Banking and Finance

Fitch Ratings has affirmed Guaranty Trust Bank Limited’s (GTB) Long-Term Issuer Default Rating (IDR) at ‘B’ and Viability Rating (VR) at ‘b’ with a stable outlook. The Stable Outlook reflects Fitch’s view that risks to GTB’s credit profile are captured at the current rating level, with sufficient headroom, under our …

The latest policy by the Central Bank of Nigeria is the planned introduction of digital currency, a digital form of fiat currency (e-Naira) which will be launched on the 1st of October to coincide with the Independence Day celebration. Recall, on the 5th of February, CBN issued a circular prohibiting …

…Says the CBDC e-naira better than Cryptos In its bid to provide answer to many questions, the Central Bank of Nigeria (CBN) has disclosed that the Nigerian Digital Currency, e-Naira will be used for low amount payment at the introductory stage. On Wednesday, the CBN’s information technology director, Rukiya Mohammed, …

Union Bank of Nigeria Plc has appointed Aisha Abubakar as an Independent Non-Executive Director effective 9th September 2021, following the approval of the Central Bank of Nigeria A statement issued by the bank said Abubakar joined the board of Union Bank following her tenure as Nigeria’s Minister for Women Affairs …

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has described Federal Government’s plan for a Eurobond issuance in the International Capital Market (ICM) as a step in the right direction, stressing that the fundamentals and potentials of the nation’s economy are strong with capacity to meet its debt obligations. Akinwuntan, who was assessing …

Five top banks in Nigeria paid a total of N1.4bn as penalties for infractions to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. The banks are the United Bank of Africa, Fidelity …

…Seeks Support on Proposed CIBN Act of 2007 Amendment The Chartered Institute of Bankers of Nigeria (CIBN)  has called for joint knowledge events to educate all cadres of Judicial Officers in the country on developments and trending issues in the banking and finance sector in the country. The President/Chairman of …

The Spokesman of the Central Bank of Nigeria (CBN), Mr Osita Nwanisobi, has faulted calls from certain quarters for the resignation of the CBN Governor, Mr Godwin Emefiele, over issues relating to the exchange rate of the Naira. Mr Nwanisobi said last night that those behind such calls were only pursuing …

The Central Bank of Nigeria says the e-naira which is set to be launched on October 1 is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. The CBN Director, Payment System Management, …

Eight Nigerian banks paid N251.72bn in wages and salaries in 2020. This is N1.4bn less than what they paid in 2019. This was revealed by analysing data from the banks 2020 annual reports. Of the banks under review Zenith Bank paid the highest in wages in 2020 (N52.49bn) while Wema …