As part of efforts to sustain the growth of the banking sector, the Central Bank of Nigeria (CBN) yesterday unveiled guidelines for operating a Holding Company (HoldCo). The HoldCo structure, which was introduced in 2010, permits banks or banking groups to retain non-core banking businesses by evolving into a non-operating […]

The new Cash Reserve Requirement policy by the Central Bank of Nigeria (CBN) may have started affecting the profits of some Deposit Money Banks as witnessed in the first quarter report of some banks. Three major banks who posted their first quarter result yesterday recorded huge reduction in profits compared […]

Nigeria’s naira currency weakened against the dollar on the interbank market on Wednesday, with the dollar in demand as importers sought to meet their foreign exchange needs. The local unit closed at 162.30 to the dollar, weaker than 161.75 Tuesday’s closed. Traders said dollar supply from oil companies and offshore […]