Four Banks Borrow $6.21bn From Foreign Market Amid Dollar Shortage     In a bid to support their balance sheets with foreign exchange, four banks in the country raised $6.21bn from foreign creditors between January and October 2021. An analysis of reports shared on the issuer’s portal of...

CBN, SEC Sanction Five Banks Over Money Laundering, Forex Offence    The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned five major banks for committing over 20 various infractions, including the violation of foreign exchange market and anti-money laundering regulations. The banks are...

Pension Funds Invested In Banks Rise To N2.05trn – PenCom   The total amount of pension funds invested in banks by Pension Fund Administrators rose to N2.05tn at the end of July from N1.48tn in January. The National Pension Commission disclosed this in its report, titled ‘Unaudited...

Banks Begin Integrating e-Naira App   Banks have started to onboard the e-Naira feature on their applications. In its latest update, the Guaranty Trust World app has integrated a e-Naira feature. However, when opened, the bank said, “Kindly note that you will need to download and onboard on...

Banks Raise Interest Rates By 140% To Attract More Deposits         Banks have raised deposit rates by 140 per cent in a bid to attract more funds from customers and address the sluggish growth in deposit recorded in the first half of the year (H1’21). The development...

Five Top Banks Fined N1.4bn For Forex Infractions, Others           Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half...