CBN Suspends Repayment on Intervention Loans in OFIs, Cuts Interest Rate to 5%

  The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating other financial institutions (OFIs) from nine to five percent per annum for one year, effective from March 1, 2020. The CBN announced the reduction in a circular signed by Kevin Amugo, director of the financial policy and regulation department. The apex bank said the move is part of its continued effort to mitigate the impact of the COVID-19 pandemic on households, businesses and regulated institutions. It announced that CBN intervention facilities obtained through participating…

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COVId-19: Heritage Bank Set To Disburse CBN’s N100bn Loan, Sells FX to SMEs, Education Sectors

As part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s dwindling economy, Heritage Bank is set to disburse the N100billion set aside by the Central Bank of Nigeria (CBN). This is in line with the apex bank’s policy to introduce another intervention scheme directed to the health sector, which is known as the NGN100 Billion Credit Support for the Healthcare sector (the Scheme). Specifically, the scheme is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or…

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Dollar Sells For N450 in Parallel Market

The dollar sold for N450 in the parallel market on Friday, showing a shallow and dry reflection of the foreign exchange market. Impact of the crude oil prices which had been fluctuating, and fell to as low as $21, had also been taking its toll on the strength of the naira. The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, the N450/$ rate that closed the week (Friday) was a reflection of the shallowness and dryness of the foreign exchange market. He said this was…

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BOI Donates N700m Relief Fund to Lagos, FCT

The Bank of Industry (BOI) has donated the sum of N700million in relief funding as part of its contribution in advancing regional efforts to combat the spread of coronavirus disease (COVID-19) pandemic through the supply of critical care equipment, facilities and essential relief aid. Out of the N700million, the institution has contributed N500 million of its relief funding to the Private Sector Coalition Against COVID-19 (CACOVID). Financial support of N100 million will be donated to the FCT Ministerial Committee on COVID-19 and the Lagos State Government will be given a…

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COVID-19: Heritage Bank Offers Seamless Service to Customers, Curbs Impact of Virus

As the world grapple with the impact of the outbreak of Coronavirus pandemic, which has continued to cause worldwide challenges for healthcare systems, economies and corporate organisations, Heritage Bank Plc has taken practicable steps to offer seamless services to customers, whilst ensuring the health and safety of their workers and others at the workplace. The bank, however, has adopted a crisis response measures in place to minimise and manage the risk arising from the disease known as COVID-19 and ensure that the payment infrastructure and logistics to maintain operations going…

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Keystone Bank Donates N1bn to Fight Against COVID-19

As part of a robust effort to combat the deadly coronavirus outbreak in Nigeria, the management of Keystone Bank has announced the donation of N1 billion for the purchase of relief materials, critical care facilities and protective gear to contain the spread of the virus. The pledge was made during the Bankers’ Committee meeting held recently to support the Central Bank of Nigeria in its bid to raise funds for the fight against coronavirus pandemic through the newly-formed Nigerian Private Sector Coalition Committee against COVID-19. In a press statement, the…

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Fidelity Bank Staff Tests Positive for COVID-19

Fidelity Bank says one of its staff who returned from a holiday in the United Kingdom has tested positive for coronavirus. In a statement released on Tuesday, the bank said the individual has embarked on self-isolation upon his arrival in the country in line with its policy that mandates staff/family members who have travelled overseas in recent time to self isolate for 14 days and test for the virus before returning to work. “Fidelity Bank mandates staff or immediate family member(s) who travel out the country to self-isolate for two…

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Access Bank Shuts VI Branch After Customer Tests Positive To Coronavirus

Access Bank Plc says it has temporarily closed its Ligali Ayorinde branch for thorough disinfection. This comes after a customer who visited the branch on Monday, March 16, tested positive for coronavirus. According to a statement released on Monday by the bank, the individual was symptom-free at the time of the visit. “We have just confirmed that an individual who visited our Ligali Ayorinde Branch on Monday, March 16, 2020, has tested positive for coronavirus,” the statement read. “He was symptom-free as at the time of the visit and he…

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Access Bank Shuts VI Branch After Customer Tests Positive To Coronavirus

Access Bank Plc says it has temporarily closed its Ligali Ayorinde branch for thorough disinfection. This comes after a customer who visited the branch on Monday, March 16, tested positive for coronavirus. According to a statement released on Monday by the bank, the individual was symptom-free at the time of the visit. “We have just confirmed that an individual who visited our Ligali Ayorinde Branch on Monday, March 16, 2020, has tested positive for coronavirus,” the statement read. “He was symptom-free as at the time of the visit and he…

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‘United Alliance, Not Access Bank, Owed Intercontinental Bank N14.2bn’

It has been revealed that United Alliance Company of Nigeria Limited, not Access Bank Plc, owed the defunct Intercontinental Bank N14.2bn as of the time the bank went under. An official of the Nigeria Deposit Insurance Corporation, Mr Paul Akali, made this known to the Federal High Court in Lagos on Friday. Akali told the court that contrary to the rule, then Managing Director and Deputy Managing Director of Access Bank, Aigboje Aig-Imoukhuede and Herbert Wigwe, respectively, were directors in United Alliance Company of Nigeria Limited. Akali was testifying in…

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