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By Seun Ibiyemi Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4 campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws. The first live draw of this season, which took place at the Bank’s Head Office in Marina, ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has announced the immediate waiver of the 2025 licence renewal fee for existing Bureau De Change (BDC) operators, marking a significant move to support the sector as part of the ongoing transition to a new regulatory framework. In addition to this, the CBN officially launched the ...
By Seun Ibiyemi The Central Bank of Nigeria has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen ethical practices, governance, and transparency in the market. The Nigeria FX Code, which became effective on ...
Nigeria’s Purchasing Managers’ Index (PMI) for December 2024 rose to 51.0 index points, signaling a return to expansion in economic activities after two consecutive months of contraction. This development demonstrates a gradual recovery trajectory for one of Africa’s largest economies as businesses across various sectors begin to regain momentum. The Central Bank of Nigeria (CBN) ...
The naira gained strength on Monday, appreciating to N1,650 per dollar in the parallel market, as the U.S. dollar experienced its most significant weekly loss. This marked a 0.6 percent gain, or N10, from the N1,660 per dollar recorded on Friday in the black market. In the official foreign exchange (FX) market, the naira closed ...
By Seun Ibiyemi The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds for subscription by interested investors. The DMO, in its offer circular on Monday, said that the first offer was an April 2029 FGN bond, valued at N100 billion at an interest rate of 19.30 per cent per annum. ...
Nigeria’s leading commercial bank, Sterling Bank Limited, has petitioned the Inspector General of Police (IGP) to address alleged fraudulent activities linked to Miden Systems Ltd and its director, Dr. Brendan Innocent Usoro. The action followed a series of purported attempts by Usoro to allegedly leverage political connections and law enforcement to undermine a court-mandated debt ...
Nigerians made transactions worth N85.91 trillion through point-of-sale terminals in the first half of 2024, a figure that is over seven times the N12.21 trillion recorded for ATM transactions within the same period. This data, sourced from the Central Bank of Nigeria’s quarterly statistical bulletin, reflects a significant shift in consumer preferences as POS becomes ...
The World Bank Group says the Central Bank of Nigeria (CBN) must sustain efforts to tackle inflation. Sameer Matta, senior economist for Nigeria at World Bank Group, spoke at the recent launch of the 2025 macroeconomic outlook of the Nigerian Economic Summit Group (NESG). Nigeria’s inflation rose to 34.8 percent in December — up from ...
By Jeleel Olawale An economist, Dr. Muda Yusuf has declared that there may be significant increase in United States of America oil production which may depress oil prices in the global market. He said the USA may put pressure on major oil producers including OPEC to boost production in order to reduce energy cost, adding ...
Nigeria’s public debt profile has yet again increased by N8.02 trillion to N142 trillion as at the end of September 30, 2024, driven by the depreciation of the Naira that has continued to affect the country’s cost of external obligation. According to data published by the Debt Management Office (DMO) on Tuesday, the spike represented ...
By Seun Ibiyemi The Central Bank of Nigeria (Central Bank of Nigeria) on Wednesday said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers ...
The Securities and Exchange Commission (SEC) has said that its Collective Investment Schemes (CIS) increased to over N3 trillion in 2024. The Director-General of SEC, Dr Emomotimi Agama, said this in a notice in Abuja on Wednesday. He said that CIS were part of the market system that allowed people to diversify their risk via ...
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth. The Deputy Governor, Economic Policy Directorate, CBN, Muhammad Abdullahi revealed this on Tuesday during the 11th edition of the National ...
The Bank of Industry (BoI) has said well designed Credit Guarantee Instruments (CGI) will unlock the full potential of Nigeria’s enterprises, laying the foundation for a resilient and inclusive economy. Its Managing Director, Dr Olasupo Olusi, said this in a statement on Monday in Lagos. Olusi, however, noted that a coordinated Public-Private Partnership (PPP) was ...
The expansion of the Electronic Money Transfer Levy (EMTL) to transactions on fintech platforms has propelled the Federal Government’s revenue from this source to N31.2 billion in December 2024, marking the highest monthly record to date. According to the revenue-sharing data for December, released by the Federation Account Allocation Committee (FAAC), this represents a 107% ...
Ecobank Nigeria has partnered with the Nigerian Consumer Credit Corporation (CrediCorp) to offer affordable and flexible loans to customers. These loans can be used to finance a variety of needs, including paying school fees, rent, maintenance costs, medical bills, car purchase & repairs, asset purchase, and more. The program is available to civil servants and ...
By Matthew Denis The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji SAN, has revealed that it is estimated that around 40 million Micro, Small, and Medium Enterprises (MSMEs) are currently operating within the Nigerian economy. Magaji made this disclosure during his welcome address at the In-house Enforcement and Compliance Training for ...
Mobile money operators (MMOs) in Nigeria are banking on a projected 65% smartphone penetration by 2026 to drive the next boom in the adoption of their services. The Head of Marketing and Communications at PalmPay said this during a media roundtable, organised by the fintech company to discuss industry issues and projections for 2025. According ...
The naira ended the week flat in the foreign exchange market as the external reserves declined in the early part of the year. According to data from the Central Bank of Nigeria (CBN), the naira lost 0.2 percent or N3.50 as the dollar was quoted at N1,548 on Friday compared to N1,544.50 quoted the previous ...
MTN Nigeria Communications PLC has informed the investing public and the NGX that it has completed its Series 15 and 16 Commercial Paper (CP) issuance, raising N42.20 billion. This follows an earlier announcement regarding the successful issuance of Series 13 and 14 Commercial Papers, which collectively raised N72.18 billion. In a formal notification signed by ...
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to reward 131 customers across Nigeria with N11,000,000 in cash prizes, in its first 5 for 5 Promo Season 4 monthly draw of the year happening in Warri, Delta State, on January 24, 2025. Launched in 2021, the ...
95% bank debtors borrowed from MFBs in 2024 — CBN The Central Bank of Nigeria (CBN) has revealed that 95.66 percent of bank debtors borrowed from microfinance banks (MFBs) as of September 2024, underscoring the crucial role of MFBs in the country’s lending landscape, particularly for individuals and small businesses. Of the 6,537 total debtors ...
