IN the light of the recent banking crisis that ravaged the financial sector and with the attendant credit squeeze, Nigerian banks and the Central Bank of Nigeria (CBN) are moving towards entrenching retail banking culture to at least improve on their bottom-line.
Retail banking is a typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs).  Retail banking refers to banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks.

INTERBANK lending rates remained unchanged last week despite the recall of about N45 billion($303.54 million) by the Nigerian National Petroleum Corporation (NNPC) from some retail banks, traders said.

The CBN, a  fortnight ago signed an MOU with the Bank Negara Malaysia, Malaysian Central Bank,  for collaboration in various areas including exchange of information.

NIGERIAN interbank lending rates were stable at record lows last week after additional funds from the country’s windfall oil savings were disbursed to government agencies, dealers have said.

UNTIL June 13, 2002 Bernard Longe was the managing director of First Bank of Nigeria Plc when he was sacked by the board following the botched acquisition of Nigerian Telecommunications Limited (Nitel) by Investors International Limited London (IILL), a special purpose vehicle, formed in 2001 for the purpose of acquiring controlling shares in the first national telecom operator.

NIGERIAN interbank rates rose to 2.16 percent on average last week from a record low of 1.28 percent the previous week after Nigeria National Petroleum Corporation (NNPC) withdrew 90 billion naira from the system, traders said on Friday.

(L-R) Sander Munsterman, CEO and co-founder, XS2theworld London and Yinka Akande, director, brand communications, Etisalat Nigeria; at the XS2theworld mobile solution presentation in Lagos.

SHAREHOLDERS of the seven banks rescued by the Central Bank of Nigeria (CBN) have warned investors warming up to buy the affected banks to stay off.

DALVINDER Singh, associate professor of law, University of Warwick, UK has said  the interplay between corporate governance and banks highlights the limits of corporate law and the need for robust bank requirements to ensure the interests of bank depositors are protected sufficiently and indeed the issue of financial stability in its risk management framework.