Wednesday, September 19, 2018

Tag "Deposit Money Banks"

    CBN to penalise banks for borrowing without security

CBN to penalise banks for borrowing without security

The Central Bank of Nigeria (CBN) says deposit money banks who borrow without adequate security will be suspended from the window for eight weeks.In a circular released on Wednesday, the CBN announced new rules on how banks can borrow cash from fellow banks or the CBN to cover their temporary shortfalls or meet their obligations.The regulator said that any commercial bank [...]

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    Thou shall not borrow, FG tells states

Thou shall not borrow, FG tells states

Bashir Yuguda, the minister of state for finance, says the federal government has discouraged states from further borrowing describing the country’s debt profile as "scary". In a lecture titled, ‘Nigeria’s Economic Policies and Reforms’ at the National Defence College, Abuja, the minister explained that most of the states were experiencing difficulties in servicing their existing debts adding that it would be unwise to add [...]

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    Your bank can’t issue you unsolicited cards again

Your bank can’t issue you unsolicited cards again

The Central Bank of Nigeria has released a set of guidelines for card issuance and usage in Nigeria for Deposit Money Banks.The directives were contained in a 14-page document released by the Banking and Payment System Department of the CBN on Tuesday.The guideline stipulates that unsolicited cards should not be issued and issuers shall not levy any charge that was [...]

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Exchange Rates

September 18, 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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