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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 Bank of Nigeria ...
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 ...
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 Wema Bank’s 2024 ...
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 ...
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 Nigeria Foreign Exchange ...
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 December 2, 2024, ...
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 ...
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. (5-year re-opening) It ...
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 ...
