Banking

The CBN says it will not sell dollars to BDCs because they had become a conduit for illicit forex flows and graft. Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of …

The Central Bank of Nigeria (CBN) on Monday announced immediate discontinuation of sale of Foreign Exchange (forex) to Bureau de Change (BDC) operators in the country. Mr Godwin Emefiele, the CBN Governor, made this announcement on Tuesday, while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting …

Guaranty Trust Bank (GTBank) has announced the appointment of Miriam Olusanya as Managing Director. This was disclosed in a notice signed by the company’s secretary, Erhi Obebeduo, to the Nigerian Exchange Group Limited (NGX). Olusanya, the first female Managing Director in the bank history, succeeds Segun Agbaje. During the bank’s …

First City Monument Bank, FCMB Limited has confirmed the appointment of Yemisi Edun as the substantive managing director of the bank. Her appointment followed the end of  service of the bank’s former Managing Director, Adam Nuru. In a statement, the Board said it reviewed media allegations made in late 2020 …

The Federal Inland Revenue Service (FIRS) has directed banks to freeze all accounts of Messrs MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA) in Nigeria and to help it recover the sum of N1.8 trillion suspected to be taxes the company is owing to the Nigerian Government. The action by …

The International Monetary Fund (IMF) has cautioned the federal government to keep its borrowing from the Central Bank of Nigeria within legal limits. The IMF gave the caution in a statement issued at the end of its staff visit to Nigeria. The mission led by Ms. Jesmin Rahman urged the …

An Ikeja High Court on Wednesday sentenced a former Managing Director of the defunct Bank PHB (now Keystone Bank) Francis Atuche to six years imprisonment for N25.7 billion fraud. His co-defendant, Ugo Anyanwu, was also sentenced to four years imprisonment. The duo was convicted in 21 of 27-count charges against …

The National Union of Banks, Insurance and Financial institutions has said its members are not afraid to declare their assets as being required by the Economic and Financial Crimes Commission. The union’s National President, Anthony Abakpa, disclosed this on Wednesday in a telephone interview with The PUNCH. The Chairman of the …

Information has it that some commercial banks, following the Central Bank of Nigeria’s (CBN) order have started sending new transfer limits to their customers. Emails sent to some customers show banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly. They also advised the …

Bank deposits rose by N6.95tn between February 2019 and February 2020, the Central Bank of Nigeria said. The CBN disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee obtained by our correspondent on Thursday. Part of the statement read, “However, there …