•CBN suspends clearing of cheques
•Nigerian banks’ foreign subsidiaries post strong earnings
Obinna Chima in Lagos and James Emejo in Abuja
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said they had obtained exemptions from President Muhammadu Buhari to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during the period of restriction in Lagos, Ogun, and Abuja.
The president had in a broadcast on Sunday locked down the two states and the federal capital, beginning from last night in order to curb the escalation of COVID-19 in the country.
The exemption comes as the boost in lending and other business activities have propelled higher earnings for the foreign subsidiaries of four of Nigeria’s tier 1 banks, the full year audited results of…
Source: Thisday Newspaper