Browsing Tag:Stock

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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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Finance & accounting 0 Comment

CBN must adopt new measures on forex

Nigeria’s naira has remained relatively stable at all segments of the foreign exchange markets in the last one and half years, no thanks to the introduction of the Investors and Exporters’ Foreign Exchange Window by the Central Bank of Nigeria in April 2017 and the relative stability in the global oil price in recent time. But still, the naira is traded within a range of N306 to the dollar on the official window and N363 to the dollar on the…

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Innovation, News 0 Comment

Nigeria seeks to capture over 50 million unbanked population

The Central Bank of Nigeria (CBN) has issued licenses to five new banks, according to three banking sources familiar with the matter, who spoke to us. Sources say the CBN is being driven by the need to attract new investments into the sector and serve the country’s over 50 million unbanked and under-banked people, even as current banks have struggled to grow loan books since an economic slump in 2016 caused bad loans to surge. The sources, who say the…

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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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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…