Commercial banks ignore CBN, collect old N500, N1000 from customers – Newstrends
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Commercial banks ignore CBN, collect old N500, N1000 from customers

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Commercial banks on Saturday started collecting the old N500 and N1,000 notes from their customers and hope to continue the exercise on Monday.

The came despite the denial by the Central Bank of Nigeria (CBN) that it did not direct banks to collect the old naira notes.

Many customers who went to their banks on Saturday in Lagos, for instance, were seen being attended to.

It was also observed that the cash return portal of the CBN directed people with old N500 and old N1,000 notes below N500,000 to go to their banks to make the deposit.

TheCable reported long queues were seen in front of banks as customers attempted to gain access into the banking halls.

At Access Bank in Megida Bus Stop, Ayobo, a bank official was calling out the names of customers from a sheet of paper and once a customer’s name was called, the person was allowed to proceed into the bank.

The bank official said they would stop attending to customers by 2pm.

TheCable also reported that some customers outside the bank lamented that they were unable to generate a reference number from the CBN portal.

“I have been here since 10am. This is almost 2pm. The CBN portal is saying validation error. I can’t generate the reference code so I can’t go in,” a customer, simply identified as John, said.

At branches of Access Bank and First Bank in Iyana Ipaja, customers were allowed to deposit their old notes.

Guaranty Trust Bank (GTB) branches in Ikorodu and Airport Road were also attending to customers.

At a Sterling Bank branch in Ikorodu, TheCable observed that only those who have generated the CBN reference number were being allowed in.
At the time of visit (2pm), a small group of customers at a Access Bank branch in Ikorodu were waiting to get attended to under a canopy outside the bank.

“They opened in the morning to get collect the notes. But now they’ve closed,” a customer said.

Many of the customers were trying to generate the CBN reference number on their phones — a prerequisite for entering the bank.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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