Banks’ deposits with CBN hit N3.17tn in nine months
Businessam Staff
January 10, 2020
The Central Bank of Nigeria has recorded N3.17tn deposits from 11 commercial banks in nine months. Data obtained from the financial statements of the commercial banks listed on the Nigerian Stock Exchange showed that the deposits were made between January and September 2019. Mandatory reserve deposit is not available for use in a bank’s day-to-day […]
CBN retains 65% LDR, sustains penalty for defaulting banks
Businessam StaffJanuary 9, 2020
The Central Bank of Nigeria (CBN) has decided, in the interim, to retain the minimum loan-to-deposit (LDR) ratio for commercial and merchant banks at 65 per cent. It based its decision on what it described as remarkable increase in credit to the private sector. The central bank stated this in a letter to all banks, […]
Plateau tax agency to expand tax payers’ database
Businessam StaffJanuary 8, 2020
Hope Ikwe, Jos The Plateau State Internal Revenue Service is set to expand its tax payers data base from over 400,000 to 1,000,000 tax payers in order to double the performance of 2019 fiscal year in 2020. Dashe Arlat chairman of the revenue service, during an interaction with journalists in Jos, revealed that the agency […]
T-bills interest rates drop to one-year low
Businessam StaffJanuary 7, 2020
The interest rates of treasury bills dropped to a 12-month low level of 3.5 per cent at the Primary Market Auction, which took place on Thursday. The rates drew closer to zero as investors sustain increased demand of the security. At the auction, the interest rate of the 91-day tenor closed at 3.5 per cent […]
NAICOM talks tough, liquidates two insurance firms
Businessam StaffJanuary 7, 2020
Insurance sector operators will face stricter supervision in 2020, the National Insurance Commission (NAICOM) has said, announcing its liquidation of two firms. The regulator also said it would enhance its supervisory roles through the strict implementation of rules, the introduction of new reforms and initiatives that are in line with international best practice. Sunday Thomas, […]
PenCom plans pension bonds to clear N400bn arrears
Businessam StaffJanuary 6, 2020
The National Pension Commission plans to raise pension bonds through the Debt Management Office to offset the pension arrears of federal retirees. The arrears accumulated through accrued rights. Ibrahim Shekarau, the chairman, senate committee on the establishment and public service, disclosed that the federal government currently owed its retirees over N400bn accrued pension rights. A […]
Banks reconfigure ATMs to beat CBN’s reduction of charges
Businessam StaffJanuary 6, 2020
Some commercial banks have designed means to avoid the recent slash in charges on withdrawal from automated teller machines (ATM) by the Central Bank of Nigeria (CBN), investigations have shown. The central bank recently reduced the N65 charged on remote-on-us ATM after the third withdrawal in a month, to N35. Remote-on-us are transactions done by […]
Customers lament banks’ non-compliance with CBN’s guidelines on ATM charges
Businessam StaffJanuary 2, 2020
Some bank customers have frowned at their banks for not complying with the new guidelines for charges on automated teller machine, released by the Central Bank of Nigeria. Some of the customers who spoke in Abuja, regretted that banks had now devised a means of deducting ATM charges without sending the alert to their customers. CBN […]
Africa’s free trade area worth $3.3trn, says AFDB
Businessam StaffJanuary 2, 2020
Akinwumi Adesina, president of the African Development Bank, Akinwumi Adesina, has said that the biggest thing to happen to Africa is the African Continental Free Trade Area (AfCFTA), saying the free trade area itself is worth over 3.3 trillion dollars. Adesina, who stated this when he addressed State House correspondents in Abuja on Tuesday, expressed […]
Cashless: CBN introduces measures to promote e-payment
Businessam StaffDecember 31, 2019
By Omobayo Azeez As part of its efforts to realize gains of cashless policy in the country, the Central Bank of Nigeria (CBN) has introduced measures on pre-authorisation of card usage in the Nigerian electronic payment system. The apex bank stated in a circular on Monday that it had identified the predominant use of single […]