Banks Reject Payment To Foreign Business Partners   Deposit Money Banks (DMBs) are turning down payment requests from customers seeking to pay business partners abroad with naira debit cards. Banks are asking customers paying clients abroad to do so in the currency of the beneficiary’s country, as...

Following CBN’s Directive , Banks Grow Loans By N800bn     Deposit Money Banks (DMBs) in the country have grown the loan book by N800bn in an aggressive drive to comply with the 60 per cent Loan-to-Deposit Ratio (LDR) mandate given by the Central Bank of Nigeria...

CBN Places Charges On Deposits, Withdrawals Above N500,000   The Central Bank of Nigeria on Tuesday said that the nationwide implementation of the cashless policy will begin by March 2020. The apex bank said this in a circular to all Deposit Money Banks in the country. It said...

3 Operators Pass CBN’s Screening, Get New Bank Licences The Central Bank of Nigeria has added three new banks to the list of Deposit Money Banks and financial holding companies operating in Nigeria. This raised the number of lending institutions from 21 to 23 on its...

Banks Urged To De-risk Asset Portfolios Over Bad Loans   As the levels of non-performing loans remain high in the nation’s banking sector, deposit money banks have been urged to diversify their asset portfolios away from energy-related assets. Banks’ NPLs, which rose to N2.245tn in the third...

CBN Reveals Revised Clearing System Rules For Banks   The Central Bank of Nigeria said on Wednesday that it had revised the clearing system rules for Deposit Money Banks. The Director, Banking and Payments System Department, CBN, Dipo Fatokun, in a circular issued to banks, mobile money...