The Nigeria Deposit Insurance Corporation reimbursed customers of Heritage Bank, Union Homes, and Aso Savings within three days of closure by using linked BVNs to transfer funds quickly to alternative accounts.
The Nigerian Exchange Banking Index has surged over 10% in 2026 as five major banks demonstrate strong capital positions ahead of the Central Bank's recapitalization requirements.
The Nigerian naira appreciates against the US dollar, trading at N1,351.02 in the official market as external reserves climb to $47.02 billion, the highest level since August 2018. Analysts attribute the gains to CBN reforms and improved forex liquidity.
The Central Bank of Nigeria has authorized Bureau De Change operators to purchase dollars directly from the official foreign exchange market with a weekly limit of $150,000 per operator to boost retail supply.
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Moniepoint's latest report shows digital payments now account for 43% of fuel transactions in Nigeria, with 90.9% of petrol stations using POS terminals daily, highlighting a major shift from cash in the oil sector.
Access Bank's planned acquisition of South Africa's Bidvest Bank has expired without completion due to unmet regulatory conditions, though the bank remains committed to African expansion.
The Nigerian naira has recorded its strongest performance against the US dollar since May 2024, with CBN Governor Yemi Cardoso expressing optimism about sustained monetary reforms.
Access Bank's planned acquisition of South Africa's Bidvest Bank has collapsed due to unmet conditions and regulatory hurdles, raising concerns about the Nigerian bank's expansion strategy.
The Nigeria Deposit Insurance Corporation advises customers to properly link BVN to accounts for swift reimbursement of insured deposits if banks fail, with coverage up to N5 million.
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The Central Bank of Nigeria has approved the Bank of Industry to operate a Non-Interest Banking window, expanding ethical financing options for businesses during the banking sector recapitalisation exercise.
The Nigerian naira shows resilience against the US dollar in early February 2026, trading at ₦1,363.84 in official markets and ₦1,440-₦1,455 in parallel markets amid CBN policy support.
A Nigerian returning from the UK shares his seamless experience using UBA's instant digital account opening platform, avoiding traditional banking hassles.
Summit Bank, a two-year-old non-interest financial institution, has successfully met the Central Bank of Nigeria's capital requirements ahead of the March 2026 deadline, positioning itself for growth in Nigeria's evolving banking sector.
Five major Nigerian banks have released their 2025 financial results, reporting a combined profit after tax of N502 billion and significant growth in customer deposits, signaling strong public trust and sector resilience.
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Zenith Bank's first female CEO Adaora Umeoji celebrates her birthday while leading Nigeria's most profitable bank and inspiring women in corporate leadership.
Wema Bank has achieved a historic milestone by joining Nigeria's exclusive N1 trillion market capitalisation club, becoming the 24th most valuable listed company on the Nigerian Exchange.
The Central Bank of Nigeria has approved the rebranding of FBNQuest Merchant Bank to Quest Merchant Bank Limited following its sale by First Bank Holdings, marking a strategic shift in Nigeria's financial sector.
The Central Bank of Nigeria sold N8.5 trillion in Open Market Operation instruments in January, driving system liquidity into a N2.4 trillion deficit and pushing interbank rates higher.
First Abu Dhabi Bank reveals plans to establish a representative office in Lagos, marking its entry into sub-Saharan Africa with focus on Nigeria's infrastructure and energy sectors.
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As Nigeria's banking sector approaches the March 31, 2026 recapitalization deadline, top performers like Access Bank and Zenith Bank exceed requirements while others face potential mergers or downgrades.
The Nigerian naira continues its impressive rally against the US dollar, recording seven consecutive days of appreciation and securing a new exchange rate at the official market.
Zenith Bank Plc is closing in on the N3 trillion market capitalization milestone as investor confidence grows ahead of Q4 earnings and CBN recapitalization deadline.
First Bank Holdings Plc has written off N748 billion in legacy bad loans, causing a 92% profit decline. Chairman Femi Otedola explains this as a necessary one-time action for long-term stability and future growth.
First Bank Holdings Chairman Femi Otedola details the strategic decision to write off N748bn in bad loans, aligning with CBN directives to ensure long-term financial stability despite a 92% profit drop.
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Wema Bank Plc announces stellar 2025 results with 124% profit growth to N193.2bn, N653.3bn gross earnings, and 30% deposit increase to N3.28 trillion.
Kuda Microfinance Bank has secured a national licence from the Central Bank of Nigeria, enabling it to establish physical banking operations across the country while maintaining its digital-first strategy.
Four Nigerian banks face potential mergers ahead of March 2026 CBN recapitalisation deadline, with Union Bank, Keystone Bank, Unity Bank, and Polaris Bank exploring strategic options.
UNICEF and Standard Chartered Foundation partner to create 1,500 sustainable job opportunities for young Nigerian women aged 18-24, focusing on economic inclusion and tackling youth unemployment.
Former Central Bank of Nigeria Governor Godwin Emefiele has retreated from public life after facing financial misconduct allegations. This article explores his current situation, legal battles, and career background.
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The Central Bank of Nigeria's withdrawal of N3.7 trillion through treasury and OMO bill sales has pushed the banking system into a N2.5 trillion liquidity deficit, tightening money market conditions significantly.
