IN SHORT: As Nigeria struggles with a shortage of cash after a swap of old banknotes with new, redesigned currency, a press release seemingly from the central bank says the exercise will be suspended until May. But the document is fake. In October 2022, Nigeria’s central bank governor Godwin Emefiele announced that new redesigned naira […]
Tag: Banking and Insurance
IN SHORT: A shortage of cash has left Nigerians scrambling for alternatives. But the claim that some digital banks are being shut down is false. Nigeria’s central bank has ordered the closure of three digital banks, according to a claim circulating on Facebook in February 2023. One version reads: “If you have money in OPAY, […]
BANKER Lance Mambondiani is stepping down as managing director of BancABC, having been head of the Zimbabwe unit of the regional financial services institution since July 2019. Sources dismissed speculation claiming the banker, known for his keen interest financial services innovation, was leaving due to a fallout with the bank’s board. His departure is however, […]
The African Development Bank (AfDB) says Zimbabwe has lost a total 102 banking correspondences in the last decade on the back of sanctions induced depreciation of the local economy. Addressing delegates at the Second Dialogue Platform on “Arrears Clearance and Debt Resolution Process for Zimbabwe”, AfDB president Dr Akinwumi Adesina said sanctions had negatively impacted […]
Kampala — Staff from Absa Bank Uganda have taken part in a community sensitisation and environmental awareness campaign in partnership with the My Tree Initiative to plant up to 6,000 trees in the Ttula-Kawempe community. The tree-planting initiative was held at the Ttula Church of Uganda Primary School in Kawempe and involved about 500 people […]
The Supreme Court adjourned the naira redesign suit for judgement after hearing arguments for and against it on Wednesday. The Supreme Court on Wednesday fixed 3 March for judgement in a suit filed by some state governments challenging the federal government’s naira redesign policy. “All the suits adjourned until 3 March for judgement,” the presiding […]
Africa Specialty Risks (“ASR”), the pan-African focused reinsurance group, has been approved as a coverholder at Lloyd’s, the world’s leading specialist insurance and reinsurance market. As a Lloyd’s Coverholder, ASR is able to work with Lloyd’s syndicates and manage delegated authorities for specialist lines of business commencing with Political Violence and Terorrism and leverage the […]
The bank said it is only reissuing the old N200 as approved by the president. The Central Bank of Nigeria (CBN) on Tuesday debunked claims that President Muhammadu Buhari approved the reissuance and release of old N500 and N1000 notes as legal tender in the country. In a statement signed by the spokesperson of the […]
Following renewed efforts to strengthen bilateral relations, the Bank of Namibia (BoN) and Banco Nacional de Angola (BNA) recently signed an agreement to formalise technical collaboration and partnership between the two institutions. The agreement has been hailed by the Governor of the Bank of Namibia Johannes !Gawaxab, and his counterpart Jose de Lima Massano, as […]
The money the CBN owes the banks are funds in the form of derivative transactions comprising forward contracts and swaps. The Central Bank of Nigeria (CBN)’s repayments on a cumulative $10.4 billion forex loan from banks could take longer than agreed, rating agency Moody’s said Thursday. The development comes as Nigeria faces a dollar crunch […]
Many believe that a further adjournment of the hearing and final resolution of the case by the court will deepen the hardships many Nigerians are grappling with as a result of the naira redesign policy of the CBN. The Supreme Court has adjourned the suit filed by some state governments to challenge the 10 February […]
Officials from Employers Consultative Association of Malawi (ECAM) say they will engage the central bank, the Reserve Bank of Malawi (RBM) to sensitize employers on the amended Pension Act. President Lazarus Chakwera on Friday assented to four bills including the Pensions Bill to become laws. ECAM executive director George Khaki said there was need for […]
Against the backdrop of confusion over the execution of the Supreme Court order to stand down the deadline for acceptance of the old Naira banknote, Nigeria’s leading retailer, Shoprite, has stopped accepting the old notes in payment for purchases at its shops. Staff at the Shoprite Ikeja Mall, who confirmed this to Vanguard said that […]
“We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday,” the bank said. The Central Bank of Nigeria (CBN) on Saturday said the scarcity of naira notes across the country is not due to a shortage […]
Abuja — Sterling Bank yesterday denied claims made by the Independent Corrupt Practices Commission (ICPC) that it stashed N258 million of the newly redesigned naira notes in its vault at the Central Business District of Abuja. The ICPC, had said in a statement that its operatives discovered the sum of N258 million new naira notes […]
MENTORS and mentees should strive to do their best and be dedicated in everything they do. This was said by Bank Windhoek’s executive: marketing and corporate communication services Jacquiline Pack when she addressed 46 mentors and mentees who participated in the first training sessions of the 2023 Katuka Mentorship Programme in Windhoek last week. According […]
The Central Bank of Nigeria (CBN) has directed commercial banks, other financial institutions(OFIs) under its regulation and payment service providers to search through their database in search of any transaction that could be tied to a wanted terrorist. The apex bank in a circular signed by the Director, of Financial Policy and Regulation Department, CBN, […]
Adjourns till February 15 The Supreme Court on Wednesday temporarily halted the move by the federal government to ban the use of the old naira notes from February 10, 2023. A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three […]