In Three Months, Banks Borrowed N1.7trn From CBN         Deposit Money Banks borrowed N1.7tn from the Central Bank of Nigeria in the third quarter of 2020. The CBN disclosed this in its third quarter economic report. Part of the report read, “Deposit Money Banks and merchant banks continually...

In Nine Months, 12 Banks Earn N133.92bn From E-payments         Increased investment in technology and the introduction of new online payment channels have earned Nigerian banks N133.92bn. The adoption of electronic channels for financial transactions earned 12 Deposit Money Banks about N133.92bn revenue in the first nine...

Banks’ Borrowings From CBN Drops By 93%       Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93 percent in August, driven by surge in idle cash (excess liquidity) in the interbank money market. Also reflecting the excess liquidity...

CBN Reduces Savings Account Interest Rate To 1.25%     The Central Bank has ordered all Deposit Money Banks to review interest rates on savings accounts to a minimum of 10 per cent of the Monetary Policy Rate effective from September 1, 2020. This would amount to 1.25...

In Four Months, Banks Borrow N2.08trn From CBN   Increased liquidity in the banking sector has continued to raise the lending institutions’ capacity to increase credit to the economy. The Deposit Money Banks and merchant banks in the country borrowed N1.81tn from the Central Bank of Nigeria...

Electricity: Banks To Ensure DISCOs Pay NBET, TCN Debts — CBN       Deposit Money Banks have been requested by Central Bank of Nigeria, CBN, to ensure that Electricity Distribution Companies, DISCOs, pay for consumed power they were provided guarantees. This is part of a renewed effort to...