Tag: banks

over forex infractions, CBN freezes 38 firms’ accounts

The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies…

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Banks’ Credit to Private Sector Rises to N30.189tn

  Banking sector’s credit to the private sector rose by N757 billion or 2.57 per cent to N30.189 trillion as of July 2020, compared with the N29.432 trillion it was…

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Nigerian Banks Restructure $20 Billion of Loans as Virus Hits

Nigerian banks are restructuring 41% of loans in the country after the central bank placed a moratorium on interest charges and principal debt repayments to cushion the blow of lower…

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Ugandan Banks to Cut Loan Rates After Governor Threatens Action

Ugandan lenders pledged to reduce the cost of borrowing after the central bank threatened to set pricing in line with the lowest benchmark interest rate recorded. Commercial banks “heeded the…

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IMF advises banks to suspend dividend payment

The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, made the…

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