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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 ...
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 ...
Economic activities in Nigeria fell for the thirteenth month in July as high costs reduced new orders and employment declined, Central Bank’s Purchasing Managers’ Index showed According to the report released Wednesday, the composite PMI stood at 49.7 points indicating a contraction in economic activities for the thirteenth consecutive month. Economic activities, however, improved in ...
By Esther Agbo PalmPay, a leading Africa-focused fintech platform, is urging stronger collaboration between banks and fintech companies to accelerate financial inclusion in Nigeria. At the recent Nigeria Fintech Forum themed, ‘Building the Next Frontiers for Nigeria’s Fintech’ in Lagos, Head of Partnerships at PalmPay, Chibuzor Melah, emphasised the need for synergy and innovation to ...
The Federal Government, through the Debt Management Office (DMO), has re-opened three FGN bonds valued at N190 billion for subscription at N1,000 per unit. According to a statement by the DMO on Wednesday in Abuja, the first offer is an April 2029 FGN bond valued N70 billion, at interest rate of 19.30 per cent per ...
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday charged the leadership of the Nigerian Social Insurance Trust Fund (NSITF) to be transparent and accountable in their service to the people. He also implored the Fund to be responsible and responsive in rendering quality service for the benefit of Nigerians, especially those who need NSITF services ...
Fidelity Bank has surpassed the N127.1 billion target set in its combined offer programme, as the bank concludes the programme. In a note to investors, the Managing Director of the Bank, Nneka Onyeali-Ikpe expressed appreciation, noting that the bank had surpassed the target set. The note read, “With the conclusion of the Combined ...
The Central Bank of Nigeria has incurred an estimated N1.55 trillion in interest payments for the 12 successful Treasury Bills (T-Bills) auctions conducted in the first six months of 2024. The interest costs in 2024 were approximately 654.7 percent higher than the N205.63 billion recorded the same period of the previous year. This is based ...
…Seeks diversification of revenue base to reduce dependence on federal allocation …RMAFC commends Lagos, seeks to replicate economic success in other states By Sodiq Adelakun Lagos State has achieved a significant milestone in Internally Generated Revenue (IGR), increasing it by 70 percent over the past five years. This development was revealed by the Honourable Commissioner ...
By Esther Agbo The Bank Directors Association of Nigeria (BDAN) has raised significant concerns about the proposed 70 percent windfall tax on profits from foreign exchange transactions, calling for a more measured approach in light of current economic conditions. In a statement issued after its board meeting on Monday, the association emphasised that while it ...
