Guaranty Trust Bank (GTBank), a subsidiary of Guaranty Trust Holding Company (GTCO) has been hit with a total fine of N1.7bn for foreign exchange (FX) violations and consumer protection breaches. The penalty according to its financial statement for 2024 covers the company’s operations across Nigeria, Ghana, Gambia, and Rwanda. GTCO was fined a total of…
According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week. This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved. On Friday,…
The Central Bank of Nigeria, CBN, has retained the Monetary Policy Rate, MPR, its benchmark interest rate at 27.5%. Olayemi Cardoso, governor of the CBN, disclosed this at the end of the Monetary Policy Committee (MPC) meeting of the apex bank on Thursday. The apex bank also retained the Cash Reserve Ratio, CRR at 50…
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has come under attack and a smear campaign from detractors and vested interests opposed to the ongoing economic reforms spearheaded by his administration, investigations have revealed. Findings by The Witness indicate that these attacks are being orchestrated by disgruntled elements within and outside the apex…
Local government financial autonomy in Nigeria continues to suffer setbacks despite the Supreme Court’s ruling in favor of direct revenue allocation to local councils. While the verdict was expected to end state government interference and grant local governments control over their finances, fresh hurdles have emerged, delaying its implementation. The latest requirement by the Central…
The Central Bank of Nigeria (CBN) has announced that next-of-kin, beneficiaries or legal agents can now claim unclaimed funds from inactive accounts by submitting applications to financial institutions. According to a report, the new directive provides a clear process for reclaiming unclaimed balances, ensuring that rightful owners can access funds left dormant for extended periods….
