Banks battle to stem Forex round tripping

With reports of foreign exchange round-tripping rocking some commercial banks in the country, most banks have evolved strict processes for customers to secure their Basic Travel Allowance and other foreign exchange needs.
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NIGERIAN ENTERPRENEURS SCARE: GOVERNMENT POLICIES THAT DESTROYED BIG-TIME BUSINESSES

Only the naïve entrepreneur in Nigeria is excited with the contemplation of floating a manufacturing concern. The wise ones, schooled in the experiences they have had to contend with in the ever changing dynamics of manufacturing and other investments tasks in the production lines have fled the scene to the shelter of trading and merchandising. [...]

OCEANIC BANK, BANK PHB AND STERLING BANK GET CBN LIFELINE

Nigeria’s version of the global credit crunch might have crystalised into a reality that may not be easily wished away. Reports from sources inside the Central Bank of Nigeria asserted that three banks in Nigeria have been given lifelines to shore up their liquidity standing. These banks according to the source are; Oceanic Bank [...]

INVESTMENT EXPERT SAYS BANKS EXPANSION TO OTHER AFRICAN COUNTRIES IS ANOTHER RAT-RACE

An investment expert, Mr. Jide Ogunleye, has questioned the rationale of Nigerian banks newly found fervor for expanding their operations into African countries with low economic generation capacity. Ogunleye, who is the Chief Executive Officer of Denaro Capitals, said the acquisition and establishment of Nigerian banking brands in countries in West and East Africa [...]

BANK MDs TROOP TO FIRST BANK FOR BAIL-OUT…FINANCIAL INSTITUTIONS REJECT SHARES AND PROPERTY AS COLLATERAL

First Bank of Nigeria might have become the unofficial lender of last resort for many banks currently experiencing liquidity problems. A bank is said to experience liquidity crisis when it can not support its short term obligation to its customers by itself. Thus to continue to serve the needs of its customers, the bank may [...]

NCAM: A DAY OUT WITH AUTO SALES LEGENDS OF OUR TIME IN NIGERIA

Even though there is no business existence without its challenges, there is one particular line of business in this country that takes lots of guts and down to finger pushing to get it off the ground. It is even more stringent due to the saturation of the market, even though some players belief otherwise. [...]

FINANCE MINISTER PETITIONED OVER CBN REVERSAL OF BANKS’ UNIFORM YEAR END

A corporate lawyer, Mr. Roy Bassey Ukoh and a forensic accountant, Mr. Ori Adeyemo, have, in a joint petition forwarded to the Minister of Finance, protested the reversal of the adoption of common year end by commercial banks as earlier directed by the Central Bank of Nigeria.

The two petitioners said they were compelled [...]

WESTERN UNION MONEY TRANSFER: CBN TO PENALISE BANKS FOR WRONG PAYMENTS

In response to the torrent of complaints and petitions against commercial banks that had wrongfully or by default paid money transferred to beneficiaries through the international fund transfer platform of the Western Union Money Transfer, the Central Bank of Nigeria has issued to commercial banks, additional information requirements and directive on Western Union Money Transfer [...]

REVELATION OF CBN’S DISTRUSTS OF NIGERIAN BANKS

They say the Nigerian banking industry has some of the finest brains in the whole of the black African continent. Nobody should dispute this, if those white goons of the departed apartheid regime had not stayed longer than required, those South African banks that strut around telling who cares to listen of their grand size [...]