…….assures the banking public of seamless repayment of deposits Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) on monday June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes […]
The Nigeria Deposit Insurance Corporation (NDIC) has officially launched its Anti-Corruption and Transparency Unit (ACTU) in collaboration with officials from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) at the NDIC headquarters in Abuja. The MD/CEO of NDIC, Bello, stated that the establishment of the ACTU aligns with the Organisation’s zero-tolerance policy towards […]
Central Securities Clearing System Plc (CSCS), Nigeria’s premier Financial Market Infrastructure company, has appointed Nonso Okpala, Group Managing Director/CEO of VFD Group, into its Board. Nonso Okpala, who currently serves as the Group Managing Director and Chief Executive Director of VFD Group, a proprietary investment company with diversified portfolio – a company he co-founded with […]
……. as BDCs Post Losses Over Expensive Dollar Allocations The Association of Bureaux De Change Operators of Nigeria (ABCON), the umbrella body of all Central Bank of Nigeria (CBN)-Licensed Bureaux De Change (BDCs) in Nigeria has appealed to the Apex Bank to adjust and lower its applicable Exchange Rate downward below the N1,251/$ its pegged […]
The Central Bank of Nigeria (CBN) has raised the minimum capital requirement for Deposit Money Banks (DMBs) with the national licences from N25 billion to N200 billion. The Nigeria’s apex bank also increased the capital requirement for banks with regional licences from N15 billion to N50 billion and banks with international licences from N100 billion […]
VDF Group Plc has stressed the need for increased financing for the entertainment and media industry to boost foreign exchange earnings and economic development. The Managing Director of Splitar Limited, Mr Folagbade Adeyemi, stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc. Adeyemi noted […]
The Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation. The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s […]
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs) on allocation of dollars to them. The circular revealed that each BDC has been allocated $10,000 at a rate of N1,251/$1. The circular, which was released on Monday, mandated the BDCs to sell the allocated dollars to eligible customers […]
The Nigeria Deposit Insurance Corporation (NDIC) remains committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted. The Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan made the remark during a courtesy visit of the NDIC Management to the Executive Chairman of the Economic and […]
Nigeria’s currency, naira rose to a two-month high of N1,382.35 per dollar on Thursday at the official foreign exchange market. The gains are in response to foreign exchange reforms by the Central Bank of Nigeria (CBN) that have helped boost investor confidence and dollar supply. The gains were recorded against the former N1,600 to a […]