CBN condemns airlines, shipping firms for violating export procedures

CBN condemns airlines, shipping firms for violating export procedures

The Central Bank of Nigeria (CBN), on Tuesday, expressed dismay over the non-compliance with the provisions of its circular on compliance with export procedures by shipping and airline companies, especially regarding processing Bills of Lading and Airway Bill in respect of exports from the country. The circular referenced TED/FEM/FPC/GEN/001/008, drew attention to provisions of an earlier circular: TED/FEM/FPC/GEN/01/009, dated June 6, 2017 requiring that such bills should carry the Form NXP number in respect of the underlying cargos. The circular addressed to all banks the Nigerian Customers Service, Nigerian Shippers’…

Read more

Nigerians open 35.19m new bank accounts in 5 months

In the first five months of 2020 spanning January to May, Nigerian banks have recorded a total of 35.19 million new bank accounts opened by account holders across the sector, Business Metrics has gathered. Consequently, total bank accounts domiciling with the lenders as at the end of May stood at 160.038 million, rising by 28.19 per cent from 124.85 million at the end of December, 2019, according to the latest industry data obtained from the Nigerian Interbank Settlement System (NiBSS). Analysis of the statistics shows that, as at the period…

Read more

Banking sector staff strength declines to 9-quarter low

bnaks

By CSL Analysts Yesterday, the National Bureau of Statistics (NBS) published the data on key banking sector statistics. According to the report, the total staff strength of the banking sector declined by 9.5% y/y and 2.6% q/q to 94,498 persons which represents a 9-quarter low. The biggest y/y declines were recorded in Contract staff (down 15.8% y/y to 38,942), Junior staff (down 5.6% y/y to 37,733) and Senior staff (down 1.8% y/y to 17,619). On the other hand, Executive staff increased by 14.6% y/y to 204. On a q/q basis,…

Read more

Banks’ USSD debt to telcos hits N17bn, says Danbatta

NCC amends USSD pricing procedure for banking services

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta has said that commercial banks in the country are owing telecommunications companies over N17 billion following the regulator’s suspension of its Determination on Unstructured Supplementary Service Data (USSD) Pricing last year. The NCC, in furtherance of its mandate to protect the interests of consumers and support a robust telecommunications sector, recently announced that it had revised the Determination on the USSD. Speaking at ATCON’s virtual forum on “Meeting the Interests of Government, Consumers and Telecoms Companies in…

Read more

Banks as economic indicator to watch when investing and trading

stocks investment, equities

By Ambrose Omordion    Following the recent rally on the Nigerian Stock Exchange (NSE), especially among banking stocks, we believe that the time has come for investors to trade and invest with caution, considering the sharp disconnection between the market’s performance and economic realities in the country. This is so because the rally we saw recently lacks any fundamentals to support the move and is in fact a disconnect from the realities in the environment, even when the recovery seems to be normal after the sharp decline witnessed in February and…

Read more