Business
ATMs To Be Upgraded For Loans Services As CBN Gives Banks Ultimatum…
Published
2 years agoon
By
Editor
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.
READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide
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.
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.
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.
You may like
Fidelity Bank Delivers Renovated Classrooms To Bauchi Govt
753 Duplexes: Abuja Court Admits Emefiele To N2bn Bail
Reps To Quiz Edun, Cardoso Over Non-compliance With Fiscal Responsibility Act
JUST IN: CBN Retains 27.50% Interest Rate Again
Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
Banks Increase SMS Rate For Per Transaction Alert

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.
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.
Business
SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors
Published
2 days agoon
July 15, 2025By
Editor
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.
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
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.
“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”.

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.
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.
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.
- Zamfara Gov Disburses ₦322m To Support 8,225 Schoolgirls
- Georgia Arrests Two Over Attempt To Sell Weapons-grade Uranium
- Natasha’s Lawyer Warns Senate Against Defying Court Order
- Ex-Super Eagles Coach, Monday Sinclair, Is Dead
- FULL LIST: JAMB Uncovers 9,460 Illegal Admissions In 20 Tertiary Institutions
- Israeli Strike On Gaza’s Only Catholic Church Kills Two
- Misconduct, Indiscipline: 151 Senior Police Officers Face Force Disciplinary C’ttee
- French Army To Leave Senegal Amid Africa Downsizing
- FG Suspends Online Application Recruitment Into Paramilitary Services
- Messi’s Multi-goal Streak Ends As Cincinnati Beats Miami 3-0
About Us
Trending
- News5 days ago
First Female Lawyer In Mid-West Region Is Dead
- News4 days ago
List Of 46 Proposed New States Submitted To House Of Reps
- Metro5 days ago
Edo: 12-year-old Girl Killed, 14 Rescued As Police, Vigilantes Battle Kidnappers
- News5 days ago
Why We Refused To Vote, Opted For Football – Lagos Youths
- News3 days ago
‘We Were In The Same Hospital,’ Abdulsalami Recounts Buhari’s Final Moments
- Metro4 days ago
Gunmen Abduct Chief Imam In Edo, Demand N30m Ransom
- News5 days ago
JUST IN: Vote Counting Begins In Yaba
- Politics5 hours ago
BREAKING: Edo 2024 PDP Campaign DG Resigns From Party, Gives Reason
- News1 day ago
Buhari Shouted Jesus Christ Of Nazareth, I Asked Him Why – Bakare
- Headline5 days ago
Nigerian Man Jailed In US For $1.3m COVID-19 Fraud