Banks Ready To Implement CBN Directive On Forex Defaulters       Banks are set to implement the Central Bank of Nigeria’s directive to publish the names and Bank Verification Numbers of customers that flout its forex rules. In a mail to its customers, the United Bank for Africa...

Six Banks Earn N14.2bn From Account Maintenance Fee       A breakdown of the half year unaudited financial statements of six banks that have their result to the Nigerian Exchange Limited has shown that they realized N14.2 billion, up from the N9.8bn from account maintenance fee. The amount...

Naira Strengthens To 512/$1 As Banks Sell For N412/$       The naira appreciated against the dollar at the parallel market on Monday as deposit money banks set up foreign exchange teller points for customers in line with the directive from the Central Bank of Nigeria. The naira...

Reps Fault Banks, Begins Probe Of $30bn Revenue       The House of Representatives’ Joint Committee on Finance, Banking and Currency has begun an investigation of the leakages amounting to $30bn annually in the transfer of funds to execute international contracts, interbank transfers, among others. At its inaugural...

Banks Begin N6.98 USSD Charge, Customers Kick       Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash...

CBN Increases Forex Allocations To Banks       The Central Bank of Nigeria on Sunday announced an increase in foreign exchange allocations to banks to meet the requests of customers. These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other...