The Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday reassured Nigerians that the banking system remained “safe, sound and resilient”, dispelling fears of bank liquidations. CIBN’s President/Chairman of Council, Prof. Pius Olanrewaju gave the reassurance in a statement in Lagos to correct misinformation and fake news that licence of more banks will be revoked. Olanrewaju emphasised the importance of …

The Naira yesterday appreciated in the parallel market to N1,485 per dollar from N1,490 per dollar on Monday. The Naira appreciated to N1,473.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,473.66 per dollar from N1,483.62 per dollar on Monday, indicating N9.96 appreciation for the …

The Nigeria Data Protection Commission (NDPC) has said more than 1,000 financial institutions, schools, insurance companies, and consultancy firms are currently undergoing investigations for various degrees of breaches of citizens’ data. This was as the commission’s National Commissioner, Mr. Vincent Olatunji revealed that four major banks and three other institutions have faced sanctions and incurred fines totalling N400 million for …

The Naira yesterday depreciated in the parallel market to N1,490 per US dollar from N1,470 per dollar last week. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), Naira appreciated to N1,483.62 per dollar Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,483.62 per dollar from N1,483.99 per dollar last weekend, indicating 37 kobo appreciation for …

Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, has been recognised as the ‘Best Local Currency Bond House’ at the East, Middle East and Africa (EMEA) Finance Awards for the second consecutive year. This award highlights the company’s outstanding performance and pivotal role in the Nigerian capital markets. In addition to the ‘Best Local Currency Bond House’ …

Fitch Ratings has revised the outlook on Fidelity Bank PLC’s LongTerm Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at ‘B-‘. The credit rating agency has also affirmed Fidelity Bank’s National Long-Term Rating at ‘A(nga)’ with a Stable Outlook. According to a statement by Fidelity Bank on Monday, Fitch said in its own statement last Friday …

Former employees of the Central Bank of Nigeria (CBN) are grappling with the shock of their sudden dismissal, accusing the management of maltreatment and injustice. They claimed that many were not paid their entitlements before their sacking, a move they argued violates the bank’s human resource rules and policy. In a statement on Sunday in Jos, Plateau State capital, the …

Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has relaunched its personal banking referral programme to enrich its customers as they enjoy the Moniepoint experience with family and friends. The referral programme is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link. Through this, millions …

The Naira yesterday appreciated to N1,475 per dollar in the parallel market from N1,480 per dollar on Monday. The Naira depreciated to N1,476.95 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose slightly to N1,476.95 per dollar from N1,476.12 per dollar on Monday, indicating 83 kobo depreciation …

Stanbic IBTC said it is delighted to announce the launch of its scholarship programme for the 2023/2024 academic year. According to the bank, the initiative is designed to support and invest in the educational development of exceptional Nigerian youths. Through the initiative, scholarships will be awarded to 200 students across the country, thus reaffirming Stanbic IBTC’s commitment to supporting education …