Banking

Withdrawal Limit Policy: According to Emefiele, there are 1.4 million mobile bankers in Nigeria.

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December 11, 2022
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, on Thursday, said there are about 1.4 million super agents (mobile banking operators including POS agents) in the country for Nigerians to patronise for business transactions. Emefiele said this while reiterating the monetary policy of the apex bank would stand for the benefit of the nation’s economy and not cause harm for the…
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Banking

Your First Bank naira card can no longer be used to make purchases on overseas websites.

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September 22, 2022
Customers of First Bank of Nigeria will be unable to carry out international transactions with their naira-denominated cards from Friday, September 30, 2022. The bank informed its customers of the development in an email seen by Techpoint Africa. Part of the email reads thus: “Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira…
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Banking

Currency in circulation devalues to N3.24tn

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September 7, 2022
Currency in circulation fell by N107.08bn from N3.35tn in April to N3.24tn in July, latest figures on currency from the Central Bank of Nigeria has revealed. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. The CBN recently warned Deposit…
Banking

Banks lend N3.38tn to firms at single-digit rate

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September 2, 2022
Customers accessed loans worth N3.38tn at single-digit interest rates under the Central Bank of Nigeria’s intervention funds as of the end of June. A member of the Monetary Policy Committee meeting, Aliyu Sanusi, disclosed this in his personal statement at the last MPC meeting. According to reports released by the CBN, “Analysis of the interest rate band reveals that 65.9 per cent of customers…
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Banking

Agusto & Co forecasts 16.5% banking sector loan growth

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August 30, 2022
Agusto & Co. Limited, a pan-African credit rating agency and business information provider, has projected loans in the banking sector to rise by 16.5 per cent. It disclosed this in its annual ‘2022 Nigerian banking industry report’, which provided a comprehensive review of Nigeria’s banking industry and the near-term expectation for the Industry. It said, “Agusto & Co. notes…
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