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By Esther Agbo In response to rising fraud cases in Nigeria, OPay has introduced ‘Nightguard,’ a new security feature aimed at bolstering customer fund protection, especially during vulnerable hours. The initiative underscores the fintech giant’s commitment to tackling financial crimes that have surged in recent months. Recent data reveals over 11,000 fraud cases reported by ...
By Esther Agbo Taking a step toward diversifying Nigeria’s economy, the Federal Government has appointed 23 fund managers to steer the $10 billion Nigeria Global Investment Fund (NGIF), a cornerstone initiative aimed at transforming critical sectors across the nation. This initiative, part of the broader economic strategy to reduce Nigeria’s dependency on oil, is designed ...
The Central Bank of Nigeria (CBN) has increased the rates for the Standing Deposit Facility (SDF) as part of its ongoing efforts to manage liquidity in the financial system. This decision was detailed in a circular issued on August 26, 2024, following the 296th Monetary Policy Committee (MPC) meeting, where key adjustments to interest rate ...
By Esther Agbo In expanding its financial services, Ecobank Nigeria Limited has received the green light from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to launch its custody business operations in Nigeria. This development positions Ecobank as a key player in the rapidly evolving financial landscape of Nigeria, offering ...
The Federal Mortgage Bank of Nigeria (FMBN), says it is planning to finance the construction of student hostels and staff quarters for university workers to enable them to benefit from its loan scheme. Its Managing Director, Mr Shehu Osidi, said this at the ongoing 2024 FMBN Management Retreat on Monday. The theme of the Retreat ...
By Esther Agbo The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has highlighted the urgent need for Nigeria to adopt and maintain consistent economic policies to reverse the ongoing decline in the country’s Gross Domestic Product (GDP) growth rate. Speaking at the Nigerian Bar Association’s (NBA) annual General Conference, Okonjo-Iweala emphasised that ...
Nigeria has witnessed a significant increase in capital outflows, totalling $1 billion in April 2024, an increase of 35.14 percent from $740 million recorded in the previous month. This increase was largely driven by capital reversals, which accounted for 78% of the total outflow, equating to $780 million. It was observed that capital reversals were ...
The Naira strengthened against the US dollar during Friday’s trading session. The haven currency experienced significant declines against the British pound sterling, which reached its highest level in over two years following Federal Reserve Chair Jerome Powell’s indication that the anticipated interest rate cut in September will proceed. FMDQ data revealed that the local currency ...
By Esther Agbo The Federal Government’s fiscal deficit reached N824.79 billion in April 2024, reflecting a slight increase from the N823.91 billion recorded in March. This development was highlighted in the Central Bank of Nigeria’s (CBN) latest Monthly Economic Report, released recently. While the 0.1 percent rise in the deficit might appear marginal, it exceeds ...
The Lagos State Government on Thursday unveiled plan to simplify and harmonise its revenue and tax system to stimulate development in the state. The Special Adviser to Gov. Babajide Sanwo-Olu of Lagos on Taxation and Revenue, Mr Abdul-Kabir Ogungbo, made the disclosure at a news conference in Lagos. Ogungbo said that Gov. Sanwo-Olu’s led administration ...
Over ten thousand professionals from across Africa, including bankers, policymakers, regulators, and other key stakeholders, are expected to gather in Abuja for the 2024 Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN). At a media briefing on Thursday, Oliver Alawuba, Group Managing Director and CEO of United Bank for Africa (UBA) Plc, ...
The naira on Wednesday fell to a new low of 1,610 against the dollar following dollar scarcity on the parallel market, popularly called black market. Traders in some areas of Lagos buy dollars from individuals at the rate of N1,600 and resell at N1,610 on the black market. This presents N5 loss when compared to ...
By Esther Agbo In a turn of events, the Federal Government of Nigeria successfully raised N374.751 billion through its August 2024 bond auction, as investor appetite showed a notable shift toward longer-tenor securities. The auction, managed by the Debt Management Office (DMO), marks a sharp rebound in investor demand following a three-month decline in bond ...
By Esther Agbo The Nigeria Deposit Insurance Corporation (NDIC) has implemented a streamlined depositor payment process, which has significantly expedited the reimbursement of customers from the now-defunct Heritage Bank. This was revealed by NDIC’s Managing Director, Bello Hassan, during a retreat for the House of Representatives Committee on Insurance & Actuarial Matters in Lagos. Following ...
By Esther Agbo Amid new capital mandates from the Central Bank of Nigeria (CBN), Nigerian banks are ramping up their investment in technology and cybersecurity. Five major financial institutions have outlined plans to allocate a significant portion of their capital-raising efforts to bolster their IT infrastructure, highlighting the growing importance of digital security in the ...
First City Monument Bank (FCMB) Limited has welcomed two new members to its board of directors. They are Mr Ademola Adebise, a respected figure in the Nigerian financial industry, and Mrs Olufunmilayo Adedibu, a distinguished lawyer with a wealth of experience in legal practice and banking. Their appointments as the bank’s non-executive directors follow the ...
By Esther Agbo The Central Bank of Nigeria (CBN) has reported a remarkable surge in diaspora remittances, with inflows reaching an unprecedented $553 million in July 2024. This figure marks a 130 percent year-on-year increase from July 2023, showcasing the impact of the apex bank’s recent strategic interventions in the foreign exchange market. In a ...
FirstBank, West Africa’s leading financial institution, has officially kicked off its 2024 Corporate Responsibility and Sustainability (CR&S) Week, running from August 19 to August 24. This annual event reflects the bank’s commitment to fostering positive change and promoting sustainability, aligning with the United Nations’ Sustainable Development Goals (SDGs). In its eighth year, the CR&S Week ...
United Capital Group (UCAP) has announced the launch of Nigeria’s first digital MicroFinance Bank, marking a significant step toward bridging the financial inclusion gap and expanding access to financial services across the country. The new institution, UCEE Microfinance Bank, is a subsidiary of UCAP and combines the technology of a neo-bank with the operational infrastructure ...
By Esther Agbo Nigeria’s foreign exchange reserves have experienced a notable decrease, shedding $342.97 million in just nine days, according to the latest data released by the Central Bank of Nigeria (CBN) recently. The reserves now stand at $36.53 billion, reflecting ongoing pressures in the country’s financial landscape. This drop comes on the heels of ...
Guaranty Trust Bank (GTBank) has confirmed an attempted hacking incident on its website, addressing recent media reports that claimed hackers had seized and cloned the bank’s website, intercepting customer data. The hacking attempt occurred just a day after the bank renewed its domain name, causing a temporary disruption to the website, which left customers unable ...
Nigeria's inflation rate experienced a notable decline for the first time in 19 months, falling to 33.40 percent in July, according to the National Bureau of Statistics (NBS). This decrease, reported in the NBS Consumer Price Index (CPI) and Inflation Report, marks a 0.8 percentage point drop from June's 34.19 percent. Despite this decline, the ...
In a groundbreaking move, the Federal Government of Nigeria has launched a $500 million domestic bond, marking a significant milestone in the country's economic reform and development journey. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while unveiling the Series I USD500 Million Domestic FGN US Dollar Bond today ...
