Business

ATMs To Be Upgraded For Loans Services As CBN Gives Banks Ultimatum…

Published

2 years ago

May 18, 2023

The Central Bank of Nigeria (CBN) has proposed a solution to enhancing credit accessibility within the country.

It suggests that banks upgrade their Automated Teller Machines (ATMs) to provide loan services.

The innovative step was captured in CBN’s Payments System Vision 2025, published on its website and obtained by Legit.ng Part of the document reads: “ATMs should be optimised to perform all other financial services outside cash – credit scoring, loans disbursement, and to be available in remote areas.”

When implemented, it is expected to go a long way in helping bank customers in dire need but with low account balances to have access to quick cash.

It will further help banks meet CBN loan requirements.

According to a recent ThisDay report, five major Nigerian banks failed to meet the CBN’s loan-to-deposit ratio (LDR) of 65% during the 2022 financial year.

The loan-to-deposit ratio stipulates that banks must allocate N65 as loans for every N100 they have as deposits, ensuring a healthy flow of credit into the economy.

Banks failed to meet CBN LDR rules

Access Holdings Plc, Guaranty Trust Holdings Company Plc (GTCO), United Bank for Africa Plc (UBA), Zenith Bank Plc, Sterling Bank, and Stanbic IBTC fell short of this requirement, as reported by ThisDay.

Digging into the specifics, Access Holdings recorded a 58.70% LDR in 2022, while Zenith Bank Plc’s LDR stood at 51.6% in the same year.

GTCO closed 2022 with a 39.81% LDR, while UBA’s LDR decreased to 34.87% in 2022. In 2022, Sterling Bank reported a 54.10% LDR, and the FCMB group completed the list of banks that fell short of the 65% target with a 60.30% CBN sets deadline.

Meanwhile, in another report, the Central Bank of Nigeria (CBN ) has issued a 30-day ultimatum to Nigerian banks to close bank accounts without BVN.

According to the apex bank, the directive aims to promote safer, more reliable, and more efficient banking and payment systems.

Data from the NIBSS showed that 57.39 million customers’ accounts had been linked to their BVNs as of April 8, out of over 190 million bank accounts.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 day ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.