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The Central Bank of Nigeria (CBN) has introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at an event held on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja. According to a press statement on Thursday, the projects are part of the ongoing “Digital First” ...
Fidelity Bank Plc, a prominent financial institution, has revealed the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promotion. In an event held at the bank’s corporate office in Ikoyi, Lagos, and streamed online, the bank unveiled ten lucky customers who each won N1 million in an electronic draw. ...
FBN Holdings shares rose 7.86% week-to-date (WTD), closing the week ending January 10, 2025, in the green, despite an ongoing loan dispute with General Hydrocarbons Limited (GHL). A leaked letter to Central Bank Governor Yemi Cardoso revealed that the dispute stems from a loan transaction made during Oba Otudeko’s tenure at FBN Holdings. The deal ...
The Central Bank of Nigeria (CBN) has launched two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), aimed at attracting Nigerian citizens living abroad. In a statement released over the weekend, the CBN emphasised that these accounts will enhance access for Non-Resident Nigerians (NRNs) to opportunities within ...
The Securities and Exchange Commission, SEC has expressed its commitment to improve the regulatory framework as it regards borrowing by governments and corporations. Director General of the Commission, Dr. Emomotimi Agama, who disclosed this during an interview, said this has become important given the critical role borrowing plays in the financial system. He said, “Improving ...
...hits N1,647/$ in parallel market By Seun Ibiyemi The naira experienced sustained pressure across foreign exchange markets this week, closing at N1,544.50/$ on the official market and trading as high as N1,647/$ in the parallel market. On Friday, January 10, 2025, the naira closed at N1,544.50/$ on the Central Bank of Nigeria (CBN) currency tracker, ...
...Urges Northern lawmakers to reject proposals that threaten regional stability By: Austine Emmanuel, Kaduna The Coalition of Northern Groups (CNG) has issued a call for the immediate withdrawal of the Federal Government’s proposed Tax Reform Bills, labeling them a threat to the socioeconomic stability of the North and Nigeria at large. In a communique released ...
Nigeria’s external reserves increased to $40.920 billion as of January 6, 2025, up from $40.292 billion recorded on December 2, 2024. This is according to the Central Bank of Nigeria’s external reserves movement data retrieved by our correspondent on Wednesday. The data showed an increase of $628 million on a month-on-month basis, following the government’s ...
After years of economic turbulence, Nigeria’s financial outlook for 2025 is beginning to look promising, with experts predicting a stabilisation of the naira, a decline in inflation, and a reduced Monetary Policy Rate (MPR). These optimistic projections stem from a combination of economic reforms, enhanced foreign exchange inflows, and strategic fiscal policies implemented in late ...
As part of its commitment to fostering inclusivity, Fidelity Bank Plc has inaugurated the Bundles of Joy programme, a groundbreaking initiative aimed at creating supportive spaces and activities for children with special needs while addressing the psychological and emotional well-being of their parents and caregivers. The first session of the programme was held over the ...
...Dollar demand declines in Q3 2024 as invisible transactions drop Nigerian Eurobonds have made a strong start to 2025, reflecting growing investor confidence in the country. This comes despite a decline in dollar demand across various sectors of the Nigerian economy, also referred to as foreign exchange (FX) utilisation, which fell by 11 percent to ...
The Central Bank of Nigeria has revealed a 63.7% per cent increase inflows from international money transfer operators for the first nine months of 2024. According to the latest quarterly statistical bulletin, remittances rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024. This surge in remittance inflows is largely ...
Federation account receipts grew by 7.48% to N6.86 trillion in the third quarter of 2024, according to the latest Economic Report by the Central Bank of Nigeria (CBN). The increase was primarily attributed to higher collections from corporate and value-added taxes. Corporate tax, a levy on company profits regulated under the Companies Income Tax Act, ...
Receipts into the federation account increased by 7.48% to N6.86 trillion in the third quarter of 2024, according to the latest Economic Report from the Central Bank of Nigeria. The report highlights that the increase in gross federation account earnings was fueled by higher receipts from corporate tax and value-added tax. The Federal Inland Revenue ...
Nine Nigerian banks collectively earned N4.85tn in interest income on loans and advances to customers in the first nine months of 2024, marking a growth of 114.95 per cent compared to N2.26tn recorded in the same period of 2023. Access Holdings led the industry with N1.13tn in interest income as of September 2024, up from ...
Debt Management Office (DMO) has said that the Federal Government has made adequate budgetary provisions to meet the country’s foreign and local debt obligations. DMO in a statement said Nigeria’s debt management practice is in accordance with relevant legislations and regulations in compliance with international practices. It said Nigeria had, over the years, serviced its ...
Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings and a leading life insurance service provider in Nigeria, is pleased to announce that it has successfully passed a comprehensive audit, which has resulted in the issuance of an IQNET-recognised certificate confirming that Stanbic IBTC Insurance Limited has implemented and maintained a Quality Management System, ...
According to the Central Bank of Nigeria’s (CBN) Money and Credit Statistics data released this week, Broad Money Supply in Nigeria increased from N72.03 trillion in November 2023 to N108.96 trillion in November 2024. This growth, which represents a 51% year-on-year (YoY) increase, was primarily driven by domestic borrowings from the private sector. Broad Money ...
By Seun Ibiyemi Despite economic crunch in 2024, the Central Bank of Nigeria (CBN) implemented significant reforms aimed at stabilising and revitalizing the nation’s economy. These measures have been pivotal in addressing longstanding economic challenges and setting the stage for sustainable growth in the year under review. Foreign Exchange Liberalisation One of the most impactful ...
...Warns Gov Bala to focus on poverty, not threats ...Tells him to retract statement, redirect focus toward productive dialogue with FG The Presidency has responded to comments by Bauchi State Governor, Bala Mohammed, who threatened the federal government over the tax reform bills currently before the National Assembly. Special Adviser on Public Communications and Orientation ...
Investors’ subscription to Nigerian Treasury Bills surged from N23.51 trillion in 2023 to N38.08 trillion in 2024, according to a report by the Central Bank of Nigeria. This growth reflects increased demand for short-term government securities as the apex bank intensifies efforts to manage liquidity in the financial sector. According to the CBN’s ‘Primary Market’ ...
The World Bank has introduced measures aimed at easing the borrowing burden for very poor and vulnerable countries. These include removing the prepayment premium on the International Bank for Reconstruction and Development loans, providing a grace period for commitment fees on undisbursed balances, and extending low-cost pricing for small, vulnerable states. Additionally, the World Bank ...
