Economy
CBN withdraws ₦216 billion from banks
The Central Bank of Nigeria has withdrawn ₦216 billion from commercial banks in a bid to reduce the excess liquidity in the economy. Commercial banks are mandated to keep 27.5% of their total deposits as cash reserve ratio with the CBN; however, this latest withdrawal exceeds that ratio.
Banking
Access Bank MD increases shareholding
Last week, the Managing Director of Access Bank, Herbert Wigwe, purchased 3.1 million Access Bank shares at ₦21.4 million. Following the steep fall in oil prices in 2020, there have been concerns about the performance of banks that lend money to companies in the oil and gas sector. Per its 2019 year-end report, 30% of Access Bank loans were to companies in the oil and gas sector.
Real Estate
Lagos sets new requirements for real estate agents
The Lagos State Real Estate Regulatory Authority (LASRERA) an agency established last week to monitor real estate agents and tenancy transactions, has announced regulation guidelines. Agents are required to register on a portal and upload documents to process a license to practice. Residents can also submit complaints about fraudulent realtors.
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