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NIGERIAN BANKS
News and stories about Nigerian banks
The CBN has established Memoranda of Understanding (MoUs) with countries hosting Nigerian banks’ subsidiaries to improve regulatory coordination and ensure safe and compliant banking operations both locally and internationally.
Nigerian bank customers are set to witness more service disruptions in the coming weeks and months as the financial institutions embark on system upgrades to improve their operational efficiency and enhance customer experience.
The Federal High Court in Abuja has ordered four Nigerian banks to lift the post-No-Debit (PND) orders and unfreeze the accounts of five customers who were under police investigation for alleged foreign exchange fraud amounting to N150 million.
Deposit money banks in Nigeria sacked 49 employees due to their involvement in fraudulent activities between April and June this year.
As Nigeria's financial industry experiences rapid growth, driven by the widespread adoption of mobile phones and increased internet penetration, it also confronts a significant and escalating challenge of cybercrime.
The Nigerian banking sector is gradually recovering from a significant decline in April, which saw the sector's index drop by 24% to close at 774 index points.
Given the recent policy shifts affecting the Nigerian banking sector, including the Central Bank of Nigeria's (CBN) revised capital requirements and the windfall taxes, it's understandable that both local and foreign investors might harbor concerns about the sector's stability.
Nigeria's proposed windfall tax on foreign-currency revaluation gains of Nigerian banks could generate up to 0.3% of the country's Gross Domestic Product (GDP) in 2024, offering a temporary fiscal boost amid ongoing economic challenges.
Three major Nigerian banks—GTCO, Access Holdings, and Fidelity Bank—are set to allocate a total of N186 billion ($244 million) from their recent public offerings to bolster their IT infrastructure.
Dr. Olisa Agbakoba has explained how the federal government's proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria.
The federal government plans to tax bank 50% of profit realised from foreign exchange revaluation in 2023.
President Tinubu has asked the Senate to amend the 2023 Finance Act to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements.