The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN… Continue reading BREAKING: CBN orders banks to collect old N500, N1,000 notes
Category: BANKING
Presidency: FG, CBN to Take Position on Currency Swap after S’Court Determination Today
The presidency yesterday disclosed that neither the federal government nor the Central Bank of Nigeria (CBN) had taken a pre-emptive position on the legality of the old N200, N500 and N1,000 notes in view of the case pending before the Supreme Court, which comes up for hearing today. In a statement by its spokesperson, Mallam… Continue reading Presidency: FG, CBN to Take Position on Currency Swap after S’Court Determination Today
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Nigerian banks migrate to new cheque standards, old ones expire 31 Dec_Femi Ehiabhi
Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria. From 1 January 2021, the old cheques will expire, said the First Bank in a notification to customers. It means the bank will no longer accept them for payments. The new cheques come… Continue reading Nigerian banks migrate to new cheque standards, old ones expire 31 Dec_Femi Ehiabhi
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Access Bank makes a subtle u-turn on planned sack?_Femi Ehiabhi
Access Bank on Monday is hinging her planned suspension of operations in some of its branches across the country, to security concerns and regulatory directives by the Central Bank of Nigeria (CBN). The bank, however, said it would begin a phased reopening of such branches. The confirmation was contained in a regulatory filing at the Nigerian Stock… Continue reading Access Bank makes a subtle u-turn on planned sack?_Femi Ehiabhi
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CBN, Banks Agree on Suspension of Staff Sack_Ada Nkong
The Central Bank of Nigeria and the banks in the country have agreed to shelve the planned sack of workers in the banking sector as a result of the pandemic. This was contained in a statement on Sunday by the apex bank’s Director, Corporate Communications, Isaac Okorafor.Newsannexonline recalls that the Presidential Task Force Team on… Continue reading CBN, Banks Agree on Suspension of Staff Sack_Ada Nkong
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India’s Yes Bank experience run by depositors_Femi Ehiabhi
Rana Kapoor, founder of India’s Yes Bank was arrested Sunday on allegations of money laundering. His bank has been experiencing a run by depositors, amid efforts by India’s Central Bank to formulate a rescue plan for the country’s fourth-largest private lender. In a late-night move Friday, the Central Bank seized control and imposed withdrawal limits… Continue reading India’s Yes Bank experience run by depositors_Femi Ehiabhi
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UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi
United Bank for Africa Plc (UBA) has posted a profit after tax of N89.1 billion for the financial year ended Dec. 31, 2019. The profit after tax represented a growth of 13.3 percent to N89.1 billion compared with N78.6 billion recorded in the correpsonding period of 2018. Its profit before tax stood at N111.3 billion… Continue reading UBA hits N89.1Bn in Profit After Tax_Femi Ehiabhi
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Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi
The Central Bank of Nigeria (CBN) has said there is no going back on the full implementation of the federal government’s cashless policy which is expected to commence from April 1 across the country. The first phase of the cashless policy implementation started in Nigeria’s commercial hub, Lagos, on January 1, 2012. It expanded to… Continue reading Cashless Policy Implementation: No going Back-CBN_Femi Ehiabhi
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Non Performing Loans: Banks recover N39.4Bn From ICT Sector_Ehiabhi Femi
The Central Bank of Nigeria, in its Revised Draft Guidelines for the banking sector, directed all banks to review their credit portfolio at least once in a quarter in order to recognise deterioration in credit quality.
NewsAnnexOnline 