Senate probes Nigerian banks over illicit, excessive charges

CBN condemns airlines, shipping firms for violating export procedures

The Nigerian Senate has directed its Committee on Banking, Insurance and Other Financial Institutions to investigate allegations of illicit and excessive charges by deposit money banks in the country. The Senators also urged the Central Bank of Nigeria (CBN) to look into complaints of Nigerians in this regard, and possibly review downward all bank charges on account holders. The resolutions followed the consideration of a motion sponsored by Senator Patrick Abba Moro, who noted several complaints from Nigerians over illicit and excessive charges by Nigerian banks on their customer accounts.…

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Moody’s: Nigerian banks face $5bn foreign currency funding deficit

Moody’s: Nigerian banks face $5bn foreign currency funding deficit

Nigeria’s banks are facing foreign currency shortages because of low oil prices, volatile foreign inflows and lower remittances amid the pandemic. This is threatening to renew foreign currency liquidity pressures that blighted them during a previous oil crisis in 2016-2017, to hit $5 billion soon, Moody’s Investors Service said in a report. “Lower dollar inflows at a time when foreign currency borrowing will likely be more expensive for Nigerian banks will strain their foreign currency funding, despite substantial improvements compared to 2016,” said Peter Mushangwe, Analyst at Moody’s. “Our moderate…

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