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...

Banks’ll Consider Sustainable Principles Before Lending, Says Emefiele       The Governor, Central Bank of Nigeria, Mr Godwin Emefiele has said banks will now consider sustainable banking principles when lending money to individuals and corporate entities. According to a statement issued on Thursday, Emefiele disclosed this while leading...

Banks Credit To Economy Now N23.53trn       Banks’ credit to the economy rose to N23.53tn as of the end of March, latest figures from the Central Bank of Nigeria have shown. The CBN disclosed in its communiqué at the end of the Monetary Policy Committee on Tuesday...

Banks Borrowing From CBN Increase By 174% To N2.4trn     In apparent reflection of the intense scarcity of funds that prevailed in the interbank money market in April, banks’ borrowing from the Central Bank of Nigeria (CBN) rose by 174 per cent to N2.48 trillion from...