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…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 ...
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, ...
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, ...
Bureau de Change (BDC) operators have praised the Central Bank of Nigeria (CBN) for waiving the 2025 licence fees for operators. They spoke under the aegis of the Association of Bureau de Change Operators of Nigeria (ABCON). The President of the association, Dr Aminu Gwadabe, gave the commendation on Wednesday in an interview with the ...
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 ...
