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The International Monetary Fund (IMF) has expressed support for the Central Bank of Nigeria’s (CBN) recent interest rate hikes and foreign exchange measures, describing them as suitable steps toward stabilising the economy. This endorsement was given by Tobias Adrian, the IMF’s financial counsellor and director of monetary and capital markets, during a press conference on ...
As the world faces a host of intertwined challenges- from climate change, pandemics, fragility, geo-political tensions, to debt distress- leaders of fiscal and Monetary Authorities are gathered in Washington DC for the annual meeting to discuss the impact, speed, scale and efficiency of measures to arrest the situation. The 2024 Annual Meetings will take place ...
By Esther Agbo Ecobank Nigeria is set to break new ground in its efforts to stimulate Nigeria’s economic development with the launch of its first-ever Design & Build Expo. The five-day event scheduled from November 27 to December 1, 2024, at the Ecobank Pan African Centre, Victoria Island, Lagos, will gather a diverse range of ...
As part of its ongoing commit ment tocontinually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organising an open workshop for all classes of Journalists across the media spectrum as one of its critical CSR interventions meant to positively impact key stakeholders. The 2024 media ...
The United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024 posting a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion The bank’s financial report filed with the Nigerian Exchange Limited on Monday recorded strong and impressive growth across all ...
The Federal Government has revealed that it is looking at improving access to credit and supporting the insurance sector using the National Vehicle Registry. This was disclosed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Lagos on Friday at the sensitisation seminar themed, ‘Strengthening Policy Collaboration Got Economic Revitalisation.’ Edun, ...
Ecobank Nigeria has rewarded 88 customers with N8 million during its monthly and quarterly raffle draws under the ‘Ecobank Super Rewards, the Millionaire Geng Season’. 80 customers won N50,000 each in the September draw, totaling N4 million, while eight winners received N500,000 each, amounting to N4 million respectively, for a combined total of N8 million. ...
The Central Bank of Nigeria released $547.7m (N823.19bn at the official exchange rate of N1,503.3/$1, as of June 30, 2024) to Nigerians for the importation of food items in the second quarter of 2024. The amount is a reduction of $142.48m or 20.6 percent from $689.88m recorded in the first three months of 2024 and ...
By Matthew Denis In compliance with the Federal Civil Service Strategy and Implementation Plan 2021- 2025 (FCSSIP 25), introduced by the Office of the Head of the Civil Service of the Federation to drive civil service reforms, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun in his office in Abuja, ...
The Federal Accounts Allocation Committee (FAAC), has shared N1.298 trillion among the Federal Government, states, and the Local Government Councils (LGCs) for September. This is according to a communique issued at the end of FAAC meeting for October held on Thursday in Abuja. The communiqué was made available to journalists by the Director, Press and ...
Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji has stated that the ongoing tax reforms by the Federal Government will improve the savings of the government and reduce the taxes paid by citizens. Adedeji spoke while appearing before the Senate Committee on Finance in Abuja recently. The reforms, according to the FIRS Chairman, ...
By Esther Agbo Unity Bank Plc has reiterated its commitment to enhancing customer satisfaction as part of the celebration of this year’s Customer Service Week. The bank’s Managing Director/CEO, Mrs. Tomi Somefun, emphasised the institution’s dedication to going “Above and Beyond” for its clients, a theme central to this year’s event. During the celebration, Mrs. ...
The Central Bank of Nigeria (CBN) has said that it is anticipating a wave of innovation around artificial intelligence in the banking sector. The Acting Director, Banking Supervision Department, Dr Adetona Adedeji made this known at the 30th Nigerian Economic Summit (NES) in Abuja yesterday. According to the apex Bank’s representative, the Bank noted that ...
By Esther Agbo As the Nigerian banking sector navigates the twin challenges of recapitalization and economic volatility, notable institutions like Sterling Bank and Stanbic IBTC have recorded year-to-date (YTD) returns of 22.67 percent and 18.16 percent, respectively, reflecting a downward trend in their performance. This dip in returns underscores the tough operating environment banks are ...
First Bank, Nigeria’s premier financial institution and leading provider of financial inclusion services has announced the 63rd edition of the FirstBank Lagos Amateur Open Golf Championship. In a statement signed by the bank’s Spokesperson, Folake Ani-Mumuney, the bank said that the prestigious international golf tournament, held under its First@Sports initiative, reinforces FirstBank’s unwavering commitment to ...
The number of Point of Sales (PoS) machines deployed by merchants and individuals across Nigeria rose to 3.04 million in July this year. The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest electronic payment data. This represents a 32 percent increase year on year when compared with the number of deployed terminals in ...
The value of Point of Sale transactions in Nigeria totalled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System. This was a 7.4 percent decline compared to the N6.79 trillion recorded in the same period in 2023, reflecting changes in consumer behaviour and spending patterns. A breakdown of ...
By Matthew Denis The Central Bank of Nigeria (CBN) has reiterated its commitment to safeguarding the deposits of all Nigerians, urging the public not to panic as it implements policies designed to secure funds held in financial institutions nationwide. This assurance was conveyed in a statement by the CBN’s Acting Director of Corporate Communications, Hakama ...
To mark the customer service week, some commercial banks in Nigeria have reiterated their commitment to their customers’ satisfaction. The banks said this against the backdrop of the commemoration of the 2024 Customer Service Week (CSW). They made the commitment through their official X, formerly Twitter, handle on Monday, saying that customers’ trust in them ...
The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) bonds for subscription in October at N1,000 per unit. According to a statement issued by DMO, the first offer is a two-year FGN savings bond due on Oct. 16, 2026 at an interest rate of 17.084 per cent per annum. The second ...
By Esther Agbo Stakeholders in Nigeria’s economic landscape have called on the Central Bank of Nigeria (CBN) to adjust its monetary policies to provide greater support to the real sector, especially manufacturers and farmers, who face crippling challenges under the current interest rate regime. The Chief Executive Officer of the Centre for the Promotion of ...
The Central Bank of Nigeria (CBN) says it sold 543.5 million dollars to authorised dealer banks between Sept. 6 and Sept. 30. According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing ...
The management of Guaranty Trust Holding Company Plc (GTCO) has refuted a circulating media report regarding its business activities and executive team. GTCO, in a statement on Friday night, debunked all allegations from the smear media reports, while advising its customers, shareholders and stakeholders to disregard the fake news. The statement also said that its ...
