Banks’ Demand Deposits Hit N1.67 trillion in Three Months The Central Bank of Nigeria (CBN) financial data stated that Nigeria’s demand deposits added N1.67 trillion in October (when the naira redesign was unveiled) to hit an all-time high of N20.18 trillion in January. Demand deposits, savings...

Banks’ Commission From Customers Increase By 14% To N219.77bn   Amid severe competition from Fintech companies, six banks operating in Nigeria generated a sum of N219.77billion fees and commission for the year ended December 31, 2022 representing an increase of 14 per cent from N192.22billion reported...

Naira Redesign: CBN Issues Guideline on Return of Old Naira Notes  By Lawan Bukar Maigana The Central Bank of Nigeria, CBN, has issued guidelines on how Nigerians who are still stuck with the old N200, N500 and N1000 notes can return them to the nearest branch...

CBN Debunks Claims Of Shortage Of Printing Materials, Plans To Shut Down Banks The Central Bank of Nigeria has debunked claims about the incapacity of the Nigerian Security Printing and Minting PLC. The apex bank also denied claims that it plans to shut down commercial banks...

Bank Deposits Rise to N43tn in 2022 The Central Bank of Nigeria Monetary Policy Committee report has shown that deposits by Nigerian banks rose by N6.92tn from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. The Deputy Governor,...

Telcos Seek NCC Approval to Disconnect Banks Telecommunication operators have reached out to the Nigerian Communications Commission for approval to phase out the Unstructured Supplementary Service Data offered to banks due to over N80bn. On Thursday, the Chairman, Association of Licensed Telecoms Operators of Nigeria,...