Banks Demand Tax Clearance Certificate On FX Transactions   The federal and state governments have mandated commercial banks as well as Ministries, Departments and Agencies of Government (MDAs) to henceforth, implement the demand for a valid Tax Clearance Certificate (TCC) as a prerequisite for carrying out...

Ten Banks Spent N542.8bn On Customers’ Deposits In Q1, 2023   With the Monetary Policy Rate (MPR) currently at 18 per cent, a total of 10 banks spent N542.8billion on customers’ deposits in first quarter (Q1) ended March 31, 2023, an increase of 71.83 per cent...

Currency Outside Banks Above N843bn – CBN   Due to the cash crunch which affected economic activities across the country, the Central Bank of Nigeria (CBN) has disclosed that the currency outside the bank vaults as at the end of February rose to N843.311 billion. This is...

CBN to Banks: Transfer Funds in Dormant Account to Trust Fund   The Central Bank of Nigeria has proposed that banks should transfer funds in accounts that have been dormant for up to 10 years into a trust fund account. This is contained in the recently released...

Pension Funds: PFAs Reduce Banks Investment to N1.6tn The Pension Funds Administrators reduced the funds under the Contributory Pension Scheme that were invested in fixed deposits and bank acceptance to N1.6tn in February. According to the National Pension Commission, this was as the total funds under...

CBN Bars Banks, Financial Institutions Seeking Upgrade From Expansion   The Central Bank of Nigeria (CBN) has barred banks and other financial institutions seeking a conversion licence from expanding or reducing their current banking network in its new draft guidelines. The CBN discloses this in a circular...