Deposit Money Banks
Banks earned N180m to deposit N546b with CBN
The nation’s Deposit Money Banks (DMBs) opted to deposit a whopping N545.71 billion in the tills of the Central Bank of Nigeria (CBN) than deploying them in the economic segments of the country, earning just N180 million in the month of October 2019.
Seven banks account for 64 per cent of industry assets
The nation’s Deposit Money Banks (DMBs) is currently dominated by seven operators, with a cumulative asset base of 63.8 per cent, valued at N35.1 trillion, the latest Financial Stability Report of the Central Bank of Nigeria (CBN) has said.
Nigeria’s fiscal challenges dent domestic debts refinancing agenda
In 2017, the then Minister of Finance, Mrs. Kemi Adeosun, embarked on a $3billion Eurobond debt. She explained that the move was to take advantage of the favourable international market to raise cheap funds for the country, mostly to refinance Federal Government’s maturing local debts.
Experts tip PSBs as tool to boost financial inclusion
Experts in Nigeria’s banking sector have tipped Payment Service Banks (PSBs), as an initiative that have the potential to usher in innovative payment solutions that can revolutionise the banking and financial services ecosystem, and narrow the financial exclusion gap of the country.
Bankers’ committee takes financial literacy drive to schools
As part of activities to mark the 2019 Financial Literacy Day and Global Money Week, the Bankers’ Committee, an umbrella body for officials of the Central Bank of Nigeria (CBN), and managing directors of deposit money banks (DMBs), recently visited 488 schools in 193 local governments nationwide. Each financial institution in the country selected…
Investors condemn CBN directive on dividend payment by banks
The shareholders, who argued that the market is information-driven, said with the little signs of recovery and capital appreciation witnessed recently, government at all levels must be cautious, and avoid any actions and decisions that could send wrong signals, and erode investors’ confidence in the market.
Banks sign off on N25b yearly fund to finance agro-allied, other products for export promotion
Deposit Money Banks [DMBs] in the country yesterday announced that as part of their contribution to the Nigerian economy, it has concluded plans to float a N25 billion...
CBN warns banks on illicit money transfer flows
The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers' Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry.