The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement by its Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfillment of CBN’s commitment to eliminate the backlog of pending matured foreign exchange in DMBs. Sidi-Ali …

Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central Bank of Nigeria (CBN) has disclosed. Withdrawals from these accounts will only be possible by transfer or through a manager’s cheque, the apex bank explained. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers’. According …

The Nigerian private sector returned to growth in December, with renewed increases in both output and new orders recorded amid some signs of recovery in demand. This was despite continued intense inflationary pressure, with purchase costs and selling prices each rising at sharper rates than in November. Meanwhile, business confidence dropped to the joint-lowest in the decade-long survey so far. …

Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board effective 1st January 2024, following the resignation of Mr. Asue Ighodalo from 31st December 2023. According to a statement by the Company Secretary, Temitayo Adegoke, “the resignation of our erstwhile Chairman is in line with …

Union Bank Plc has announced a significant financial performance for the third quarter ending 30th September 2023. The bank reported a Profit Before Tax (PBT) of N102.3 billion, reflecting an impressive growth of 461.1 per cent compared to the PBT of N18.2 billion in the corresponding period of 2022. This notable achievement is attributed to a surge in gross earnings, …

Emir of Zazzau in Zaria, Kaduna State, Ambassador Ahmed Nuhu Bamali has extolled the benefits of The Alternative Bank (TAB) as a non-interest banking institution which propels economic growth through sustainable practices, responsible investment and financial decisions. In a keynote address during the inauguration of TAB’s first physical branch in Zaria, Kaduna State, the traditional ruler highlighted the manifold advantages …

A financial expert, Mr Okechukwu Unegbu has commended the Central Bank of Nigeria (CBN) for lifting the restrictions on cryptocurrency transactions. Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The CBN had announced the reversal of the policy banning …

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has rewarded 77 customers with cash prizes in the first quarterly and third monthly draws of its Reward4Saving 3.0 promo. Both draws took place at the bank’s head office at Walter Carrington Crescent, Lagos. Seventy customers won N100,000 each, while seven other customers received N1 million each. The winners were selected …

The Office of the Special Investigator probing the Central Bank of Nigeria (CBN) has summoned the Chairman of Titan Trust Bank (TTB), Mr. Tunde Lemo, and two other shareholders of the bank to a “follow-up meeting” in Abuja on Thursday over the controversial acquisition of Union Bank of Nigeria last year. The summons were issued hours after Lemo, a former …

A former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has been released from the Kuje Correctional Centre after meeting up with his bail condition.. It was learnt that Emefiele was released on Friday. The spokesperson for the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the development to our correspondent on Saturday. “I can confirm to you …