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The Central Bank of Nigeria (CBN) conducted another Open Market Operation (OMO) auction on February 13, 2025, attracting significant investor participation. Total subscriptions reached N1.915 trillion, indicating continued confidence in CBN’s liquidity management instruments. However, compared to the January 31, 2025, auction, demand was noticeably lower. Despite this, the central bank increased the total volume ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has threatened to penalise banks that compel customers to withdraw amounts lower than N20,000 per transaction from Automated Teller Machines (ATMs). The apex bank gave the warning in a “Question and Answer” explainer released on Thursday in reaction to its recent review of ATM withdrawal fees. ...
..Set to empower 1,000 African entrepreneurs By Seun Ibiyemi The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering entrepreneurs, has signed a strategic $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The agreement, sealed at the World Governments Summit, will provide business training, ...
Keystone Bank Limited has announced that it is now fully owned by the Federal Government of Nigeria, following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited. This was disclosed in the bank’s statement after the judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, against Sigma, in a matter ...
In light of growing operational costs, the Central Bank of Nigeria (CBN) has put an end to free ATM withdrawals at banks other than the card-issuing bank. This move comes amidst rising financial pressures and aims to streamline the costs associated with ATM usage across the country. For many Nigerians, withdrawing cash from any available ...
Access Holdings PLC has unveiled the AccessGive platform to honour its last co-founder and CEO, Herbert Wigwe. The platform was launched during the One Year Memorial held on Sunday in Lagos. This groundbreaking platform is dedicated to sustaining and scaling the transformative impact of the late Herbert Wigwe, a leader whose vision extended far beyond ...
...Says it will reduce multiple taxes By Matthew Denis A renowned audit and tax professional, and the immediate past Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has expressed his strong support for the ongoing tax reform bills, emphasising that they are aimed at addressing the challenges of multiple taxation faced by ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has rescheduled the 299th meeting of its Monetary Policy Committee (MPC). The apex bank shifted the meeting which was initially scheduled for February 17 and 18 to February 18 and 19. The CBN announced the change in a statement on Monday. The statement read, “The Central ...
By Seun Ibiyemi Following the untimely passing of Herbert Wigwe in February 2024, Access Holdings Plc has demonstrated exceptional resilience and growth under the leadership of Acting Group CEO Bolaji Agbede. The financial institution has not only maintained its stability but has also achieved significant milestones in the past year. Recall that Herbert Wigwe, former ...
The Central Bank of Nigeria has postponed its first Monetary Policy Committee (MPC) meeting for 2025 to March, following delays in the release of the rebased Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). Sources within the apex bank told journalists over the weekend that policymakers are reconsidering the February 17–18 ...
The naira appreciated further in the parallel market, popularly called black market, on Thursday, a day after the Central Bank of Nigeria (CBN) issued new directives on the purchase of dollars by the Bureau De Change (BDCs). The naira strengthened by N15/$1, on Thursday as the dollar was quoted at N1,570, marking a 0.95 percent ...
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in a circular signed by W. J. Kanya, Acting Director, Trade ...
The naira on Wednesday appreciated to N1,590 per dollar, crossing the N1,600 psychological point in the black market. Compared with the past month, the naira has gained 4.7 percent, rising by N75 from N1,665 traded at the beginning of the year in the parallel market, popularly called black market. On Tuesday, the local currency closed ...
…As CBN boosts dollar sales to BDCs Nigeria’s foreign exchange (FX) reserves experienced a significant decline of $1.16 billion in January 2025, effectively reversing the $592.58 million gain recorded in December 2024. The latest data from the Central Bank of Nigeria (CBN) shows that reserves dropped from $40.88 billion at the close of December to ...
By Seun Ibiyemi Wema Bank Plc has reported a profit before tax of N102.105 billion for the year ended December 31, 2024, marking a 134% year-over-year (YoY) growth from the previous year. The unaudited Group financial statements, reviewed reveal that the bank’s gross earnings surged by 89.61% YoY to N430.259 billion. A deeper analysis of ...
Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers. The Head of Consumer Banking, Ecobank Nigeria, Ms Adeola Ogunyemi made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos. She said that the initiative is part ...
Tax experts have emphasised the importance of Small and Medium Scale Enterprises (SMEs) paying close attention to documentation and agreements to ensure they avoid unnecessary tax liabilities. This advice was shared during the first edition of the United Bank for Africa (UBA) Knowledge Series webinar, in the year titled “2024 Withholding Tax Regulations: Specific Emphasis ...
Local governments across Nigeria are facing a new challenge in their push to receive monthly allocations directly from the federation accounts, as they must now submit a two-year account audit to the Central Bank of Nigeria (CBN) before funds can be disbursed. The direct revenue remittance, initially scheduled to begin in January, was postponed after ...
The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds. Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in ...
Access Bank PLC has finalised plans to host a maiden Africa Trade Conference (ATC) to address Africa’s $81bn trade financing gap. The conference in its first edition is set to take place in Cape Coast, South-Africa by March 12, 2025. The conference themed, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’ is poised to bring ...
Access Bank PLC has been bagged the THISDAY Global Bank of the Year award for 2024, recognising its significant impact on the global banking landscape. In addition, Chairman of Access Holdings, Aigboje Aig-Imoukhuede, received the distinguished Titan of the Year award for his exceptional contributions to the banking sector in 2024. Access Bank emerged victorious, ...
The latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), has revealed that the number of active bank accounts in Nigeria rose to 311.6 million in December 2024. At the end of 2023, NIBSS data showed that total active bank accounts in the country stood at 202.6 million. This indicates that a total of ...
Over 900 individuals have emerged winners of various cash prizes in the First City Monument Bank (FCMB) Millionaire Promo Season 10. The first draw, held nationwide on January 15, 2025, saw four lucky customers walk away with N1 million each, while 900 others received cash prizes up to N50,000. The new millionaires are Issa Aliyu, ...
