forex reforms, it appears the World Bank was moved to change its mind because “government revenues could …

Nigeria got a caveat on Thursday to get approval for a $1.5 billion loan he is seeking from the World Bank.  The reforms around the naira must be strengthened by the Federal Government, the financial institution is insisting. According to a Reuters news agency report, World Bank Country Director in …

The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers …

The naira exchanged to the dollar in the parallel market at N474/$ on Thursday. The naira which recorded slight improvement in recent days closed at the Importer & Exporter forex window at N394.6/$. However, the Central Bank of Nigeria retained the official exchange rate at N379/$ according to its website. …

The devaluation of the naira against global currencies will impact negatively on foreign currency loans and weaken capital base for the lenders, banking sector report has shown. The Afrinvest Banking Sector Report for 2020, which was released yesterday, said the capital base of the Nigerian banking sector has also come …