The Central Bank of Nigeria (CBN) has ordered banks to deny additional loans and certain banking services to large borrowers with non-performing loans as part of efforts to strengthen credit discipline and protect financial stability.
Tag: CBN
Aliko Dangote, Director of the Dangote Group, has reprimanded the National Bank of Nigeria (CBN) for raising the loan fee to almost 30%. Talking at the Feast Corridor of the State House in Abuja during the initial meeting of a three-day culmination coordinated by the Producers Relationship of Nigeria (MAN) on Tuesday, July 2, Dangote […]
Foreign currency has been prohibited for use as collaterals for naira loans with exceptions to Eurobonds including Standby Letters of Credit. According to reports, the ban was issued by the Central Bank of Nigeria (CBN) and they have given banks 3 months to wind up naira loans that have been backed up by foreign currency […]
CBN ‘ Central Bank of Nigeria ‘ has announced that cash deposits into domiciliary accounts will no longer be restricted. The statement by the apex bank came after a meeting with the bankers’ committee on Sunday, June 18 as regards guidance to Deposit Money Banks (DMBs). According to the CBN, the policy will promote transparency, […]
CBN has reportedly revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks . The CBN said the Microfinance Banks, Finance Companies and Primary Mortgage Banks ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months. […]
CBN has given a 30-day ultimatum to Banks and other financial institutions to close accounts without Bank Verification (BVN). Financial institutions have been directed to link customer’s BVN to related accounts/wallets (except Tier 1). This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, […]