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The Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso, has defended the decision of the apex bank to float the naira since he assumed office in the past one year. While addressing members of the Harvard Club of Nigeria in Lagos at the weekend on the topic: “Leadership in Challenging Times: Restoring ...
The World Bank has approved a 500 million dollar loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed at reducing climate-induced challenges. World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane announced this during a visit to Water Resources and Sanitation Minister in Abuja on Thursday. ...
By Esther Agbo At the recent Renewable Energy and Energy Efficiency Association (REEEA-A) conference in Abuja, key stakeholders, including Access Bank, reaffirmed their commitment to advancing Nigeria’s journey toward achieving net-zero emissions. Themed ‘Road to Net Zero: Actionable Initiatives for Success,’ the two-day event brought together government officials, industry experts, and civil society organisations to ...
By Esther Agbo In order to alleviate poverty, the Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) within the first nine months of 2024. This initiative forms part of a larger effort by the BOI to address critical challenges facing the MSME sector, which is ...
Cryptocurrency usage has continued to grow in Nigeria as Africa’s most populous country grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Wednesday. The country, which ranked second overall on the firm’s Global Adoption Index, received approximately $59 billion in cryptocurrency value between July 2023 ...
As First Bank Plc and Zenith Bank Plc continue to battle service disruptions, the tier-1 banks have warned millions of customers to be wary of activities of fraudsters who may solicit their details under the guise of helping to resolve the issues. In different posts on their social media platforms, the banks warned that it ...
President Bola Tinubu has boasted that reforms instituted by his administration has attracted more than $30 billion in foreign direct investments (FDI) in 2023. Tinubu made this known on Tuesday while addressing the nation to commemorate the country’s 65th Independence Day. In his address, Tinubu said the investment attracted was achieved due to the economic ...
Guaranty Trust Fund Managers Limited (“GTFML” or the “Fund Manager”), the asset management subsidiary of Guaranty Trust Holding Company Plc, has announced the launch of the Guaranty Trust Investment Fund 724 (“Fund 724”), an open-ended, naira-denominated Unit Trust Scheme duly authorised and registered by the Securities and Exchange Commission, Nigeria (SEC). The Scheme lists 10,000,000 ...
The Naira concluded September 2024 at N1,541 on the official NAFEM window, showing a modest improvement compared to its performance in July and August 2024. Conversely, in the parallel market, the Naira reached its lowest level in seven months, closing September at N1,700/$—the weakest rate since February 2024. At the beginning of September, the official ...
President Bola Tinubu has hailed what he said is the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in foreign exchange market. This discipline, he said, has led to the growth of the country’s Foreign Exchange FX reserves to ...
By Esther Agbo To achieve the Federal Government’s ambitious $1 trillion economy target, the Executive Director of Finance and Risk Management at United Bank for Africa Plc (UBA), Ugo Nwaghodoh, has called for greater collaboration between Nigeria’s banking sector, fintech innovators, and the real sector. Speaking at the 2024 Annual Conference of the Finance Correspondents ...
By Esther Agbo Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has called for greater inclusion of African countries in the governance and decision-making processes of global financial institutions such as the World Bank and the International Monetary Fund (IMF). Speaking at the high-level Bretton Woods at 80 Forum, Cardoso urged these institutions to address ...
By Esther Agbo The Federal Government has reaffirmed its commitment to empowering micro, small, and medium enterprises (MSMEs) through tax incentives, aimed at spurring growth, fostering innovation, and ensuring the sector’s sustainability. This reaffirmation was made by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, represented by his Special Adviser, Collins ...
By Esther Agbo Polaris Bank has once again affirmed its leadership in supporting Micro, Small, and Medium Enterprises (MSMEs), emerging as Nigeria’s Best Bank in MSME lending. This recognition, awarded at the inaugural MSME Finance Awards 2024, highlights the bank’s sustained focus on bolstering Nigeria’s entrepreneurial landscape through several direct and indirect funding channels. The ...
Stakeholders in the financial industry have emphasised the need for collaboration between banks and Fintech companies to drive real sector growth. According to them, this is necessary for Nigeria to achieve a one trillion dollar Gross Domestic Product (GDP) by 2026. They said this at the 2024 annual conference of the Finance Correspondents Association of ...
The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. CBN Controller, Yola Branch, Sah Nyashi said this during the weekend at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong ...
The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong ...
Olusegun Alebiosu, CEO of FirstBank has underscored the importance of financial inclusion in tackling poverty on the African continent. Speaking in an exclusive interview with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, Alebiosu highlighted poverty eradication as a pressing concern that should keep international leaders up at ...
The Nigeria Deposit Insurance Corporation (NDIC), has advised banks to comply with regulatory requirements especially on Bank Verication Number (BVN). According to NDIC, the aim is to ensure prompt payment of insured deposits to depositors in the event of bank closure. Mrs Pamela Roberts, the Controller, Enugu Zonal Office of the NDIC said this at ...
The Central Bank of Nigeria (CBN) says it has provided additional 20,000 dollars each to eligible Bureau de Change at an exchange rate of N1,590. This is to further boost foreign exchange liquidity. Dr Wiliam Kanaya, CBN’s Acting Director, Trade and Exchange Department, said this in a statement on Wednesday in Abuja. Kanaya said that ...
The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians spent a total of N89.5 trillion over electronic channels in July 2024. According to the latest e-payment data, the July record came as the all-time high monthly transaction value on the NIBSS Instant Payment (NIP) platform. This represents an 89 percent increase year on year ...
By Esther Agbo The Federal Government has officially commenced the preparation of the 2025 national budget, focusing on strict compliance with mandates and alignment with the country’s current economic priorities. The Director-General of the Budget Office, Tanimu Yakubu, disclosed this during the launch of a training program for Ministries, Departments, and Agencies (MDAs) on the ...
By Esther Agbo In an era where youth unemployment remains a pressing concern, the FCMB Flexxtern Programme stands out as a key player in Nigeria’s fight to bridge the gap between education and employment. As the latest group of 30 young graduates complete their internships, the programme is receiving accolades for its transformative impact on ...
