Remember this story about the Nigerian central bank taking over five Nigerian banks? Well, it seems that a result of that has been a sort of credit crunch in the country. From the BBC: Lagos-based manufacturing firm, supplying cables to Nigeria’s fledgling national grid. With more than 500 skilled staff, it is exactly the kind… Read More »
1. Remember the list of debtors that was published a last week by the Central Bank of Nigeria? Well, some of the money is now recovered 2. It seems that the Nigerian stock market is getting over the initial shock of the banking reform 3. More on the effects of the rescue of Nigerian banks… Read More »
Through the planet money podcast, I learnt about the way the American Federal Deposit Insurance Corporation (FDIC) insures private deposits in banks. A bank pays a certain premium to be insured by the FDIC, and private deposits up to 250,000 dollars are insured. If a bank that is insured by the FDIC goes bust, individuals… Read More »
From The Economist: Though banking standards have certainly risen a lot in recent years, they still lag behind those of America and the European Union, particularly in terms of transparency. In April, United Bank for Africa, one of the country’s biggest, fell foul of American regulators who served the bank with a $15m fine for… Read More »
I got to my bank in Ibadan, Nigeria, on Tuesday, and I was told that they were not working. They had had only an hour or two of power in the past couple of weeks, and they had been running on their generator the whole while. On Tuesday, their generator packed up. They were sure… Read More »