The Nigeria Deposit Insurance Corporation (NDIC) on Thursday in Enugu assured depositors of the safety of their money against unusual bank failures. The assurance was given by the Senior Manager, Enugu Zonal Office of NDIC, Mr Othman Afolayan who represented the Managing Director, Mr Bello Hassan at the NDIC Day at the ongoing 34th Enugu International Trade Fair. He said …

First Bank of Nigeria Limited has announced a phased corporate name change for its subsidiaries in the United Kingdom and sub-Saharan Africa. In a statement, the nation’s premier financial services institution noted that FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia, and FBNBank DRC are now to be addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia, and FirstBank DRC, being …

US President Joe Biden called on banking regulators Thursday to reinstate tougher rules on midsized banks, saying that doing so would prevent future failures like that of Silicon Valley Bank. While his predecessor Donald Trump eased rules for banks with between $100 billion and $250 billion in assets, Biden urged regulators to instead consider a set of reforms to “reduce …

Deposit Money Banks  (DMBs) are planning to increase their cash withdrawal limits from the current N20,000 to N50,000 range to over N80,000 to N100,000, according to multiple bank officials. The approach, it was learned, will allow bank branches to reduce lingering queues in various cities across the country. As part of a concerted effort to facilitate the circulation of both …

The Central Bank of Nigeria (CBN) said it has released more old notes to Deposit Money Banks (DMBs) as it steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents. Last Thursday, the CBN had begun the release of billions of Naira to DMBs. …

The Central Bank of Nigeria (CBN) has debunked reports that it suspended the accounts of Fintech companies, OPay and Palm Pay due to their alleged involvement in fraudulent activities. According to the CBN’s Acting Director of Corporate Communications, Mr Isa AbdulMumin, the news is false and should be disregarded by the public. A viral message attributed to AbdulMumin had claimed …

Commercial banks have been directed to open for operation on Saturdays and Sundays as part of a coordinated effort to ease circulation of Naira of all denominations. The directive, which was announced on Friday by the Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), Dr. Isa AbdulMumin, came as the apex bank confirmed the evacuation of …

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to immediately revamp their electronic transaction platforms. According to the House, the move has become necessary in the aftermath of the recent CBN policies, which have put pressure on online and electronic banking. The CBN had set lower limits for cash withdrawal and redesigned the …

Deposit Money Banks have begun to ration the disbursements of old N1,000 and N500 notes to their customers amid uncertainty over whether the Central Bank of Nigeria (CBN) will release the old notes in its custody. This came about 24 hours after the CBN Governor, Mr Godwin Emefiele announced that old N1,000, N500 and N200 notes remained legal tender. But …

The Central Bank of Nigeria (CBN) has scheduled the next Monetary Policy Committee (MPC) meeting between Monday and Tuesday next week. In a Tuesday notice shared on Twitter, the apex bank said the 290th meeting would be held at the CBN Headquarters in Abuja. The MPC is the highest policy making committee of the apex bank with the mandate including …