The Central Bank of Nigeria (CBN) has directed all banks in the country to stop the use of foreign currency-denominated collaterals for Naira loans. In a circular to the banks on Monday, CBN’s acting Director of the Banking Supervision department, Mr. Adetona Adedeji said that the regulatory observed the use of foreign currency by bank customers as collateral for Naira …

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the  Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department, obtained by The PUNCH. The appeal comes when …

The Chartered Institute of Bankers of Nigeria (CIBN) has elected Prof. Pius Olanrewaju as the new President of the institute, along with other elected officers for the 2024-2026 tenure. The election, announced by the Chairperson of the CIBN Election Committee, Mrs Caroline Anyanwu, was conducted through electronic voting at Bankers House yesterday in Lagos. The new president-elect was the immediate …

The Economic and Financial Crimes Commission (EFCC) has filed a fresh 26-count charge bordering on abuse of office and corruption against former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. He will be arraigned before Justice Rahman Oshodi of the Lagos High Court, Ikeja on Monday on counts bordering on accepting gratification, accepting gifts through agents, corruption, …

President Bola Tinubu has thanked former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee for his services as the Special Investigator of the Central Bank of Nigeria (CBN) and other related entities, upon his task. Obazee was appointed last 28th July to probe CBN. The President commended Obazee for the dedication and professionalism he …

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled a Quick Response solution http://qrdispute.ubagroup.com:8088, called the ‘Scan to Resolve Complaint’ Portal aimed at enhancing satisfaction and swiftly addressing customers’ disputes. The innovative platform marks another significant step by the bank to revolutionise customer service and streamline complaint resolution processes. The ‘Scan to Resolve complaint’ portal is a QR-code …

The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday. Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 per dollar on Monday, indicating N15.73 appreciation for the naira. Consequently, the margin …

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has once again solidified its position as a leader in the banking sector by clinching two coveted awards at the 2024 Euromoney Global Private Banking Awards. The bank emerged as ‘Nigeria’s Best International Private Bank’ and ‘Nigeria’s Best for Digital Solutions’, reaffirming its unparalleled expertise and commitment to delivering innovative financial …

The Association of Corporate and Marketing Communication Professionals of Banks (ACAMB) has assured that banks in the country have the wherewithal to meet the recent directives of the Central Bank of Nigeria (CBN) on recapilitalisation of the sector. In a statement on Sunday by its President, Mr. Rasheed Bolarinwa, the association said that it had always affirmed its support for …

The Association of Bureaux de Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for the resumption of dollar sales to Bureaux De Change (BDCs). In a statement, the ABCON President, Dr Aminu Gwadabe said aside monetary policy tightening that led to interest rate hike and more investment in government instruments and clearance of $7 billion …