The Nigerian banking sector has witnessed an unprecedented 835% surge in borrowings from the Central Bank of Nigeria (CBN) in the span of just one month,...
Financial reports released by eight Deposit Money Banks (DMBs) for the first half of 2023 have showcased robust financial performances, collectively amassing N3.9 trillion in gross...
A recent crackdown has resulted in the dismissal of 110 bank employees over the past two years due to their involvement in various fraudulent activities. This...
There is mounting evidence suggesting that commercial banks and merchant banks in Nigeria have increasingly turned to the Central Bank of Nigeria (CBN) for liquidity, with...
The Nigeria Inter-Bank Settlement System (NIBSS) announced a substantial loss of approximately N9.5 billion within the banking sector for the year 2023. The disclosure was made...
The Central Bank of Nigeria (CBN) has played a pivotal role in bolstering the mortgage banking sector by disbursing loans and advances amounting to N37.6 billion,...
This latest update comes as part of the CBN's ongoing efforts to optimize financial operations and meet the unique needs of various financial institutions.
The meeting commenced with the ordinary business proceedings, where reports from various stakeholders were laid before the members.
The CBN announced that the cash reserve ratio for merchant banks, which specialize in providing financial services to businesses and individuals, will be reduced from 32.5%...
Nigeria’s recent cash shortages exposed the vulnerability of the country’s alternative payment systems and have brought renewed momentum towards a cashless economy, fueling a surge in...