The naira is expected to maintain stability this week and beyond as the Central Bank of Nigeria (CBN) continues to intervene in the foreign exchange (FX) market. The CBN had directed the Bureau De Change Operators (BDCs) to purchase $25,000…
The African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) have formed a strategic partnership with the Caribbean Community (CARICOM) and the Intra-Regional Payment Committee to facilitate seamless cross-border payments. PAPSS serves as a financial market infrastructure…
By Seun Ibiyemi In its recent Monetary Policy Committee (MPC) meeting held on February 20, 2025, the Central Bank of Nigeria (CBN) decided to retain the Monetary Policy Rate (MPR) at 27.5 percent. This decision has significant implications for Small…
The Central Bank of Nigeria (CBN) has reiterated its dedication to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions. Special Adviser to the CBN Governor on Compliance, Ms Shola Phillips,…
Reinforcing its reputation as an institution committed to empowering Small Medium Enterprises (SMEs), Wema Bank has undertaken an initiative to empower 800,000 Nigerian businesses; following its Memorandum of Understanding (MoU) signing with the Small and Medium Enterprise Development Agency of…
The Securities and Exchange Commission (SEC) has advised women to steer clear of investment schemes promising unrealistic returns, warning of the risks associated with such fraudulent ventures. In a statement issued in Abuja on Sunday, the SEC said this advisory…
The ECOWAS Bank for Investment and Development (EBID) in conjunction with the European Investment Bank (EIB), has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. A statement signed by Head…
The Nigeria Deposit Insurance Corporation (NDIC) has appealed for the continued support of external solicitors’ of the Corporation in facilitating debt recovery and assets realisation of failed banks. Mr Hassan Bello, the Managing Director of NDIC, made the appeal at…
Financial institutions in Nigeria lost N52.26 billion to fraud in 2024 according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS). This represents a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023. The…
The Federal Government has stated that the introduction of crude oil sales in Naira is a strategic move aimed at enhancing the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu made this…
