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Access Bank acquires Grobank

Grobank Limited has been renamed Access Bank South Africa Limited. The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa. With this development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets. At …

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CBN promises more credit facilities for youths

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has reiterated the apex bank’s commitment to provide more loans to the youth. The bank chief urged youths to embrace agriculture, declaring the bank’s readiness to support them that are willing to engage in agriculture. The governor reiterated the bank’s opposition …

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Just in: CBN extends Naira 4 Dollar Scheme

The Central Bank of Nigeria, CBN, said it has extended its Naira 4 Dollar Scheme until further notice. The apex bank disclosed this in a circular titled: “Re: Introduction of the CBN’s “Naira 4 Dollar Scheme’’, for Diaspora Remittances.” The circular, signed by Director, Trade and Exchange Department, CBN, Saleh …

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Solving the crypto regulatory conundrum

Cryptocurrency (also known as crypto), a digital currency, has created a headache for regulators. Widely embraced by youths, its potential for money laundering and terrorist financing has led to a ban. But is crypto all bad? What are the pros and cons and regulatory prospects? Legal, financial and anti-corruption experts …

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NASS legislative aides protest unpaid salaries

The National Assembly Legislative Aides Forum (NASSLAF) on Wednesday protested the non-payment of their salaries since last year. The protesters registered their grievance by marching on the foyer of the National Assembly with placards and singing solidarity songs. They also complained about the Consolidated Legislative Aides Salary Structure, the non-payment …

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Nigerians exceed IMF’s 30% dollar deposits threshold

Dollar deposit by Nigerians in banks has exceeded the 30 per cent threshold approved by International Monetary Fund (IMF), a Central Bank of Nigeria (CBN) report has said. The report by CBN economists said Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation. …

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CBN to sanction banks, BDCs rejecting lower dollar bills

Deposit Money Banks (DMBs) and authorised Bureau De Change (BDC) operators who reject old and lower denomination of the United States dollar bills will be sanctioned, the Central Bank of Nigeria (CBN) said yesterday. A circular signed by its Director, Currency Operations Department, Ahmed Umar, directed DMBs, BDCs and the  …

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