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

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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.

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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.

READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide

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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.

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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.

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READ ALSO: CBN To Sanction Banks Harbouring Unlicensed Firms

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.

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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.

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Naira Rises In Parallel Market

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The naira today appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar last weekend.
Likewise, the Naira appreciated to N1,528.65 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,528.65 per dollar from N1,532 per dollar last week Friday, indicating N3.35 appreciation for the naira.

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READ ALSO:Naira Abuse: Don’t Condemn Tompolo Over Mere Allegation, Says EFCC Boss

Consequently, the margin between the parallel market and NFEM rate narrowed to N16.35 per dollar from N18 per dollar last weekend.

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SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors

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The Securities and Exchange Commission, SEC, yesterday, has warned the investing public over the activities of Forsman & Bodenforms Limited, saying the firm is not registered to operate in the capital market or to solicit for funds from the public.

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The SEC, disclosed this on its website, stressing that its attention has been drawn to the activities of Forsman & Bodenforms Limited, which has been promoting its services in the social media.

The commission said: “The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent. The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”

READ ALSO:What May Change As Lagos Tenancy Bill Passes Second Reading

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The commission noted that preliminary investigations reveal that Forsman & Bodenfors Ltd has been actively promoted on social media platforms and online forums, adding that its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme.

The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.

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“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.

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Naira Depreciates Against Dollar

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The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

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This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

READ ALSO:Naira Appreciates At Official Market

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

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On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

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