42 microfinance banks (MfBs) have had their operating licenses withdrawn by the Central Bank of Nigeria (CBN). Nigeria Deposit Insurance Corporation (NDIC) which stepped in to wind down the banks, said earlier that it would promptly commence the verification of claims of depositors from Monday December 21. The affected microfinance banks are – Hedgeworth MFB, Utako, Abuja; Future Growth MFB, Utako, Abuja; […]
The Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate from 12.5 per cent to 11.5 per cent after the two-day Monetary Policy Committee Meeting in Abuja. The committee also voted to retain the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively. The Central Bank Governor, […]
Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020. They have also urged customers to request new cheque books. One of the banks, Access Bank, disclosed this to its customers through an email on Wednesday, entitled ‘Important […]
The Central Bank of Nigeria has predicted negative Gross Domestic Product growth for the country in the second quarter of 2020 owing to the COVID-19 pandemic that had affected the economy. The CBN Governor, Mr Godwin Emefiele, made the prediction while fielding questions from journalists after the Monetary Policy meeting in Abuja on Thursday. Emefiele […]