Category Archives: Banking

Banks to phase out old cheque books December 31

Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020.

They have also urged customers to request new cheque books.

One of the banks, Access Bank, disclosed this to its customers through an email on Wednesday, entitled ‘Important updates on chequebooks and NEFT transfer.’

Currency in circulation dropped to N2.39tn in August – CBN

The currency in circulation dropped by N25.03bn from N2.39tn as of the end of July to N2.36tn as of the end of August, latest figures from the Central Bank of Nigeria revealed on Thursday.

The figure, which stood at N2.35tn as of the end of May, rose to N2.29tn as of the end of June.

BOI : We’re warehousing data on 2,418,936 Social Loan Recipients

The Bank of Industry on Thursday said it had the database of 2,418,936 beneficiaries of Government Enterprise and Empowerment Programme.

In a statement titled ‘Bank of Industry debunks false report on TraderMoni in Kwara State’, spokesman for the organisation, Mr Bisi Daniel, said the bank had the necessary details of beneficiaries of the government intervention programme.

CBN grants Greenwich Merchant Bank operational licence

The Central Bank of Nigeria has granted Greenwich Trust Limited a licence to operate as a merchant bank in the country.

An email from Greenwich Trust Limited on Thursday said the entity would be known as Greenwich Merchant Bank Limited.

Asian stocks set for higher open on central bank support

Asian shares looked set to rise on Friday following pledges by central bankers globally to do whatever it takes to support the economic recovery while oil perked up as OPEC threatened to clamp down on member states that did not cut output.

Australian S&P/ASX 200 futures rose 0.29% in early trading. Japan’s Nikkei 225 futures added 0.09%, while Hong Kong’s Hang Seng index futures rose 0.37%.

WorldRemit unveils cash transfer app

WorldRemit, a global digital payments company, has launched WorldRemit Transfer Tracker mobile App for recipients of money transfers which allows them to track their remittances.

The WorldRemit Transfer Tracker App is available through the Google app store in Nigeria, India, Mexico and Colombia. It will also be free to download through the app store in 90 countries in iOS and Android later this month.

‘Polaris Pearl Account to empower women entrepreneurs’

THE Polaris Pearl account will equip women entrepreneurs with the requisite knowledge and skills to run their businesses.

Nigeria, others losing $15bn to climate change, says AfDB

The President, African Development Bank Group, Dr Akinwumi Adesina, has said that Nigeria and other African countries would lose between $7bn and $15bn per annum due to climate change.

Adesina said this in his opening speech at the launch of the Global Centre for Adaptation, Africa on Wednesday.

Bank of England gears up for next stimulus push

The Bank of England is expected to signal on Thursday that it is getting ready to pump yet more stimulus into Britain’s economy as it heads for a jump in unemployment and a possible Brexit shock.

The BoE has already cut interest rates to a record low 0.1% and ramped up its bond-buying programme to almost $1 trillion to soften the impact of the coronavirus shock.

Bank loans to real estate operators hit N666.73bn

The total loans by banks to operators in the real estate sector rose to N666.73bn as of the end of second quarter of 2020 from N651.62bn in the first quarter of 2020.

The National Bureau of Statistics disclosed this in its ‘Selected banking sector data’ report for the second quarter of 2020.