Senate Empowers Banks To Recover Loans Without Borrowers Consent       The Senate on Tuesday, passed for second reading, a bill to allow banks recover loans from defaulters, place them on watchlist and eventually blacklist them without recourse to the borrowers. The bill sponsored by Senator Sani Musa,...

CBN To Banks: Cut Service Cost         The Central Bank of Nigeria (CBN) has advises banks and other financial institutions to reduce the cost of providing banking services to their customers, especially the underbanked and unbanked within the society. CBN Director, Payment System Management Department, Musa Jimoh...

Some MDAs, Banks Colluding To Divert Funds, Alleges Lawan         President of the Senate, Ahmad Lawan, has accused some banks of conniving with certain categories workers in government agencies to divert public funds to private pockets. He has therefore tasked the anti-corruption agencies to focus more on...

CBN’s Policy Blocks Investors, Banks From N622bn Illegal Earnings         The new Treasury Bills policy of the Central Bank of Nigeria, CBN, has effectively obstructed about N622 billion interest earnings that would have accrued to banks and other individual and corporate investors in the money market. The...

Banks Divert Loans To Public Sector         In apparent demonstration of low confidence in the economy, banks are focusing their lendings to the public sector to the detriment of the private sector. Despite the increased tempo of economic activities following the lifting of the Coronavirus induced economic...

Banks’ Average Daily Deposit With CBN Drops To N48.32bn       The Central Bank of Nigeria (CBN) says the average daily deposit amount of N84.27 billion in 246 transaction days in 2018 dropped to N48.32 billion in 251 transaction days in 2019. This was contained in the bank’s...