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By Seun Ibiyemi The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria. This is even as the apex bank threatened to sanction lenders that rejected the currencies. ...
The Securities and Exchange Commission (SEC) has announced plans to impose a N1 million penalty on banks failing to submit complete capital raise applications in line with banking sector recapitalisation guidelines. In a statement released, SEC emphasised that banks must follow specific norms and procedures to raise capital through rights issuance, private placements, or other ...
...Offers N100m in grants and mini-MBA scholarships By Opeyemi Abdulsalam Access Bank has opened applications for its Womenpreneur Pitch-a-ton programme, aimed at empowering female entrepreneurs. This year’s programme will award 120 winners with business grants and a certified mini-MBA programme worth over N100 million, in partnership with the International Finance Corporation (IFC). The application period ...
By Opeyemi Abdulsalam Nigeria’s money supply has reached a record high, according to recent data from the Central Bank of Nigeria (CBN). The total amount of money in circulation, known as M3, stood at N99.23 trillion in May 2024. Despite efforts by the CBN to reduce the amount of money in circulation, the amount of ...
By Opeyemi Abdulsalam The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has expressed concern over the growing transaction volumes of Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs). He warned that this trend poses a significant risk to the stability of the financial system. According to Cardoso, the increasing activities of NBFIs and ...
Foreign investment inflows to Nigeria grew to $3.38 billion in the first quarter of 2024, a 210.16 percent increase from $1.09 billion in the fourth quarter of 2023, according to the latest capital importation report on the National Bureau of Statistics (NBS). On the flip side, capital importation into Nigeria recorded 198 percent year-on-year growth ...
The naira earned its first gain in more than 10 days against the United States dollar on Friday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the Nigerian currency gained N5 to trade at N1,505/$1 at the official market today. The currency traded at N1,510/$1 on Thursday. The intra-day high and low ...
By Opeyemi Abdulsalam The Nigerian Economic Summit Group (NESG) has supported the Central Bank of Nigeria’s (CBN) decision to end the Price Verification System (PVS) for foreign exchange transactions. The NESG said it believes this move will eliminate unnecessary regulatory hurdles and promote macroeconomic stability. In a communique released over the weekend, the NESG expressed ...
Newly sworn-in President, Oluropo Dada, as the 13th President and Chairman of Governing Council of Chartered Institute of Stockbrokers (CIS), says the Federal Government can raise $500 billion from the Capital Market. The investiture ceremony, at the weekend in Lagos, marked the commencement of Dada’s two-year tenure as the Institute’s President and send-off for Oluwole ...
…Says foreign currency deposits limited to Abuja and Lagos CBN branches By Opeyemi Abdulsalam The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank. In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, ...
The Securities and Exchange Commission (SEC) says the regulation of crypto-currencies and other digital assets are under its full control and regulation. The Director-General of SEC, Dr Emomotimi Agama, said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja. Agama described crypto assets as ...
By Opeyemi Abdulsalam The Nigerian currency, Naira, maintained its stability against the United States dollar at the official foreign exchange market on Wednesday, trading at N1,507.83 per dollar. According to data from FMDQ, this represents a marginal change of N0.04 from the previous day’s rate of N1,507.79 per dollar. At the parallel market, the naira ...
O3 Capital, a leading Nigerian fintech and the country’s first non-bank credit card issuer, has disclosed that the launch of its four American Express (‘Amex’) cards have been met with huge demand both in and out of Nigeria. Chief Executive Officer of O3 Capital, Abimbola Pinheiro, in a statement said, “We are delighted with the ...
The Debt Management Office says the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with journalists. She was clarifying misconceptions about the recently released update of the country’s ...
A consulting firm, PwC, has projected a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year. The company made the projection in its latest economic outlook report on Nigeria released on Monday. According to the company, the decline would be achieved as a result of the ongoing reforms and policy ...
