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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 ...
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 ...
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 in the Nigerian ...
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 ...
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 Economic Outlook: Implications ...
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 ...
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” ...
The Central Bank of Nigeria (CBN) has reported a marginal decline in the value of the eNaira, Nigeria’s official digital currency. According to the CBN’s Monthly Economic Report for October 2024, the eNaira value dropped by 0.16 percent from N18.35 billion to N18.32 billion at the end of the month. This decline comes amidst continued ...
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 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, a slight decline ...
...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 ...
