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By Esther Agbo The Federal Government of Nigeria, through the Debt Management Office (DMO), plans to raise N150 billion from the bond market in September 2024. This figure marks one of the smallest bond offerings of the year, signalling a shift in the government’s borrowing approach amid ongoing economic pressures. Scheduled for September 23, 2024, ...
The Central Bank of Nigeria has reduced the cybersecurity levy on electronic transactions from 0.5 percent to 0.005 percent according to its new fiscal guidelines for 2024-2025. “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, by the ...
By Esther Agbo Infinity Microfinance Bank Nigeria Limited has received a significant boost in its long-term rating, moving up to an A- from BBB+, according to DataPro, a Nigerian consulting firm. This upgrade, accompanied by a stable outlook, reflects the bank’s strong financial health and operational success in a competitive industry. In a recent statement ...
The Bank of Industry (BOI), has donated 2,400 cartons of food items to Sokoto State Government to help alleviate the hardship faced by the citizens. Gov. Ahmed Aliyu, who received the food items, in Sokoto on Wednesday, expressed gratitude to BOI for the gesture. Aliyu noted that the contribution would significantly complement the efforts of ...
...As CBN prioritises leadership with Keystone Bank board overhaul By Esther Agbo The Central Bank of Nigeria (CBN) has scheduled its 297th Monetary Policy Committee (MPC) meeting for September 23 and 24, 2024, at its headquarters in Abuja. This pivotal meeting comes at a time when Nigeria is grappling with stubborn inflation and sluggish economic ...
The Central Bank of Nigeria (CBN) has reaffirmed that its Ways and Means Advances to the federal government will continue to be maintained at the 5 percent threshold for fiscal years 2024-2025. This is according to the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2024-2025 document released by the CBN on ...
By Matthew Denis President and Chairman of the Council of the Association of National Accountants of Nigeria (ANAN), Dr. James Ekerare Neminebor, has highlighted the detrimental impact of corruption, mismanagement, and lack of accountability on national growth and development. In his opening remarks at the 29th Annual National Conference of ANAN held in Abuja on ...
The Central Bank of Nigeria (CBN) plans to expend the use of its digital currency, eNaira, to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments. This is according to the CBN’s newly released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025 ...
Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days following the successful sale of a domestic dollar bond. The gross FX reserves increased from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024. This is according to the latest data on the reserves from the Central Bank of ...
First Bank of Nigeria saw a significant surge in the Nigerian stock market during the second week of September, with its share price climbing by 31.81 percent. This jump followed the bank’s announcement on Friday, 7th September 2024, of the 100 percent sale of its stake in FBNQuest Merchant Bank to EverQuest, on the heels ...
A surge in fraudulent activities across banking platforms in Nigeria led to a loss of N42.6 billion by Nigerian banks in three months between April and June this year. This was revealed by the Financial Institutions Training Centre (FITC) in its Q2 2024 Fraud and Forgeries report just released. Without adding the Q1 record, ...
With three months left before the deadline set for Bureau De Change (BDC) operators to meet new capital requirements, compliance remains elusive as operators cite stringent conditions. This is raising concerns over the retention of their operating licences. In May 2024, the Central Bank of Nigeria (CBN) released new operational guidelines for BDCs, which became ...
By Seun Ibiyemi Nigeria’s external reserves, also known as foreign currency reserves, jumped by $490 million in one week following the successful issuance of domestic dollar bonds by the Debt Management Office (DMO). Data from the Central Bank of Nigeria (CBN) showed that the external reserves grew to $36.73 billion as of September 10, 2024, ...
By Matthew Denis The Central Bank of Nigeria (CBN) has announced new directives for Payment Service Providers (PSPs). Effective immediately, all transactions conducted through Point of Sale (PoS) terminals—whether at physical or electronic locations—must be routed through a CBN-approved Payment Terminal Service Aggregator (PTSA). The new regulations, which were disclosed in a circular signed by ...
The recently issued 500 million dollars FGN bond has recorded a subscription of 900 million dollars, indicating an oversubscription to the tune of 400 million dollars. This is according to a statement by Mr Mohammed Manga, Director, Information and Public Relations, Federal Ministry of Finance and Economic Planning. Manga said that in a groundbreaking achievement, ...
By Esther Agbo To address food insecurity and support vulnerable communities, Fidelity Bank Plc has extended its Fidelity Food Bank programme to Eti-Osa Local Government Area in Lagos. The initiative, part of the bank’s ongoing Corporate Social Responsibility (CSR) efforts, saw the distribution of food packs to residents, reinforcing the bank’s commitment to alleviating hunger ...
By Esther Agbo Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax (PAT) of N4 billion for Q4 2024, according to the bank’s latest earnings forecast submitted to the Nigerian Exchange Group. This represents a slight uptick from the N26 billion forecast for the previous quarter, underscoring the bank’s ...
By Esther Agbo United Bank for Africa Plc (UBA), in line with its commitment to fostering financial inclusion and rewarding loyalty, has awarded over N17 million to 30 customers in its latest savings promo draw, marking a significant milestone in the bank’s 75-year history. The August draw, which took place in Lagos, was conducted under ...
By Esther Agbo In an effort to bolster Nigeria’s financial sector and drive economic growth, the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), the Bank of Industry, the United Bank for Africa, Access Holdings Plc, and key players in the financial industry are gearing up to discuss the impact of the ongoing ...
By Esther Agbo Lagos State Governor Babajide Sanwo-Olu has earned the commendation of the World Bank for the transformation recorded in the State over the last five years. The multilateral institution said the State had not only been implementing programmes targeted at improving the quality of life for residents, but had also progressed in upgrading ...
By Esther Agbo To enhance the adoption of Artificial Intelligence (AI) among Nigeria’s micro, small, and medium enterprises (MSMEs), fintech firm eTranzact International Plc has joined forces with the Enterprise Development Centre (EDC) of Pan-Atlantic University. The partnership, announced in Lagos by eTranzact’s Managing Director/Chief Executive Officer, Niyi Toluwalope, seeks to conduct a survey and ...
By Esther Agbo Stanbic IBTC Holdings Plc has reported a remarkable 71 percent increase in profit after tax, reaching N116.36 billion in the first half of 2024, up from N67.92 billion in the same period last year. This growth comes amidst a challenging economic environment, showcasing the bank’s ability to navigate rising interest rates and ...
The Federal Government has debunked claims that it plans to increase the Value Added Tax (VAT) rate from 7.5 percent to 10 percent. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed this in a statement posted by the Special Adviser on Information and Strategy, Bayo Onanuga. Edun explained that the ...
