Banks Borrow N17.85tn from CBN in 2023 Commercial and merchant banks borrowed a whooping N17.85 trillion from the Central Bank of Nigeria (CBN) to meet their daily business obligations amid macro economic challenges in 2023. This presents an increase of 60 per cent over the N11.15...

Banks to Collect Stamp Duty on Foreign Transactions   Banks are set to charge customers stamp duty on old foreign transactions between January 2021 to December 2023 by January 31, 2024. This is according to a directive from the Federal Inland Revenue Service. Access Bank disclosed this...

8 Important Steps To Secure Your Bank Account This Holiday   One of the factors limiting financial inclusion among the unbanked is the perception that banks are not safe to store money. This concern increases exponentially with digital banking platforms as the suggested mode of banking. News...

Supreme Court: CBN Orders Banks to Issue, Accept Old, New Naira Notes   The Central Bank of Nigeria (CBN) has declared that old and new naira notes will continue to co-exist as legal tender until further notice. The apex bank issued this declaration in line with the...

Banking Consolidation: Mega Banks Boast N10trn Capital Base   As the Central Bank of Nigeria’s proposal to initiate a new banking sector consolidation raises concerns among some industry operators, findings indicate that major banks with foreign subsidiaries currently control N9.6 trillion capital base. This is just data...

Five Tier-1 Banks Raked in N1.74trn Profit in Nine Months   United Bank for Africa Plc (UBA), Zenith Bank Plc, and three other financial institutions generated N1.74 trillion profit in 9 months ended September 30, 2023, representing an increase of 168 per cent over N648.84 billion...