Deposits on foreign accounts now limited to 10,000 dollars only

Nigeria's Apex Bank,CBN has limited the amount of deposits on foreign accounts to ($10,000) monthly per customer. This was made known by text messages and mail recieved by some customers of certain banks.

Below is what Stanbic Ibtc sent to a customer

Esteemed Customer,


Thank you for banking with us.


We write to inform you that foreign transfers from domiciliary accounts on the back of funding through cash deposits is now restricted to a maximum of Ten Thousand Dollars ($10,000) monthly per customer. This adjustment applies to all customers irrespective of the number of accounts operated and will take effect from 01 December, 2016.


However we will continue to accept cash deposits to domiciliary accounts in line with subsistent regulatory guidelines.


For further enquiries on this revision as well as our bouquet of products and services, please call 01 270 9676, email CustomerCareNigeria@stanbicibtc.com or visit the branch nearest to you.


Yours Sincerely,


Stanbic IBTC Bank PLC

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CBN reveals list of banks with the lowest and the highest lending rates

The Central Bank of Nigeria  (CBN) has released the list of Nigerian banks with the lowest and the highest lending rates.

In the release, CBN unveiled the applicable rates for each of the deposit money banks (DMBs) as at September 30, showing the lowest and the highest rates from the 24 lenders.

This unveiling showed that United Bank for Africa (UBA), Skye Bank, Access Bank, FCMB, Fidelity Bank, First Bank of Nigeria, Sterling Bank, and Wema Bank, were all cited to have loan facilities with a single interest rate for agriculture.

Skye Bank, Keystone Bank, Unity Bank and Wema Bank had the highest lending rates, around 30 percent to 31 percent on the maximum.

Citi Bank, Coronation Merchant Bank, Guaranty Trust Bank, and Rand Merchant Bank, paraded the lowest interest rates, between 20 percent and 22 percent on the maximum.

CBN has also promised to published the lending rates of every Wednesday in some selected national Newspapers.

The rates will also be available on the website of the Central Bank of Nigeria.




- NAN

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World Bank To give Nigeria $1.3BN to start up Development Bank of Nigeria

Nigeria has reached an agreement with the World Bank Group and other development partners for the release of $1.3bn for the take-off of the Development Bank of Nigeria.



Mrs. Kemi Adeosun, the Minister of Finance, said this on Sunday in Washington DC, United States of America at the closing press conference marking the end of the World Bank/International Monetary Fund’s annual meetings.

Adeosun, who spoke alongside the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, explained that the DBN would serve as a means of intervention for the Small and Medium-sized Enterprises in the country to get funds to run their operations and expand in order to achieve inclusive growth for the country.
 “An agreement was reached on the final steps for the take-off of the Development Bank of Nigeria, which had been stopped due to some issues; we have resolved all those issues, the recruitment process has now been finalised, with management team put in place; and this will release $1.3bn, which is aimed at supporting our SMEs and the SMEs are part of the engine that will spur the growth of our economy” she said.

The minister also said that the Nigerian delegation to the meetings had high-level discussions with the multilateral agencies on the challenges in the power sector, especially the financial issues, and that an agreement was reached for a workshop to hold in Abuja in November to be attended by the World Bank Group, International Finance Corporation and the Multilateral Investment Guarantee Agency, which provided partial risk guarantees.


Adeosun added that the World Bank would be bringing its specialist power finance team to see how they could proffer financial solutions to the challenges of the power sector in Nigeria.

The minister said, “We also met with the Japan International Cooperation Agency (JICA), and we secured their commitment to facilitate trade and investment in Nigeria; specifically, they have agreed to make investments in agriculture, especially in the fisheries sector, and we have made progress on the Jebba hydro project, which is also a power project.

“Our constituency, which represents South Africa, Nigeria and Angola, had a meeting and we reviewed the fact that the allocations to our constituency are among the poorest, particularly from the IFC, which are unacceptably low. What we have agreed to do is that we will be hosting a meeting in Abuja in March for the three finance ministers and the idea is that we will benchmark and scale up our technical capacity to ensure that we are able to get more of what is available for the three countries.

“We also secured commitments from the Canadian ministry of finance to support us in the PPP platform for roads; they have successfully developed a PPP platform for road investment and they have offered to support us on the technical front in that regard.”

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Bring Peace to Niger Delta Region and restore the oil production target of 2.2 million barrels per day - NASS Tells PMB

The National Assembly has called on President Muhammadu Buhari to engage in meaningful and inclusive dialogue with the aggrieved Niger Delta militants to avoid an escalation of the militancy in the region.



The National assembly agreed that the government needs to ensure the protection of the nation’s oil and gas assets to facilitate increase in oil production and boost revenue therefrom.


The House, in the motion, also adopted the 25 point resolutions of the Senate adhoc committee on the ‘state of economy’ on September 27, 2016.

The House said: “Government must engage in meaningful and inclusive dialogue with the aggrieved Niger Delta militants to avoid an escalation of the unrest in the region and ensure protection of our nation’s oil and gas assets to facilitate increase in oil production and boost revenue therefrom.  “To this end, we advise Mr. President to, as a matter of urgency, raise a team that should coordinate the government’s engagement with all stakeholders in the Niger Delta region and the team should include the elected representatives from the zone.”

The National Assembly also advised the fiscal and monetary authorities to meet a view to harmonising all policies that lower interest rates for genuine investors in the real sector as well as medium and small scale farmers and processors. The NASS advised the government to restore the oil production target of 2.2 million barrels per day in order to shore up our foreign reserves. It said peaceful means should be immediately crafted and adopted to stop the vandalisation of petroleum and gas assets in the Niger Delta region.

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Sack CBN Gov, Emefiele Now – House of Rep Members Demand…Find Out Why

CBN Governor "Godwin Emefiele"

The house of rep has demanded for the sack of The current CBN Governon “Godwin Emefiele” whose wife was rescued from the hands of the kjdnappers recently .





In a motion entitled ‘Call for investigation of the Central Bank of Nigeria’s forex policies’, which was sponsored by Hon Ali Isa, some members of the federal house of representatives have today, October 5, called for the sack of the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and his entire team over the continuous fall of the naira at the parallel market.
Moving the motion of the sacking on the floor of the house, Isa said despite the weekly releases by the CBN to the Bureau de Change (BDCs) and the banks, the value of naira against the dollar had continued to depreciate.

According to TheCable News, Mojeed Alabi who contributed to the debate for the sacking of the CBN boss, expressed dismay that the CBN governor ignored several invitations to discuss some of the bank’s policies with the lower chamber.
“Over the falling of the naira, the CBN governor and his team should be sacked,” Alabi said.

While calling for the sack of the CBN governor, another lawmaker, Wale Raji, said Nigeria is the only country that quotes “black market” figures as officials.

“Who is in charge of our Forex CBN or the black market? This is the only country in the world where the black market rates are quoted on television. If Nigeria were to be a normal country, the CBN governor and his team should be sacked,” Raji said.

However, the minority leader of the house, Leo Ogor, kicked against the sack of the CBN governor, he said the legislature in conjunction with executive should find a solution to the problem. “The only thing we do is pay lip service,” he added.

The house resolved to set up an ad hoc committee to interact with the BDCs and other establishment that receive foreign exchange directly from the CBN, so that they can explain how they utilis the forex.

The house adopted the motion after it was put to a voice vote by Yakubu Dogara, the speaker.

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