NDIC: Banks Can Withstand Impact of Oil Price Decline

The Managing Director of the Nigeria deposit insurance corporation (NDIC) Alhaji Umaru Ibrahim has disclosed that Nigerian banks can survive the impact of the current falling price on the economy.

Ibrahim also said with the federal government’s response to the situation, banks would emerge even stronger after the challenges.

Speaking yesterday at the 35th Kano International Trade Fair held, the NDIC boss, represented by the Director Assets Management, Alhaji  Bashir Dada assured depositors that

Stop placing unrealistic targets on marketers, CBN tells banks

The Central Bank of Nigeria, CBN has warned commercial banks operating in the country against placing unrealistic deposit targets on their marketers.

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

The apex bank gave the warning during the 2014 Bank Directors Association of Nigeria stakeholders’ forum held in Lagos.

The warning is as a result of the current practice by some financial institutions in the country whereby prospective employees are forced to meet unrealistic deposit target as a pre-requisite for employment or promotion.

The practice, according to the CBN Governor, Mr. Godwin Emefiele who was

Fitch: Nigerian banks performing well despite hurdles

Fitch Ratings says in a new special report that Nigerian banks are performing well despite the twin hurdles of tight monetary policy actions and new banking rules.”This is mostly supported by continuing robust economic growth. Nevertheless, we expect bank performance and growth to moderate over the next 18 months due to Central Bank of Nigeria actions aimed at protecting the economy and the banking system,” says Mahin Dissanayake, Director in Fitch’s EMEA Financial Institutions team.

The CBN’s stance also shifted towards protecting the consumer through its revised rules on banking charges introduced in 2013. All these moves, however, led to weaker profitability and stemmed credit growth in H114 – a trend that is likely to continue into 2015.

All Fitch-rated Nigerian banks were profitable in