Thursday, December 9

Tag: Deposit Money Banks

USSD: Banks Deny Owing MTN Nigeria, Other Telcos
Business

USSD: Banks Deny Owing MTN Nigeria, Other Telcos

Deposit Money Banks (DMBs) in the country are not indebted to MTN Nigeria and other phone companies for using Unstructured Supplementary Service Data (USSD) platforms to provide payment services, the Chief Executive Officer, Access Bank, Herbert Wigwe has said. Bloomberg yesterday quoted him as saying on an investor call on Thursday that: “There is no such thing as an obligation due from banks to telcos. We chose not to make a public statement out of it because it is not appropriate for us to be found fighting with telcos in public.” Wigwe is the chairman of the Body of Bank CEOs that has been in discussion with MTN Nigeria to resolve a dispute that led some banks to cut off the company from their banking platforms last week. This was after MTN, the nation’s biggest telecom se...
Cartel Running Nigeria’s Banking Sector – Senate
News

Cartel Running Nigeria’s Banking Sector – Senate

The Senate on Tuesday said Nigeria’s banking sector is being run by a cartel which frustrates the monetary and fiscal policies of the Federal Government. It said the group of bank owners has become strong that it manipulates the economy. The upper chamber of the National Assembly also condemned the high interest rates imposed by Deposit Money Banks on small and medium scale enterprises. The legislature stated that Nigeria’s economy cannot survive when it is difficult to run businesses. These were part of the submissions by senators at the plenary on Tuesday while speaking on a motion moved by Senator Rafiu Ibrahim (Kwara South) titled, ‘The Dire Need for a Stakeholders’ Roundtable to Address Increasing Interest Rates in Nigeria.’ The lawmakers unanimously resolved to mandate the S...
Banks Lose N2.19b To Fraudsters In 2016, Says CBN
News

Banks Lose N2.19b To Fraudsters In 2016, Says CBN

DEPOSIT Money Banks (DMBs) lost N2.19 billion to fraudsters last year, the Central Bank of Nigeria (CBN) said yesterday. According to the apex bank, 19,531 fraud cases were reported for banks last year as against 10,743 recorded in2015. CBN Governor Godwin Emefiele broke the news while unveiling the Nigeria Electronic Fraud Forum annual report in Abuja. The Nigeria Electronic Fraud Forum NEFF stakeholders workshop on cybercrime “Tackling Enforcement Challenges under the Cybercrime Act” as its theme. A breakdown of the actual amount lost showed that across the counter transactions of N511.07 million accounted for the highest losses. This was followed by Automated Teller Machine (ATM) transactions with N464.5 million, internet banking (N320.66 million), Point-of-Sale transacti...
CBN Extends BVN To Microfinance Banks, Gives July 31 Deadline
News

CBN Extends BVN To Microfinance Banks, Gives July 31 Deadline

Heeding several calls by the Federal Government, Nigerians and experts in the financial institutions in the country, the Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) exercise to microfinance banks. This was disclosed in a circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions Supervision Department, Mrs Tokunbo Martins. The apex bank gave July 31, 2017 as deadline for this exercise, warning that any account not linked with the BVN would be “shall not be allowed to make withdrawals.” In the circular titled ‘Letter to all Other Financial Institution (OFIs): Bank Verification Number (BVN) enrolment for customers,’ the CBN explained that the move became necessary bec...
CBN Injects $280M Into FX Market, Increases Sale To Bdcs
News

CBN Injects $280M Into FX Market, Increases Sale To Bdcs

AS part of its efforts to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected $280 million into the market. The apex bank has also announced on Tuesday that it would now sell $20,000 twice a week to licensed bureaux de change, a 100 percent increase from the previous $10,000 twice a week. It also announced the opening of bids for offering $100m wholesale seven to 45 days forwards through the Deposit Money Banks (DMBs). “A breakdown of the intervention shows that invisibles such as basic travel allowance, personal travel allowance, medical bills and tuition received $80 million, while the small and medium enterprises (SMEs) window received $100 million,” the apex bank said in a statement. “Together with the wholesale bid auction, the ...
Development Bank Of Nigeria Granted Operational Licence By CBN
News

Development Bank Of Nigeria Granted Operational Licence By CBN

The Central Bank of Nigeria (CBN) has approved the granting of a Wholesale Development Finance Institution Licence with national authorization, to the Development Bank of Nigeria (DBN) Plc. The approval was conveyed in a letter addressed to the Managing Director/Chief Executive of Officer of DBN dated March 28, 2017. The letter was signed by the Deputy Governor of the CBN in charge of Financial System Stability. The approval was subject to meeting the minimum capital requirement of N100 billion and the reconstitution of the Board of the Bank and reviewing its organogram. The DBN, was conceived in 2014 however, its take-off had been fraught with delays. The President Muhammadu Buhari led administration inherited the project with a determination to resolve all outstanding issues and s...
Dollar Crashes Again At Parallel Market
News

Dollar Crashes Again At Parallel Market

The News Agency of Nigeria (NAN) reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively. At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively. The Nigerian currency also traded at N305.50 at the interbank window. In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar. Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater ...
12 Women Arrested For Selling Naira Notes To ‘Spray’ At Parties In Lagos
Uncategorized

12 Women Arrested For Selling Naira Notes To ‘Spray’ At Parties In Lagos

Police, in conjunction with the Central Bank of Nigeria (CBN), have arrested 12 women for selling naira notes in parts of Lagos State. The women were allegedly selling mint naira notes to people going to parties to ‘spray’. They were arrested during a raid by officials of CBN and operatives of the State Criminal Investigation and Intelligence Department (SCIID), Panti, Yaba. The suspects are likely to be charged for contravening Section 21 of the CBN Act, 2007. The suspects included Fausat Jimoh, Bisoye Oyegbile, Balikis Ajadi, Bisola Amoru, Abidemi Oladejo and Ajoke Suraj. The Deputy Commissioner of Police (DCP) in charge of SCIID, Bolaji Salami, said six others were arrested penultimate weekend. He said: “We are clamping down on those abusing our currency. It is an offence to sell ...
CBN Introduces New Charges On Bank Deposits And Withdrawals
News

CBN Introduces New Charges On Bank Deposits And Withdrawals

CBN reintroduces charges on cash deposits, withdrawals Published February 24, 2017 Share Tweet by Taboola Akinpelu Dada The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals. This came about three years after the apex bank stopped the charges. In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy . It said the decision was taken at the Bankers’ Committee meeting , which held in Abuja two weeks ago. The circular , signed by the Director, Banking and Payments System Department, CBN, Mr . Dipo Fatokun, stated that the committe...
NECA Attacks CBN Over N50 Stamp Duty
News

NECA Attacks CBN Over N50 Stamp Duty

Nigeria Employers Consultative Association, NECA, umbrella body for employers in the country, yesterday, berated Central Bank of Nigeria, CBN, over its failure to comply with the Court of Appeal’s ruling directing all Deposit Money Banks, DMB, to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties. It will be recalled that the Court of Appeal sitting in Lagos on April 21, 2016, ruled against the imposition of stamp duties on bank lodgements with value of N1,000 and above. The Federal Government had planned to raise about N2.5 trillion per annum from the duty. Ruling on an appeal filed by Standard Chartered Bank against Kasmal International Services Limited and 22 others, Justice Ibrahim Saulawa and four other Justices of the Court of Appeal sitting in L...

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