The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million. It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026. This ends the previous special authorisation permitting individuals to withdraw ₦5 million …
Wema Bank Plc may emerge as the best-performing banking stock in 2025 on the Nigerian Exchange Limited (NGX). A review of the NGX stock market data by Pinnacle Daily, from the beginning of the year to the end of November, points in this direction. It shows Wema Bank as the only bank that has crossed the …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation. It issued the instruction in a circular on Thursday, November 27, signed by …
Access Holdings Plc has revealed plans to raise its paid-up share capital to N27.65 billion from N26.659 billion to meet regulatory compliance before the year-end. The bank is also seeking shareholders' approval to raise an additional N40 billion, or its equivalent in foreign currency, through a private placement. The tier-1 bank announced this in a …
The Nigerian stock market returned to a bearish note on Wednesday, leaving investors with a loss of N444.32 billion at the end of the day’s trading session on the floor of the Nigerian Exchange Limited (NGX). It rebounded on Tuesday, November 25, halting its six-session downturn as investors heaved a sigh of relief with a …
The Central Bank of Nigeria (CBN) has steadily grown the foreign Exchange reserve by $6.7 billion in 11 months, starting from $40 billion in January to the current amount. The current, which is the highest in seven years, is just a few million dollars from the $47 billion recorded on the 3rd of August in …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said 16 banks have successfully met the recapitalisation requirements. He hinted at this while briefing newsmen at the 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. According to the CBN governor, the Committee noted with satisfaction the sustained resilience of …
The Central Bank of Nigeria (CBN) on Tuesday decided to hold the benchmark interest rate, known as the monetary policy rate (MPR), at 27 per cent to rein in inflation. The apex bank took the decision at its 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. Briefing newsmen after the 2-day …
The Securities and Exchange Commission has urged financial sector stakeholders to maintain a culture of compliance to safeguard Nigeria’s position in the global financial system, cautioning that the country's exit from the Financial Action Task Force (FATF) grey list should not be seen as the end of the journey. The SEC Director-General, Emomotimi Agama, gave …
The total assets of Nigeria deposit money banks (DMBs), comprising 29 commercial banks, six merchant banks, and four non-interest banks (NIBs), rose to N160 trillion ($106 billion) at the end of December 2024. The total assets of the DMBs grew by 41.31 per cent to N160.60 trillion at the end of December 2024, from …
