Manufacturing Sector Hits Sixth-month Slow Growth         The Purchasing Managers Index for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria. The statistics department of the CBN disclosed in its ‘Purchasing Managers’ Index survey report for...

Pressure On Banks Over Consumer Loans Money Market         A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted...

CBN Sets Standard For Banks On Compliance Officers         The Central Bank of Nigeria has given a directive to merchant banks and regional banks to appoint chief compliance officers on a grade not below an assistant general manager. It said this in an administrative letter to all...

CBN Resolves 1,519 Complaints, Refunds N2.7bn In 6 Months         The Central Bank of Nigeria (CBN) resolved 1,519 banks’ transaction complaints and refunded N2.7 billion to the customers from January to June this year. Mr Haruna Mustafa of the Consumer Protection Department of CBN revealed this at...

Currency in Circulation Rose To N2.426trn In September – CBN       Currency in circulation rose by N56.44bn in one month from N2.369tn as of the end of August to N2.426tn as of the end of September. Figures obtained from the Central Bank of Nigeria on Wednesday stated. The...

CBN Orders Banks To Clamp Down On COVID-19 Financial Crimes         The Central Bank of Nigeria has advised all banks to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from the...