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Valentine's Day: Spend on Love While Saving Money in Nigeria
Learn how PalmPay's Spend & Save feature helps Nigerians balance Valentine's Day expenses with financial goals. Discover the #LoveWithPalmPay campaign with N800,000 prize pool.
Category : Banking
Goldman Sachs Counsel Resigns Over Epstein Links
Former White House counsel Kathryn Ruemmler resigns from Goldman Sachs after emails reveal extensive ties to Jeffrey Epstein, including gifts and disparaging remarks about Trump.
CBN Fines Banks N10m for Unaccredited Cheque Printers
The Central Bank of Nigeria has announced strict sanctions, including fines up to N10 million, for deposit money banks that use unaccredited cheque printers to enhance security and efficiency in the clearing system.
CBN Bans Money Bouquets as Naira Abuse Before Valentine's
The Central Bank of Nigeria has classified money bouquets as a form of naira abuse, warning offenders face prison or fines. This crackdown comes just before Valentine's Day celebrations.
NDIC Uses New Act to Recover N1.5trn from Failed Banks
The Nigeria Deposit Insurance Corporation is intensifying efforts to recover approximately N1.5 trillion in debts and assets from nearly 150 failed financial institutions using enhanced legal provisions under the NDIC Act 2023.
Naira Gains for Third Week After CBN BDC Policy Change
The Nigerian Naira appreciated against the US dollar, pound sterling, and euro in the official market, marking a third weekly gain following the CBN's decision to permit BDCs to buy dollars from banks.
NDIC Pays Failed Bank Depositors in 72 Hours via BVN
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.
5 Nigerian Banks Lead Stock Surge Before CBN Recapitalization
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.
Naira Gains as Nigeria's Reserves Reach 8-Year Peak
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.
CBN Allows BDCs to Buy Dollars from Official Market
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.
Digital Payments Hit 43% of Nigeria's Fuel Transactions
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 Bidvest Bank Deal Collapses
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.
Naira Hits Best Exchange Rate Since May 2024
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 Bidvest Acquisition Deal Collapses
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.
NDIC: Link BVN for Faster Bank Deposit Refunds
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.
CBN Grants BOI Non-Interest Banking Licence
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.
Naira Holds Firm Against Dollar in February 2026
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.
UK Returnee Shares UBA Instant Account Opening Experience
A Nigerian returning from the UK shares his seamless experience using UBA's instant digital account opening platform, avoiding traditional banking hassles.
Summit Bank Meets CBN Recapitalisation Target Early
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.
5 Nigerian Banks Declare N502 Billion Profit, Deposits Rise
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.
Adaora Umeoji: Breaking Barriers in Nigerian Banking
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 Hits N1 Trillion Market Cap Milestone
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.
CBN Approves FBNQuest Merchant Bank Rebrand to Quest Merchant Bank
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.
CBN Sells N8.5 Trillion OMO Bills to Tighten Liquidity
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 Opens Lagos Office for West Africa Expansion
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.
Nigerian Banks Edge Closer to Stability as Recap Deadline Nears
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.
Naira Gains for 7 Straight Days Against Dollar
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 Approaches N3 Trillion Market Cap
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 Writes Off N748bn Bad Loans, Otedola Explains
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.
Otedola: FirstBank's N748bn Loan Write-Off Secures Future
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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