Nigeria currency reform delays $1.5bn World Bank loan

Charles Abuede A financing delay from the World Bank could leave Nigeria battered by low prices of crude oil, as the multilateral lender is probably not going to approve a genuinely necessary $1.5 billion for Nigeria in August as earlier arranged due to worries over desired reforms. Sources say they are not convinced about the […]

Fitch warns CRR will crash banks’ returns

BY:Moses olajuwon Obajemu Fitch Ratings has sounded the alarm that the cash reserve ratio (CRR) policy being implemented by the Central Bank of Nigeria (CBN) will undermine the ability of banks to deliver maximum returns to their shareholders as well as affect lending to their customers. The CRR is 27.5 per cent of banks’ deposits […]

NDIC assures depositors of defunct Fortis MFB of getting their insured funds

NDIC

BY: Moses olajuwon Obajemu   The Nigeria Deposit Insurance Corporation (NDIC) yesterday vowed to protect the interest of depositors of defunct Fortis Microfinance Bank (MFB). Sunday Oluyemi, director of communication and public affairs, gave the assurance in a statement issued on Wednesday. He said depositors with funds in excess of the insured limits will be […]