Category: Banking,
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
Four Bank Employees Arrested in Lagos for £138,924 International Airline Fraud
Lagos, Nigeria – The Lagos State Police Command has arrested four bank employees for allegedly orchestrating a sophisticated fraud scheme that diverted £138,924 (over ₦270 million) from international airline accounts through illicit transfers. How the Fraud Was Uncovered According to CSP Benjamin Hundeyin, the command’s spokesperson, the bank detected unauthorized transactions and alerted authorities, prompting…
Court Adjourns Ex-CBN Governor Godwin Emefiele’s Procurement Fraud Trial to June 3
An Abuja High Court has adjourned the ongoing procurement fraud trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele to June 3, 2025. Justice Hamza Muazu, presiding over the case, also rejected additional evidence presented by the Economic and Financial Crimes Commission (EFCC), citing violations of Emefiele’s right to a fair trial. The…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…
BOI Disburses N108 Billion to 921 Women-Owned Businesses to Bridge Gender Gap
In a significant move to empower women entrepreneurs and bridge the gender gap in Nigeria’s economy, the Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-owned businesses. The initiative, announced during BOI’s commemoration of International Women’s Day 2025, underscores the bank’s commitment to expanding access to financing and business opportunities for…
NDIC Calls on Lawyers to Enhance Recovery of Closed Banks’ Assets
The Nigeria Deposit Insurance Corporation (NDIC) has urged its external solicitors to intensify efforts in recovering assets of closed banks to ensure the payment of uninsured deposits, legitimate creditor claims, and liquidation dividends to investors. The Managing Director of NDIC, Dr. Bello Hassan, made the call during a sensitization seminar for the corporation’s external solicitors…
Naira Depreciates to N1,502/$ in Parallel Market Amid Slight Gain in Official Market
The Nigerian Naira experienced a slight depreciation in the parallel market yesterday, trading at N1,502 per dollar compared to N1,500 per dollar on Monday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira showed a marginal appreciation, closing at N1,501.5 per dollar, according to data released by the Central Bank of Nigeria (CBN). The…
CBN Appoints New Board for Keystone Bank, Adds Executive Directors
The Central Bank of Nigeria (CBN) has appointed a new board for Keystone Bank, a move aimed at strengthening the leadership and strategic direction of the financial institution. Lady Ada Chukwudozie has been named as the new chair of the board, taking on the critical role of guiding the bank’s policies and ensuring effective governance….
CBN Expected to Ease Interest Rate Hikes Soon, Says Cardoso
Lagos, Nigeria – The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, announced that the bank will soon implement measures to ease the upward trajectory of the benchmark interest rate. The announcement was made on Saturday during the unveiling of the book ‘The Power of One Man: How Soludo’s Consolidation Revolutionized Nigerian…
Heritage Bank Assets Up for Sale by NDIC
Abuja, Nigeria — June 13, 2024 — The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of the offices and assets of the defunct Heritage Bank. This sale includes vehicles, office equipment, and plant and machinery located nationwide. The NDIC, acting in its capacity as the liquidator of failed deposit money banks, has invited…