In a move that will impact importers nationwide, the Central Bank of Nigeria (CBN) has once again adjusted the exchange rate used for calculating Customs duties. Effective from yesterday morning, February 14, 2024, the rate has been increased from N1,444.56…
In a proactive move to safeguard the stability of the Nigerian banking sector, the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) have intensified their supervisory efforts. The joint initiative aims to keep the non-performing loan…
In a robust move to ensure ethical practices within Nigeria’s digital lending space, the Money Lenders Association (MLA) has endorsed the Federal Competition and Consumer Protection Commission’s (FCCPC) recent enforcement actions. The FCCPC, which has been vigilant in its oversight,…
By Sodiq Adelakun In a significant financial development, Nigeria’s banking sector has witnessed a substantial increase in the number of active bank accounts, according to the latest figures released by the Nigeria Inter-Bank Settlement System (NIBSS). The total number of…
By Sodiq Adelakun In a strategic move to stabilise the Nigerian currency, the Central Bank of Nigeria (CBN) re-entered the spot foreign exchange market on Tuesday with a significant sale of $30 million, marking its first direct intervention since September…
The Naira depreciated further to N1,534/$ on Monday according to data on the Central Bank of Nigeria and FMDQ website. This is a landmark as it is the first time the dollar would be exchanging at over N1,500 since the…
By Sodiq Adelakun In a remarkable leap forward for Nigeria’s digital economy, the latest figures from the Nigeria Interbank Settlement System (NIBSS) indicate a significant 54.55 percent increase in electronic payment transactions, reaching a total of N611.06 trillion in 2023.…
By Sodiq Adelakun The House of Representatives has instructed its Committees on Banking Regulations and Banking Institutions to hold an investigative hearing regarding the failure of commercial banks and financial institutions to comply with the Central Bank of Nigeria’s (CBN)…
…Says food inflation remains a concern for low, middle, high-income nations By Sodiq Adelakun The World Bank has projected that seven states in Nigeria’s North-west and North-east regions are on the brink of a food security crisis by 2024. The…
…BDC to undergo overhaul as Cardoso targets currency hoarders …Says CBN’s bold reforms lead to $800m in forex transactions By Sodiq Adelakun In an address to the House of Representatives on Tuesday, Yemi Cardoso, the Governor of the Central Bank…
