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Economics, News 0 Comment

CBN reforms trigger fears of African banks stability S&P

The recent intervention by the Central Bank of Nigeria in five ”troubled” banks, which led to the sack of their chief executive officers and revealed significant liquidity crisis, has triggered fears about the stability of African banks, according to a credit rating agency, Standard and Poor‘s. French news agency, AFP, on Thursday, quoted S&P as saying that sub-Saharan Africa faced further obstacles such as increased regulation of financial markets in reaction to the credit crunch and fears about the stability…

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Economics, News 0 Comment

CBN to withdraw dirty notes from circulation

The Central Bank of Nigeria said it has plans to withdraw dirty notes from circulation – The apex bank noted that a large number of the N7.9 trillion pieces of naira notes in circulation were bad – CBN governor, Godwin Emefiele, is expected to launch a policy to address this problem The Central Bank of Nigeria has recognised the fact that a large portion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated…

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Business plans, Economics, Funding trends 0 Comment

CBN to Establish Collateral Management Regime to Regulate Fintech

In order to encourage innovation in the payment system, the Central Bank of Nigeria (CBN) is putting in place a Collateral Management Regime (CMR) to regulate the activities of Fintech firms and startups in the country. The Director, Payments System Management Department (PSMD), Sam Okojere, who represented the CBN Governor, Godwin Emefiele, disclosed in his keynote address at the inaugural Lagos Fintech Week in Lagos, that, “the CMR is being developed in line with on-going efforts to evolve a robust collateral…

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Economics, News 0 Comment

Central Bank of Nigeria Auditing Banks

The CBN has noted with concern stories in some segments oF the press purporting to report decisions taken as a result of the ongoing audit of Nigerian banks. The Central Bank confirms that examiners have concluded their work on 11 out of the 14 banks not included n he first audit exercise. They have also made significant progress on the remaining three banks and these are Citibank, Stanbic IBTC and Standard Chartered. The Central Bank confirms that the complete reports…

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Economics, News 0 Comment

3 Things to Know Before Taking Out a Loan

Taking out a loan is a big step financially and should not be taken lightly. Yes, we understand there are those emergency situations that require you to borrow money. However, there are some things you want to keep in mind to determine if this is the best option for you. We made this brief list of 3 things you want to keep in mind before making a decision as big as taking out a loan. Consider Your Options Why do…