Banks’ Total Credit To Economy Hit N25trn In 2020         Banks’ total credit to the economy rose to N25.02tn as of the end of 2020, the Central Bank of Nigeria has said. This was disclosed during the Monetary Policy Committee meeting in Abuja on Tuesday. Delivering the committee’s...

Banks Should Obtain Borrowers’ Records From Credit Bureaus – CBN         The Central Bank of Nigeria has instructed lending institutions to obtain reports of borrowers from credit bureaus as part of their due diligence in granting loans. It also said the operations of private credit bureaux would...

Despite COVID-19 Disruptions, Banks Attract N37trn Deposits         Despite the disruptive impact of the COVID-19 and the attendant lockdown, the nine months 2020 financial results of 13 commercial banks have shown that they raked in a total of N36.759 trillion as customers’ deposits. This represented an increase...

Banks’ Loan Defaulters Almost Wrecked Nigerian Economy – AMCON         The Asset Management Corporation of Nigeria has said that loan defaulters of Deposit Money Banks who are on its books almost crashed the Nigerian economy if not for its intervention. AMCON, an agency of the Federal Government,...

CBN Debits 23 Banks N349.72bn       The Central Bank of Nigeria has debited 23 financial institutions N349.72bn in Cash Reserve Requirement. These debits occurred towards the end of last week, as the apex bank intensified its effort in mopping liquidity amid rising inflation. The recent action by the...

Eight Banks Earn N26.73bn From International Trade Transactions         Eight Nigerian banks have earned a total of N26.73bn from commissions charged on Letters of Credit issued for international trade transactions from January to September. Analysis of the third-quarter financial reports of the eight banks indicated that this...