30 results
- 3 Oct 2025
NDIC Covers 99 Percent of Commercial Banks’ Deposits – MD
Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits, according to Mr. Thompson Sunday, managing director of…
- 11 Sept 2013
FG to Cut Deposits in Banks over their Refusal to Lend to Nigerians
The federal government said that it might be forced to cut her deposits with Deposit Money Banks (DMBs), otherwise commercial banks in the country over their reluctance to grant loans to…
- 26 Nov 2018
CBN Mulls Punishment for Banks’ Chiefs over Money Laundering
Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to be careful not to violate the money laundering Act. The warning is coming as the 2019 elections approach and political…
- 16 Mar 2022
Reps Probe Excessive, Illegal Charges on Customers’ Deposits by Banks
House of Representatives, on Wednesday, mandated its Committee on Banking and Currency to investigate the alleged excessive charges on bank transactions imposed by Deposit Money Banks, also known as…
- 20 Dec 2020
CBN Orders Banks to Close Naira Accounts of International Money Transfer Operators
Deposit Money Banks (DMBs) in the country have been ordered to close all Naira accounts operated by International Money Transfer Operators (IMTOs). This directive was given to the commercial banks by…
- 17 Apr 2024
CBN Cuts Banks’ Loan-to-Deposit Ratio to 50 Percent
Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) introducing a reduction in the loan-to-deposit ratio (LDR) to 50 per cent. So called LDR refers to the…
- 25 Jul 2018
CBN Mulls New Credit Mechanism for Real Sector @ Single Digit
To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the effort of Deposit Money Banks (DMBs)…
- 15 Feb 2019
CBN Orders Banks to Send Politically Exposed Persons Data to NIBSS
Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Micro-Finance Banks (MFBs) and other financial institutions to send data fields on Politically Exposed Persons (PEPs) as part of…
- 5 Jul 2019
CBN Okays Free Operation of Mobile Wallet by Banks
Central Bank of Nigeria (CBN) has said that Deposit Money Banks can now operate mobile money wallet services without prior approval. The banking regulator stated this in a circular to DMBs…
- 13 Jan 2018
CBN Orders Banks to Open 7.6m New Savings Accounts
The Central Bank of Nigeria (CBN ) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target. Financial…
- 16 Nov 2014
NDIC Assures Banks’ Customers Safety of their Deposit
Nigeria Deposit Insurance Corporation (NDIC) said its safety net coverage has reached 98 per cent of the customers of the Deposit Money Banks (DMBs). Besides, it gave assurance that it has no course…
- 14 Aug 2013
Banks Agree on N105Bn Sinking Fund to Clean Up Banking Mess
Deposit Money Banks (DMBs) in the country have agreed to set aside some N105 billion for a sinking fund to cover the cost of cleaning up the system after the 2008-2009 banking sector crisis and…
- 8 Sept 2010
Check ATM Fraud or Pay, CBN Tells Banks
Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) otherwise known as commercial banks in the country to check the rising incidences of fraud in the electronic payment system or…
- 29 Nov 2023
NDIC Mulls Increase of Insurance Coverage Payment to Depositors Of DMBs, MFBs, PMIs
Depositors of liquidated Deposit Money Banks ( DMBs), Primary Mortgage Institutions ( PMIs), and Microfinance Banks ( MFBs) are to, enjoy a new threshold of maximum deposit insurance coverage…
- 28 Aug 2022
CBN’s N2.9Trillion Intervention Saves Banks, Power Sector from Collapse- Report
The lifeline by the Central Bank of Nigeria (CBN) through various intervention funds may have saved Deposit Money Banks(DMBs) and the power sector from imminent collapse, according to t he Sun . Some…
- 24 Jan 2015
NDIC Grants More Rebate on Insurance Premium for DMBs
Nigeria Deposit Insurance Corporation (NDIC) has further reduced the deposit insurance premium rate to all Deposit Money Banks (DMBs) in Nigeria as part of efforts toward contributing to financial…
- 7 Jul 2015
NDIC Says N25.6Bn Stolen from Nigerian Banks in 2014
Deposit Money Banks (DMBs) in Nigeria has reported a ₦3.81 billion or 17.5 per cent increase in the value of fraud cases from ₦21.80 billion in 2013 to ₦25.61 billion in 2014. The amount involved…
- 5 Nov 2020
Banks’ Borrowings from CBN Drops by 93%
Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93 percent in August, driven by surge in idle cash (excess liquidity) in the interbank money market.…
- 2 Jul 2024
CBN to sanction banks rejecting old and small Dollar denominations
Central Bank of Nigeria (CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars. In a circular issued by the Ag.…
- 26 Aug 2016
CBN Warns Banks on Illicit Money Transfer Flows
‎Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the…
- 9 Feb 2018
Banks Battle Fraudsters over Fake Alerts
Deposit Money Banks (DMBs) in the country are stepping up measures to check the activities of fraudsters who defraud some Nigerians through fake bank alerts scam. According to findings by New…
- 9 Nov 2016
CBN Goes Tough on Illegal IMTOs, Banks over Money Transfers
Central Bank of Nigeria (CBN) has threatened to deal with any illegal International Money Transfer Operators (IMTOs) in the country when caught, warning Nigerians in the diaspora to desist from…
- 18 Feb 2013
Minna Banks Get N57Bn Deposits in 2012
Alhaji Mohammed Kabir Dangusau, chairman, Minna Bankers Clearing House Committee in Niger State,has said that Currency Operations in the Minna Clearing Zone in 2012 indicated that N56.71billion was…
- 11 Aug 2022
All Banks Safe and Sound —NDIC
Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC) has said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank are safe and sound. Hassan made the…
- 2 Feb 2023
CBN Orders Banks to Start Paying New Notes over the Counter
Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000. Osita…
- 24 Aug 2016
CBN Lifts Forex Ban on UBA , 8 Others Remain Suspended
Central Bank of Nigeria (CBN) has deleted the United Bank for Africa (UBA) from the list of nine deposit money banks (DMBs) banned from the foreign exchange market, for hiding over $2 billion…
- 5 Feb 2021
CBN Directs Banks, Others to Shutdown Crypto Accounts
The Central Bank of Nigeria, CBN, has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having…
- 26 Oct 2017
BVN: Banks May Beg Court to Stop FG
Deposit Money Banks (DMBs) operating in Nigeria may have to run to court to challenge an order granted by a court in Abuja to the Federal Government to takeover all funds in accounts without Bank…
- 26 Oct 2020
CBN Tasks Banks on Zero Balance for New Account Opening
Central Bank of Nigeria (CBN) has urged the Deposit Money Banks (DMBs) to allow zero balance for the opening of new accounts, as part of the efforts to promote greater financial inclusion across the…
- 24 Aug 2016
Nine Banks Trouble for Hiding NNPC’s $2.274Bn
Nine deposit money banks (DMBs) are in trouble for hiding over $2.274 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA). The Central Bank…