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Fintech companies including OPay, Moniepoint, and others have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers starting from September 9. According to the fintech companies, this deduction is in accordance with the Federal Inland Revenue Service ...
The Central Bank of Nigeria (CBN), says it has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. This is according to a statement issued by Dr Williams kanaya, the Acting Director,Trade and Exchange Department of the apex bank. “This is to inform the BDC operators ...
By Esther Agbo Mutual Benefits Assurance Plc has called for greater collaboration between the insurance industry and the media to enhance public understanding and uptake of insurance in Nigeria. Highlighting the critical role that journalists play in shaping perceptions, the company urged media professionals to take an active part in advancing policy changes that could ...
By Esther Agbo The Nigerian economy saw a positive shift in August 2024, as the Purchasing Managers’ Index (PMI) released by the Central Bank of Nigeria (CBN) indicated economic expansion for the first time in over a year. The PMI for August 2024 showed a composite score of 50.2 index points, signalling a recovery following ...
By Esther Agbo At the 2024 Women Directors’ Conference held at the Ecobank Pan African Centre in Victoria Island, Lagos, on the 5th of September, 2024, the President of the Chartered Institute of Directors (CIoD) Nigeria, Alhaji Tijjani M. Borodo, called on women directors to take the lead in steering their organisations through an era ...
The Governing Council, Nigerian Institute of Public Relations (NIPR) has announced the appointment of Rasheed Bolarinwa, the President, Association of Communication and Marketing Professionals in Banks (ACAMB). The institute appointed Bolarinwa as chairman of its newly created Management Committee of FinanceHub. The committee, comprising of banking, insurance, and pensions, is meant to deepen sustainable Public ...
The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation. SEC on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP). Dr Emomotimi Agama, Director General ...
The naira on Tuesday traded at N1,640 following strong demand for dollars amid scarcity on the parallel market, popularly called the black market. This represents 44 percent loss year-on-year and a daily loss of N5 when compared to N918 and N1,635 quoted in September 1, 2023 and on Monday, September 2, 2024, according to street ...
The Federal Competition and Consumer Protection Commission (FCCPC), says the Commission remains committed to its mandate to safeguard consumers from unfair, deceptive and exploitative pricing of goods and services. The FCCPC’s Director of Special Duties and Strategic Communication, Mr Ondaje Ijagwu said this in a statement in Abuja on Tuesday. The Commission was reacting to ...
By Esther Agbo Nigerian banks’ deposits with the Central Bank of Nigeria (CBN) surged to a record N3.42 trillion last week, marking the highest weekly total in August. This significant increase comes on the heels of a strategic policy adjustment by the CBN, aimed at addressing concerns over excess liquidity and its impact on the ...
By Esther Agbo Nigeria’s import activity has faced significant challenges in 2024, as evidenced by a sharp 65 percent decrease in foreign trade payments made through Letters of Credit (LC). The total value of LC payments dropped to $319.9 million in the first seven months of 2024, compared to $912.3 million in the same period ...
The Chartered Institute of Bankers of Nigeria (CIBN) has emphasised the necessity of collaboration between fiscal and monetary authorities to achieve sustainable growth in the country. The Director General of The Economic Think-Tank Centre, Prof. Emmanuel Moore Abolo stated this during the 2024 Lagos Bankers’ Night, themed “Driving National Growth Agenda: The Role of the ...
By Esther Agbo Nigeria’s financial landscape is increasingly dominated by the mounting cost of servicing its foreign debt, which has become a significant strain on the nation’s resources. In the first seven months of 2024, Nigeria allocated $2.78 billion, or 64 percent of its total foreign payments of 4.36 billion official dollar payments made between ...
The Federal Government of Nigeria, via the Debt Management Office (DMO), has launched a fresh round of Federal Government of Nigeria (FGN) savings bonds for September 2024, offering attractive yields that reflect the current high-interest environment. Investors have until September 6th to subscribe to these bonds, which feature some of the most competitive rates seen ...
The Chartered Institute of Bankers of Nigeria (CIBN) held its 2024 second induction for 741 new members on Saturday in Lagos. The institute reassured Nigerians that the planned banks’ recapitalisation would boost the nation’s Gross Domestic Product (GDP). The President of CIBN, Prof. Pius Olarenwaju, during the hybrid induction and award ceremony, called for excellence ...
Despite the tough climate faced by businesses in the country, Zenith Bank has continued to spot opportunities to ensure its business remains profitable while retaining investors’ confidence. The Bank announced its audited results for the half-year ended 30 June 2024, recording an impressive 98% growth from N292 billion to N578 billion profit after tax (PAT). ...
By Seun Ibiyemi Fidelity Bank Plc, a leading financial institution in Nigeria and Mastercard have collaborated to launch Fidelity Send, a new initiative to enhance cross-border payments and remittances in Nigeria. The collaboration leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, driving financial inclusion in the country. The new solution utilises ...
By Esther Agbo The Central Bank of Nigeria (CBN) is facing the dual challenge of controlling inflation while managing the rising cash flow in the economy, as highlighted in its latest Money and Credit report. In July 2024, currency held outside of Nigeria’s banking system declined to N3.66tn, marking a 3.32 percent drop from the ...
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Thursday described the Nigeria Sovereign Investment Authority (NSIA) as “an essential institution for our nation’s economic stability and growth,” as he officially inaugurated the newly constituted Board chaired by Segun Ogunsanya. The Inauguration held at the Ministry of Finance, Abuja following the ...
By Esther Agbo The United Bank for Africa (UBA) is set to host its latest edition of the UBA Business Series, with a sharp focus on equipping small and medium-sized enterprises (SMEs) with the tools and knowledge necessary to build businesses that stand the test of time. Slated for today at the UBA House in ...
By Esther Agbo The Central Bank of Nigeria (CBN) is facing renewed pressure from the nation’s manufacturing sector as the Manufacturers Association of Nigeria (MAN) calls for a relaxation of stringent foreign exchange policies that have increasingly burdened local industries. This plea was voiced by the outgoing Chairman of MAN for Kwara and Kogi States, ...
The Central Bank of Nigeria (CBN) has lifted the suspension on banks borrowing from its window, known as the Standing Lending Facility (SLF), pegging the lending rate at 31.75 percent in response to the decisions made at the 296th meeting of the Monetary Policy Committee (MPC). Consequently, the apex bank called on the authorised dealers ...
The Central Bank of Nigeria (CBN) plans to reissue Nigerian Treasury Bills (NTBs) worth N2.2 trillion in the fourth quarter of 2024, according to the newly released 2024 Issue Calendar obtained by Nigerian NewsDirect. This re-issuance is part of the government’s strategy to manage liquidity, sustain the financial market, and ensure economic stability. The calendar ...
