CBN/Commercial Banking - Abia ThinkTank News

Nov

2024

CBN Raises Interest Rate To 27.5%

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Raises Interest Rate To 27.5% The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday.He said the committee increased the MPR by 25 basis points. Cardozo said the committee retained the asymmetric corridor at +500 and -100 basis points around the MPR. The CBN governor said the MPC also retained the cash reserve ratio (CRR) at 50 percent, as well as the…

Nov

2024

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Senate Approves Tinubu’s N1.77 Trillion External Loan Request

CBN/Commercial Banking, Economy, FGN, News Flash

Senate Approves Tinubu’s N1.77 Trillion External Loan Request The Senate on Thursday, November 21, approved President Bola Ahmed Tinubu’s request for a new eternal borrowing of N1,767,610,321,779.00 or (USD2.209billion in the 2024 Appropriation Act. The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary. The Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report. The President’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary…

Nov

2024

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By Abia ThinkTank

First Bank Of Nigeria (FBN) Holdings PLC Shareholders Approves Name Change Including Subsidiaries

CBN/Commercial Banking, Business, News Flash

At last, First Bank of Nigeria (FBN) Holdings Plc has received approval to change the company’s name to First Holdco Plc. The company’s shareholders approved the name change at the 12th Annual General Meeting (AGM), held virtually on Thursday, November 14, 2024. In a statement released over the weekend, Adewale Arogundade, the company’s Secretary, confirmed that the resolution extends to all by issuing FBN Holdings’ subsidiaries. According to the company, the change will be extended to all subsidiaries. The approved changes include shifting the company’s legal name from FBN Holdings Plc to First Holdco Plc and its brand name to…

Nov

2024

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By Abia ThinkTank

CBN Send Fresh Warning To Banks, Directs Them As Priority To Load ATMs

Business, CBN/Commercial Banking, Economy, News Flash

CBN Send Fresh Warning To Banks, Directs Them To Load ATMs The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs). CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”. In the circular signed by Solaja Olayemi, acting director, currency operations department at CBN, the apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes. “Please…

Nov

2024

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Prayers Prevented Exchange Rate From Reaching N10,000 Per Dollar – Pastor Adeboye

CBN/Commercial Banking, Security

Prayers Prevented Exchange Rate From Reaching N10,000 Per Dollar” – Pastor Adeboye The General Overseer of the Redeemed Christian Church of God (RCCG) Pastor Enoch Adeboye has said without divine intervention, the exchange rate could have soared to ₦10,000 to $1. Speaking during the Special Holy Ghost Congress in Abuja, Adeboye linked Nigeria’s financial struggles to its heavy reliance on fuel imports, despite being a significant oil-producing nation. He criticised the billions spent on refineries that remain non-functional, forcing the country to depend on imported petrol. Addressing the contentious removal of fuel subsidies, Adeboye remarked that the decision angered those…

Oct

2024

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Nigeria’s Foreign Reserves Increase To $39 Billion In October – Cardoso

CBN/Commercial Banking, Economy, News Flash

Nigeria’s Foreign Reserves Rose To $39 Billion In October – Cardoso Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11. Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation. The CBN governor said the country’s reserves stood at $34.70 billion at the end of June. Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years. Cardoso said the nation’s foreign exchange…

Oct

2024

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Amid Hardship, Nigerian Banks Declare Huge Profits; Customers Complain

CBN/Commercial Banking, Economy, News Flash

Amid Hardship, Nigerian Banks Declare Huge Profit; Customers Complain Commercial bank customers in the Federal Capital Territory have urged banks to pay more attention to customer satisfaction than declaring massive profits. They spoke against the backdrop of some commercial banks making an estimated profit before Tax of N3.8 trillion in the first half of 2014. According to reports, the banks, which include Zenith Bank, UBA and 10 others, recorded a 108.2 per cent increase from the N1.83 trillion recorded in the first half of 2023. But bank customers told the News Agency of Nigeria (NAN) on Wednesday that they were…

Oct

2024

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Dele Momodu’s Advice To Wike(Copied)

CBN/Commercial Banking, News Flash, Politics

DELE MOMODU'S ADVICE TO WIKE My dear Brother, good evening. I have watched you in recent months with trepidation. I'm scared about your inability to comprehend the country called Nigeria. You must have underrated how the owners of Nigeria operate. I studied the biography of CHIEF OBAFEMI AWOLOWO. I was an insider in the June 12 1993 crisis, and a veritable witness to the tribulations of my great mentor, CHIEF MOSHOOD ABIOLA. Closer home, you must have seen how your predecessor, DR PETER ODILI, was stopped in his tracks in 2007. You're certainly one of Nigeria's best performing Governors, if…

Oct

2024

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CBN Introduces Electronic System To Boost Transparency In Forex Market

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Introduces Electronic System To Boost Transparency In Forex Market The Central Bank of Nigeria has announced the introduction of an Electronic Foreign Exchange Matching System aimed at transforming the country’s foreign exchange market. This new system is set to be operational in the Nigerian Foreign Exchange Market by 1 December 2024, following a two-week test run scheduled for November. The EFEMS is expected to reshape how foreign exchange transactions are conducted in the interbank market by enhancing transparency and promoting a market-driven exchange rate accessible to the public. According to a circular by the Director of the Financial Markets…

Sep

2024

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World Bank Approves $1.57Billion Loan In Financing For Nigeria

CBN/Commercial Banking, Economy, FGN, News Flash

World Bank Approves $1.57 Billion Loan For Nigeria The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help build resilience to the effect of climate change such as floods and drought through improving dams safety and irrigation. The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria…