banking
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Several large banks in the United Arab Emirates have begun closing the accounts of Russian companies and individuals due to the risk of secondary Western sanctions, the news outlet Vedomosti reported on Monday, citing businessmen working in the UAE. The sources, whose identities are not disclosed in the article, told Vedomosti that in September tier-one…
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Bank of England governor Andrew Bailey has said that UK inflation data from recent months was “quite encouraging”. During a House of Lords committee meeting yesterday, he also said interest rates could start to fall soon – but interestingly, he predicted they will stay above 2% for years to come. Mr Bailey said rates were…
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Naira will now be the currency for international transfers facilitated by international money transfer operators, IMTOs. This is in line with the recent directives from the Central Bank of Nigeria, CBN. A recent notice from Ecobank Nigeria said several IMTOs including Western Union, MoneyGram, Rapidtransfer, Ria, and other IMTOs approved by the Central Bank of…
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Governor of the Central Bank of Nigeria, Olayemi Cardoso has disclosed factors responsible for hunger in the nation, saying there was supply shock of food items preluding yuletide and the distribution challenges due to insecurity. Cardoso spoke at an interactive session with the Senate Joint Committee on Finance, Banking and Other Financial Institutions and National…
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The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According…
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The Central Bank of Nigeria (CBN) hit the nail on the head yesterday when it accused commercial banks of hoarding over $5 billion in foreign currencies against the threshold approved by the apex bank. CBN blamed the prevailing forex scarcity and naira’s free-fall against the dollar on the actions of the Deposit Money Banks (DMBs).…
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Good morning from MZIESBLOG! Here is today’s summary from Nigerian Newspapers: 1. Indications emerged on Thursday that the Central Bank of Nigeria leadership will hold meetings with the shareholders of Union Bank of Nigeria, Polaris Bank and Keystone Bank this weekend or early next week as a follow-up to the sack of the boards of directors…
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The Central Bank of Nigeria, CBN, on Wednesday disolved the boards of Union Bank, Keystone Bank and Polaris Bank. All affected banks are involved in the special investigations into how the CBN was run under the ex-CBN governor, Godwin Emefiele. Sidi Hakama, the acting Director of Corporate Communications at CBN, disclosed this in a statement…
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The embattled former Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has been released from Kuje prison. Umar Abubakar, the Nigerian Correctional Service (NCoS) spokesman, confirmed this on Saturday. Abubakar said Emefiele was freed on Friday from Kuje prison after fulfilling his bail conditions. “Godwin Emefiele has been released on Friday. The…
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The Inspector General of Police, Kayode Egbetokun, has alerted financial institutions and business owners in Nigeria to protect their databases from impending attacks by hackers. The police boss expressed concerns over the increasing complexity of cyber threats and criminals’ subsequent attacks on people’s assets. During a retreat in Abuja yesterday, the IGP emphasized the importance of taking…
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Amid China’s economy struggles to recover and unemployment remains high, the country’s indebted population is growing at a rapid rate, Voice of America reported. VOA quoting a report from the Financial Times said that defaults by Chinese borrowers have surged to a record high since the pandemic, with authorities blacklisting 8.54 million people from economic…
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Between 1995-1998, Emmanuel Nwude posed as the Governor of the Central Bank of Nigeria. He then contacted the manager of Banco Noroeste, which is a large bank in Brazil. His reason? Emmanuel wanted to sell the bank an airport that was being built in Nigeria. The price for the airport was $242M. The manager of…
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The Central Bank of Nigeria (CBN), has assured the banking public that Nigerian banks are buoyant. The CBN said this in a statement issued by its Acting Director, Corporate Communications, Hakama Sidi Ali. Ali’s statement was informed by reports in sections of the Nigerian media that some Deposit Money Banks had failed the apex bank’s…
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Bank customers have said that they are unable to withdraw their deposits for transaction in yuletide season in Ondo State, as the banks have slashed their withdrawal limits across the state. A LEADERSHIP Weekend investigation revealed that [b]many customers could not withdraw the amount they needed over the counter due to a lack of adequate…
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In line with its commitment to support women and youth-owned businesses in Nigeria, Access Bank Plc, has partnered with the Federal Government of Nigeria to provide N30 billion in support for four million Micro, Small and Medium Enterprises (MSMEs). The Group Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, made this known in…
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