Financial Services
Banking, Insurance and general financial services news
CBN reviews minimum interest rates on savings deposit to 1.25%
With inflation rate at 12.8%, this is almost like paying banks to keep the money for you.
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CBN sequesters N321.6 billion from banks in new CRR Debits
Information gathered by Nairametrics reveals about 17 banks had their vaults debited by the apex bank in CRR sequesters.
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CBN grants licenses to 3 Payment Service Banks
The 3 Payment Service Banks are Hope PSB, Moneymaster PSB and 9 PSB.
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CBN bars Payment Service Banks from accepting forex deposits
The name of PSBs must not include any word that links it to the parent company.
Read moreDetailsCBN urges banks to ‘support’ media, aviation industries to avert growing job losses
The media and aviation sectors are among the hardest hit by the pandemic, hence CBN's call.
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Banks reduce dollar spending limit on naira debit cards to $100
Some banks have reduced their monthly spending limits to as low as $100.
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A higher profile for the DFIs under COVID-19
The DFIs have become active in what the industry terms “non-technical support”.
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Banks’ loans to private sector increase by N3.50 trillion in one year – CBN
The document stated that the credit was stimulated by the policy on Loan-to-Deposit Ratio (LDR).
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CBN says 22 banks to restructure over 35,000 loans due to COVID-19
This is seen as part of measures by the apex bank to curb the rise in non-performing loans.
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Fitch forecasts that banks’ earnings will be hit hard by CBN’s CRR policy, others
The CRR debits on Nigerian banks have exceeded the N2 trillion mark in 2020 alone.
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