Banks’ N60bn annual revenues

BANKS IN THE COUNTRY will lose at least N60 billion in annual revenues following an order by the Nigerian senate for the suspension of ATM card maintenance charges deducted from customers. Banks currently charge a customer N600 yearly as ATM card maintenance fee, which would amount to N60 billion a year from over 111 million accounts in the country

The Central Bank of Nigeria, in another round of intervention on Friday, October 19, 2018 injected over $337 million in the inter- bank forex market.

The CBN intervened in the retail secondary market sales (SMIS) to the tune of $337,333,646.85, in addition to the sum of ¥53,444,222.38 million in the spot and short tenored forwards of the inter-bank foreign exchange market.

While confirming the figures, Isaac Okorafor, the bank’s director in charge of corporate communications department, reiterated that the move was in furtherance of the Bank’s commitment to ensuring adequate liquidity and stability in the inter-bank foreign exchange market.

The CBN had on Tuesday, October 16, 2018 injected the sum of $210 million in the inter-bank foreign exchange market.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N362/$1 in the BDC segment of the market on Friday, October 19, 2018.