Banks in Cyprus have reopened after a two-week closure sparked by discussions on an EU-IMF bailout, amid tension over possible massive withdrawals. Branches were replenished with money over night and police were deployed amid fears of run on the financial institutions. Customers face strict control on daily...
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WHEN the Central Bank of Nigeria CBN wanted to introduce the cash less policy its argument was that less than 10 per cent of the Nigeria population draws on the average that amount of money from the banking system thus placing the burden of cost of cash management on the banks and the CBN. Every entreaty to persuade the CBN out of it failed. The rest is now history. Today...
ABUJA—The Central Bank of Nigeria, CBN, Thursday, announced the introduction of a new currency series under which the existing denominations of N50, N100, N200, N500 and the N1,000 notes will be redesigned with added security features. CBN Governor, Mallam Sanusi Lamido Sanusi, told journalists in Abuja at a briefing that N5,000 note would also be introduced, while the...
(Financial Times) — Royal Bank of Scotland was on Friday hit by a fresh wave of losses caused by mis-selling scandals and last month’s technology meltdown. It disclosed that it had sacked staff following internal investigations into the Libor scandal that has thrust part of the industry into another regulatory quagmire. RBS, majority-owned by the UK government,...