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...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 ...
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 ...
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 ...
Four lucky winners have emerged from the first draw in the ongoing FCMB Millionaire Promo season 10. They are Issa Aliyu, a diligent farmer from Ilorin, Kwara State; Anthony Ngiah, a successful businessman from Owerri, Imo State; Aisha Muhammad, an ingenious entrepreneur from Kaduna State; and Prosper Chigbu, another thriving businessman from Lagos State. In ...
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 ...
