Banks Offer Telcos N120bn Debt Repayment Plan   Telecommunication firms are considering a repayment plan proposed by Deposit Money Banks to end the N120bn debt on the Unstructured Supplementary Service Data service. A source said the Central Bank of Nigeria (CBN) was intervening in the dispute, and...

Banks Deposit With CBN Hits N822.34bn In July   Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, the apex banks’ Financial Data posted on its website has revealed. The N822.34 billion represents 42 per cent Month-on-Month (MoM) increase...

Forex Scarcity: Consumer Goods Manufacturers Borrow N1.8trn To Survive   At the backdrop of rising interest rates and foreign exchange scarcity, leading consumer goods manufacturing companies have come under severe funding pressure. Findings from the financial statements of the companies show that they have resorted to very...

Influx Of smuggled Textiles Killed 150 Local Companies – TEA   Manufacturers under the aegis of the Nigerian Textile Employers Association have said that smuggling of textile products through Nigeria’s land borders, has led to the collapse of over 150 textile companies in the last 40...

We Don't Have Control Over Fuel Price, Exchange Rate - CBN   The Central Bank of Nigeria (CBN) yesterday told the House of Representatives that it lacks control over the price of Premium Motor Spirit (PMS), popularly known as fuel, and the foreign exchange rate between...

CBN Recovers $22m, N115bn Excessive Charges Imposed On Customers   The Central Bank of Nigeria (CBN) yesterday said it has recovered $22.8 million and N115.5 billion for multiplicity of charges imposed on customers by the Deposit Money Banks (DMBs) over the past 11 years. Its Director of...