Banking & Finance
Banking & Finance Economy

Moniepoint introduces new feature to stem fraud

By Our Correspondent A microfinance bank (MFB), Moniepoint, says it has developed a new Unstructured Supplementary Service Data (USSD) service to enhance financial inclusion and prevent fraud. The Managing Director of the MFB, Mr Babatunde Olofin, announced the development in a statement on Tuesday in Lagos. According to Olofin, the USSD service would be accessible […]

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Banking & Finance Economy

CBN sets minimum capital base for banks

From Our Correspondent The Central Bank of Nigeria (CBN), on Thursday, announced new minimum capital requirements for banks to enhance banks’ resilience and strengthen the country’s financial system. The Apex bank said it is pegging the minimum capital base for commercial banks with international authorisation at N500 billion ($353.32 million). It also said it will […]

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Banking & Finance Economy

CBN caps FX position for banks, dollar bonds drop

The Central Bank of Nigeria, on Wednesday, announced limits on how much banks can hold in foreign currencies and expressed concern about the growing forex exposures on their balance sheets after the local currency tumbled against the U.S. dollar. Nigeria’s currency fell to a record low on the official market on Tuesday, slipping below the unofficial […]

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Banking & Finance Economy Foreign News General

AfDB grants Egypt’s CIB $148m financial support

By Abdulfatah Babatunde African Development Bank (AfDB) has granted $148 million in financial support to the Commercial International Bank (CIB) of Egypt to prop up small and medium-sized enterprises (SMEs) and trade. In a statement received by TheNewsZenith on Friday, AfDB said the financial package “comes amid a shortage of foreign currency in Egypt due […]

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Banking & Finance General

Bankers Conference: Economic revival plan yielding results – Shettima

From Our Correspondent Vice-President Kashim Shettima says the recent policies and programmes introduced by President Bola Tinubu’s administration are already yielding tangible results. Shettima made this remark while opening the 16th Annual Banking and Finance Conference, on Tuesday, in Abuja. TheNewsZenith reports that the theme of the conference is “Nigeria’s Economic Growth and Empowerment: The […]

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Banking & Finance Economy

CBN’ll inject more dollars to save Naira

The Central Bank of Nigeria (CBN) says it plans to address speculations in the foreign exchange market by injecting more dollars into market. This is even as the Federal Government proposed to inject more dollars into the market. Acting Governor of the CBN, Folashodun Shonubi, announced this while addressing journalists after meeting with President Bola […]

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Banking & Finance Economy Foreign News

ADB approves $190m for Bangladesh’s rural connectivity project

The Asian Development Bank (ADB) has approved $190 million in additional funding for ongoing Rural Connectivity Improvement Project in Bangladesh. Masahiro Nishimura, Principal Rural Development Specialist of Environment, Natural Resources, and Agriculture division in the South Asia department of the ADB, announced the approval in a statement Tuesday. “This is ADB’s second additional financing for […]

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Banking & Finance Economy Foreign News

AfDB gets new director of syndication, co-financing

The African Development Bank (AfDB) has appointed a new director for Syndication, Co-financing and Client Solutions Department, effective July 1. He is Mr Max Magor Ndiaye. Ndiaye is a structured finance, risk management and capital markets professional with 20 years of international public and private sector experience. Before this appointment, he served as the Acting […]

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Banking & Finance Economy

Nigeria Eurobonds rise after Emefiele’s suspension

Nigeria’s sovereign dollar-denominated bonds rose sharply as overseas investors welcomed the suspension late last week of Central Bank Governor, Godwin Emefiele. Emefiele oversaw multiple exchange rates that unsuccessfully sought to keep the naira strong. The price of the West African oil producer’s eurobonds rose on Monday as much as 2.6 cents in the dollar. This […]

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Banking & Finance Economy

President Tinubu suspends CBN Governor

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, from office with immediate effect. The suspension is contained in signed by Willie Bassey, Director, Information in the office of the Secretary to the Government of the Federation This is a sequel to ongoing investigation of CBN and the planned reforms in financial sector […]

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