Face Mask Can Hinder ATM Transactions – Banks     Banks have advised customers to remove their face masks when carrying out transactions through Automated Teller Machines to ensure that their faces are properly recognised. Findings revealed that some banks have installed face detection features in their ATMs...

CBN Moves To Unify Exchange Rates, Debits Banks N122bn     The Central Bank of Nigeria debited N122bn ($338m) from banks’ excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates. Reuters reported...

Lawmakers Summon Banks, Others Over $30bn Forex Racketeering   The Joint House of Representatives committees on finance; banking and currency will on Monday begin an investigative hearing into an alleged forex racketeering. To this effect, the panel has summoned 24 banks and 14 oil companies, according to...

Despite COVID-19, Banks Opened 35m Accounts In Five Months     Bank accounts in Nigeria have risen by 35 million between January to May 30th, 2020, data hosted on the website of the Nigeria interbank Settlement system (NIBBS) has revealed. A breakdown of the data indicates that the...

Banks’ Non-performing Loan Ratio Drops To 6.6%     The non-performing loan ratio of the Nigerian banking sector dropped to 6.6 per cent at the end of April 2020 from 11 per cent in April 2019, according to the Governor of the Central Bank of Nigeria, Mr...

COVID-19: 17 Banks Seek CBN Approval To Restructure 32,000 Loans   In apparent reflection of the severe impact of the COVID-19 pandemic on the economy, 17 banks have written to the Central Bank of Nigeria (CBN) for permission to restructure 32,000 loans granted to individuals and...