Tuesday , February 28 2017
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More financial succor to MSMEs as DBN takes-off

The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently.  The DBN, was conceived in 2014  however, its take-off had been fraught with delays. The President Muhammadu ...

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CBN to auction $100 million in currency forwards

  CENTRAL Bank of Nigeria (CBN) said on Monday it will auction $100 million in forward contracts after selling the U.S. currency last week to boost dollar liquidity and help close the gap between the official and black market exchange rates. The bank sold $370 million in 60-day contracts last ...

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Former CBN Director Raises Questions on Abandoned CBN Branch Project

Chief Samuel Bandele Falegan, a former Director of the Central Bank Of Nigeria and former Managing Director of the Federal Mortgage Bank, on Friday, February 17, 2017 became one of the latest whistle blowers on financial transactions in Nigeria’s public institutions when he raised eight-pointed concerns with regards to a ...

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Ecobank Explains Innovative E-Payment Channels

 The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, has said the introduction of various innovative electronic payment platforms by the bank is in line with its deliberate policy to provide seamless and innovative services to customers and banking public. According to him, the e–payment system will further engender the financial ...

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Nigeria interbank rate sinks as budget cash disbursal awaited

Nigeria’s overnight lending rate plummeted to around 15 percent on the interbank market on Friday from around 133 percent the previous day, as the market anticipated the injection of budgetary allocations to government agencies. Africa’s top crude producer distributes oil revenues among its three tiers of government and a portion ...

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CBN introduces new charges on cash deposits, withdrawals

The apex bank, the Central Bank of Nigeria (CBN) on Thursday reintroduced charges on cash deposits and withdrawals. This is contained in a circular sgined by Dipo Fatokun, director, Banking & Payments System. Department, that individual cash withdrawals or deposits less than N500,000 will attract no charges, however, cash withdrawals or ...

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