Oil revenue accounted for 86.67 per cent of gross federally-collected revenue from January to June 2013, as the Federal Government earned a total of N3.809 trillion from oil within the period.

•Interbank rates rise by 74%
Governments’ deposits and borrowing undermine competiveness of banks and corrupt the public sector in Nigeria.

…Customers seek greater awareness
Mixed reactions have continued to trail the revelation by the Central Bank of Nigeria, CBN, of the increasing value of dud cheques issued in Nigeria, which is now over N166 billion. A bounced or dud cheque is an instruction in writing, authorising a bank to make payment against an unfunded or inadequately funded account.

CENTRAL Bank of Nigeria, CBN, Securities and Exchange Commission, SEC, National Insurance Commission, NAICOM, Nigeria Deposit Insurance Corporation, NDIC, among other stakeholders, have hailed the proposed establishment of Nigerian International Financial Centre, NIFC.

The Central Bank of Nigeria (CBN) has cautioned banks over appointment of chief compliance officers. In a circular titled, “Statues of Chief Compliance Officers of Banks”, the apex bank frowned at the practice where banks refuse to appoint substantive chief compliance officers.