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The naira is expected to maintain stability this week and beyond as the Central Bank of Nigeria (CBN) continues to intervene in the foreign exchange (FX) market. The CBN had directed the Bureau De Change Operators (BDCs) to purchase $25,000 weekly from authorised dealers at Nigerian Foreign Exchange Market (NFEM) rates. In a circular signed ...
By Seun Ibiyemi In its recent Monetary Policy Committee (MPC) meeting held on February 20, 2025, the Central Bank of Nigeria (CBN) decided to retain the Monetary Policy Rate (MPR) at 27.5 percent. This decision has significant implications for Small and Medium Enterprises (SMEs), particularly concerning their borrowing costs, operational expenses, and overall growth prospects. ...
The Central Bank of Nigeria (CBN) has reiterated its dedication to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions. Special Adviser to the CBN Governor on Compliance, Ms Shola Phillips, made this known in a statement on Sunday. Phillips spoke at a high-level Mandatory Compliance ...
Reinforcing its reputation as an institution committed to empowering Small Medium Enterprises (SMEs), Wema Bank has undertaken an initiative to empower 800,000 Nigerian businesses; following its Memorandum of Understanding (MoU) signing with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN). SMEDAN is a national agency established in 2003 with the goal of promoting ...
The Securities and Exchange Commission (SEC) has advised women to steer clear of investment schemes promising unrealistic returns, warning of the risks associated with such fraudulent ventures. In a statement issued in Abuja on Sunday, the SEC said this advisory forms part of its activities to mark International Women’s Day (IWD) 2025. The Commission announced ...
The ECOWAS Bank for Investment and Development (EBID) in conjunction with the European Investment Bank (EIB), has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. A statement signed by Head of Communications at EBID, Anita Somda-Dala said the partnership had the support of the European ...
The Nigeria Deposit Insurance Corporation (NDIC) has appealed for the continued support of external solicitors’ of the Corporation in facilitating debt recovery and assets realisation of failed banks. Mr Hassan Bello, the Managing Director of NDIC, made the appeal at the 2024 Sensitisation Seminar for External Solicitors of the NDIC in Abuja on Thursday. Bello, ...
Financial institutions in Nigeria lost N52.26 billion to fraud in 2024 according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS). This represents a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023. The NIBSS Fraud Report documents fraud activities, whether attempted or successful, and related metrics identified by ...
The Federal Government has stated that the introduction of crude oil sales in Naira is a strategic move aimed at enhancing the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu made this announcement on Tuesday, while officially opening the eighth edition of the Nigeria International Energy Summit ...
...Recommends retaining current 7.5% VAT rate By Austine Agbo Emmanuel, Kaduna Arewa Consultative Forum (ACF) has submitted a comprehensive report to the National Assembly detailing its concerns and recommendations on the proposed Executive Tax Reform Bills. In a statement issued to newsmen in Kaduna on Monday by the National Publicity Secretary of ACF, Prof. T.A ...
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to enhancing economic cooperation between Nigeria and the Kingdom of Saudi Arabia, according to a statement released recently. CBN Governor Olayemi Cardoso made this known during a courtesy visit by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation to the ...
Sterling Financial Holdings Company Plc has communicated to the public and the Nigerian Exchange Group (NGX) regarding the delayed filing of its Audited Financial Statements for the fiscal year ending 31st December 2024. According to the disclosure signed by the company’s Executive Director, Olayinka Oni, the delay stems from a transition in the core banking ...
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalisation targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank. ...
...Returns as headline sponsor for 2025 NBC Trade Fair Wema Bank, Nigeria’s most innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its dedication to empowering women-led businesses in the country. This reaffirmation was disclosed during the Bank’s announcement of its 80 years anniversary campaigns targeted at supporting and rewarding ...
By Matthew Denis The World Bank has announced a $60 million allocation to train 75,000 Nigerian youths under the Nigerian Youth Employment Through Skills Acquisition Fund (NYESAF). The initiative is part of the Innovation, Development, and Effectiveness in the Acquisition of Skills (IDEAS) project of the Federal Ministry of Education. World Bank Education Specialist, Mistura ...
The Central Bank of Nigeria (CBN) on Thursday retained its benchmark interest rate known as the Policy Rate (MPR) at 27.5 percent, following the rebased consumer price index (CPI). The National Bureau of Statistics (NBS) on Tuesday rebased the CPI CPI reading, which revealed a sharp reduction in Nigeria’s headline inflation rate to 24.5 percent ...
By Austine Agbo Emmanuel, Kaduna The Nigeria Deposit Insurance Corporation (NDIC) has successfully auctioned off the assets of the defunct Heritage Bank, including landed properties and chattels, as part of its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023. The proceeds from the sale will be used to reimburse depositors with balances ...
To further strengthen Nigeria’s trade finance sector, First City Monument Bank Limited (FCMB) and Union Systems Limited (USL) have renewed their partnership for the Bank’s continued use of Kachasi, a fully automated, end-to-end platform providing comprehensive local and international trade finance solutions. This aligns with FCMB’s purpose of fostering inclusive and sustainable growth by building ...
By Matthew Denis The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has tasked the revenue-generating agencies of the Federation with employing digital technology to enhance revenue generation and offset national debt. The Minister made this disclosure at the 5th Edition of the National Treasury Workshop held in Abuja on Monday. Represented ...
Nigeria’s capital inflow declined to $1.63 billion in November 2024, marking a 13.8% drop from October’s figure of $1.89 billion. This is according to the Central Bank of Nigeria’s (CBN) Economic Report for November 2024. The decrease was driven by a reduction in portfolio investments, foreign direct investment (FDI), and other investment categories, including loans. ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) intervened in the foreign exchange market with the sales of $66 million to authorised dealer banks. Due to supply side shortfall, the naira has been under pressures for two weeks after a full week rally. The forex market volatility caused exchange rate to swing negative for ...
The Central Bank of Nigeria (CBN) has said over the weekend that the new policy on cash withdrawal from Automated Teller Machines (ATMs) would benefit banks and their customers. The CBN said on Tuesday customers withdrawing cash from other banks ATMs would now be charged N100 for every N20,000. The directive will take effect on ...
First Bank of Nigeria Ltd. has produced additional 500 Pan-African graduate trainees from Nigeria and six other countries in the continent at its sales academy to drive current global banking innovations. The bank held a close-out party over the weekend in Iganmu, Lagos for the graduate trainees from Nigeria, Ghana, Guinea, Sierra Leone, Gambia, Democratic ...
