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Naira Scarcity : Latest CBN News Today 9th April 2023

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline
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Following the Naira Scarcity in Nigeria, GoldenNewsNg has compiled Latest CBN News and Update on Naira Notes Today 9th April 2023.

 

CBN Set to Close Millions of Bank Accounts in GTB, Access, Zenith, First Bank, and Others- See Reasons

The Central Bank of Nigeria (CBN) has recently made an announcement to address the increasing incidents of fraud in the financial sector. As part of their efforts to combat this problem, the CBN has planned to close millions of bank accounts that are not linked to a Bank Verification Number (BVN).

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CBN tight monetary policy affecting banks’ profits, says operator

The CEO of Cowry Asset Management, Johnson Chukwu, has said that more Nigerian banks will pursue cross-border expansion due to the Central Bank of Nigeria’s adoption of a hawkish monetary stance.

The CEO explained that the hike in the benchmark interest rate has led to higher lending yields and consequently eaten into banks’ net interest margins, spurring Nigerian banks to move into other African markets to benefit through risk diversification and greater profit opportunities for shareholders.

The adoption of Holdco structures by many local lenders will help swathe the increasing competition from fintech and diversify their earnings in the face of the present tight monetary policy regime, thus enhancing their topline.

The banking sector has seen an upsurge due to the increase in transactions electronically and through several payment options.

Rising Competition and Tight Monetary Policy Drive Nigerian Banks to Pursue Cross-Border Expansion and Holdco Structures

 

The Central Bank of Nigeria (CBN) is planning to introduce a regulation that will make it harder for financial institutions to convert to a holding structure, as more banks are showing interest in operating a holding company structure. Currently, eight commercial banks are either fully operating a holding structure or finalising their holding company structure. However, the CBN is not comfortable with the increasing number of banks applying for the structure, and the regulation aims to provide clarity on the requirements for changing operating licences for banks and Other Financial Institutions (OFIs). The draft guidelines state that eligible financial institutions are not permitted to expand or reduce their current banking network or engage in any banking activity specific to the proposed new licence during the conversion process, except in line with the bank’s conversion strategy submitted to the CBN.

 

Naira crisis: Cash circulation low, NLC tells CBN

The Central Bank of Nigeria has been given a two-week ultimatum by the organized labour to provide adequate cash, failing which its offices will be picketed, as per a warning issued by the labour. Adewale Adeyanju, Vice–President of the Nigeria Labour Congress, said that the congress is keeping an eye on the cash supply to commercial banks by the CBN and that the current cash flow is not meeting expectations. However, he also acknowledged that the situation has improved compared to the past few weeks. The scarcity of naira notes has exacerbated the country‘s hardship, and a few weeks ago, the NLC announced its intention to picket CBN state offices nationwide.

 

 

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