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 Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.