banks

₦29b recovered from debtors of liquidated banks – NDIC

April 4, 2019 10:14 am

The Managing Director of Nigeria Deposit Insurance Corporation ( NDIC ), Umaru Ibrahim has said that, the corporation has so far recovered N29 billion from debtors of liquidated deposit money bank, microfinance banks and primary mortgage banks.

He said that NDIC insured limits of N500, 000 for depositors in deposit money banks, non-interest bank and primary mortgage banks and N200, 000 for depositors in microfinance banks currently covers 95 percent of depositors across the country, 96.8 million accounts and 97.63 percent of the entire accounts in the banking system.

Addressing the NDIC Special Day at the 40th Kaduna International Trade …

S&P affirms Access Bank’s ratings

March 28, 2019 10:02 pm

Following the merger between Access Bank Plc and Diamond Bank, one of the global rating agencies, Standard and Poor’s (S&P), Thursday announced that it has discontinued its ‘CCC+/C’ long- and short-term issuer credit ratings and its ‘ngBB/ngB’ Nigeria national scale ratings on Diamond Bank.

At the same time, it affirmed the ‘B/B’ long- and short-term issuer credit ratings and ‘ngA/ngA-1’ Nigeria national scale ratings on Access Bank and assigned the bank a stable outlook.

According to S&P, the affirmation of its ‘B/B’ ratings on Access Bank was based on its view that short-term acquisition risks were likely to be offset …

Central banks in ECOWAS meeting on single currency

February 22, 2019 1:33 am

Central banks of members of the Economic Community of West African States (ECOWAS) are meeting to take stock of the progress made so far on a single currency for the region by 2020.

The 53rd meeting of the Committee of Governors of Central Banks opened on Thursday in Dakar.

The meeting is organized by the Central Bank of West African States (BCEAO) and the West African Monetary Agency (AMAO).