Banking and Finance

Access Bank has launched a service called ‘Auto-club by Access’ as a one-stop shop designed to cater to automobile needs of Nigerians by providing auto services. In a statement titled ‘Auto-Club by Access helps customers drive the cars of their dreams’, it stated that the services ranged from vehicle purchase, …

The Senior Economist with SPM Professionals, Dr Paul Alaje has disclosed last year’s (2020) devaluation of the Naira increased the nation’s total debt profile by about N1 trillion. He made this disclosure at the virtual Annual Forum of Finance Correspondents Association of Nigeria (FICAN) at the weekend. His words, “Naira …

The assets of mortgage banks rose by N56bn from N315.48bn as of the end of November 2019 to N371.66bn as of the end of September 2020. Figures obtained from the Central Bank of Nigeria on its report on ‘Primary mortgage banks’ accounts and assets showed that the lenders’ assets had …

The Central Bank Governor (CBN), Godwin Emefiele, has said that weekly diaspora remittances rose from $5m to $30. He noted that the initiatives introduced by the Central Bank of Nigeria to boost forex in the country were yielding result. Emefiele spoke during the CBN/Bankers Committee’s initiative for economic growth which …

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration …

HF Group has announced its partnership with Interswitch Group, a leading digital payments and commerce company, to expand its digital banking services to include International Money Transfer (IMT). The IMT service will enable people in the diaspora to remit funds seamlessly into any HF account and also provides a simplified …

The Central Bank of Nigeria (CBN) sold a total of $10.308 billion in the foreign exchange (forex) market in the first six months of 2020. The banking sector regulator disclosed this in its ‘Half-year Activity Report,’ as of June 2020, posted on its website yesterday. It explained that the continued …

Fidelity Bank Plc says it has successfully issued 10-year N41.21bn in fixed rate unsecured subordinated bond at a 8.5 per cent coupon rate due in 2031. It disclosed this in a statement on Sunday titled ‘Fidelity Bank Plc successfully issued the largest ticket Tier II local bonds in Nigeria’. The …

Ecobank Nigeria, a wholly owned subsidiary of leading pan-African banking giant, Ecobank Transnational Incorporated (‘ETI’), the parent company of the Ecobank Group, announced that it has successfully priced its USD 300 million bond issuance maturing in February 2026, with settlement of the bond to take place on 16 February 2021. …

The Central Bank of Nigeria (CBN)  has disclosed that total remittances from Diaspora dropped by 71.2 per cent to $5.5billion in 2020 to undermined the effect of global COVID-19 lockdown. The international payments data of the apex bank revealed that Nigeria total remittances tumbled in 2020 as COVID-19 pandemic affected …