Tuesday, September 11, 2018

Tag "Commercial Banks"

    Presidential panel to recover $7bn bailout funds from banks

Presidential panel to recover $7bn bailout funds from banks

Okoi Obono-Obla, chairman of the special presidential panel for the recovery of public property, says his panel will recover $7 billion bailout funds given to four commercial banks between 2006 and 2008.Obono-Obla said this on Friday while speaking with journalists in Abuja. He did not mention the names of the banks.The chairman said the funds must be returned to government [...]

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    CBN orders banks to resolve customers’ complaints in two weeks

CBN orders banks to resolve customers’ complaints in two weeks

The Central Bank of Nigeria says commercial banks and other financial institutions must settle customers' complaints within two weeks.NAN reports that Tajudeen Ahmed, CBN head of complaints management division, gave this directive on Tuesday in Abuja.He said the apex bank is committed to eradicating short payment of interests and end the culture of excess and arbitrary charges.According to him, any charge [...]

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    Banks will no longer charge commission on retail forex transactions

Banks will no longer charge commission on retail forex transactions

The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]

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    CBN: We’ve returned N51.9bn to bank customers for illegal deductions

CBN: We’ve returned N51.9bn to bank customers for illegal deductions

The Central Bank of Nigeria says it has recovered N51.9 billion illegally deducted by commercial banks in the past five years and returned it to customers.Isaac Okorafor, acting director, corporate communications of the apex bank, made this known while speaking at an interactive session with stakeholders in the south-south zone in Port Harcourt.Okoroafor, who was represented by John Attah, an [...]

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    Banks now ‘begging customers’ to buy forex

Banks now ‘begging customers’ to buy forex

Commercial banks are now seeking customers to buy the surplus foreign currencies they have after the Central Bank of Nigeria (CBN) continually flooded the market with foreign exchange.NAN quoted a banker as saying his bank had so much dollars that marketers were asked to encourage customers to request for the greenback.The apex bank has been making efforts to strengthen the [...]

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    CBN says banks must give notice, reasons before sacking staff

CBN says banks must give notice, reasons before sacking staff

The Central Bank of Nigeria (CBN) on Friday said that if commercial banks continue to sack its staff up to a significant number, they would be made to give prior notice and reasons to the apex bank before such actions are taken.Kolawole Balogun, a representative of the CBN, said this while speaking at an interactive meeting in Abuja with Chris [...]

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    BDC operators ‘not ready’ for new capital base

BDC operators ‘not ready’ for new capital base

Some Bureau De Change (BDC) operators have urged the Central Bank of Nigeria (CBN) to extend the deadline for the new capital requirement released for the industry, saying that the July 15 deadline is very short.Speaking with NAN, they observed that failure to review the recapitalisation time frame could lead to the closure of many BDCs with loss of jobs, which will hamper [...]

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Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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