Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, has charged stakeholders to prioritise digital empowerment for MSMEs as a measure for championing a sustainable MSME ecosystem in Nigeria. The charge was made at the International MSMEs Day…
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…
…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…
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…
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…
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…
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…
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…
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,…
…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…
