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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the current management team is stabilising the economy, curbing inflation, and restoring investors’ confidence as critical milestones in the Bank’s ongoing economic reform agenda on Thursday, including a new target to increase foreign remittances to $1 billion monthly. The governor delivered the keynote ...
The Central Bank of Nigeria (CBN) has granted banks the approval to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window. CBN gave the directive in a document dated November 5, 2024 signed by John Sonojah, its Acting Director, Financial Policy and Regulation Department and Adetona Adedeji, its ...
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has revealed that Nigeria’s foreign exchange reserves have surpassed $40 billion, marking the highest level in over two and a half years. Cardoso made the announcement during a symposium held in Abuja on Thursday, coinciding with the release of the compendium titled “Promoting ...
In the second quarter of 2024, Nigeria saw a major increase in its net foreign exchange (forex) inflows, recording a boost of $17.18 billion—a 49.39 percent rise from $11.50 billion in the previous quarter. This improvement in forex inflows comes as Nigeria faces persistent currency challenges. Data from the Central Bank of Nigeria (CBN) shows ...
Bitcoin rallied sharply on Wednesday, November 6, closing at $73,526, marking a 5.72 per cent gain or a $3,978 increase from the prior trading session. This comes after a strong performance over the past month, with Bitcoin advancing 17.75 per cent. On a year-over-year basis, the cryptocurrency has seen an extraordinary rise of 107.12 per ...
In the first nine months of this year, 10 Deposit Money Banks in Nigeria collectively generated approximately N4.20 trillion, according to an analysis of their quarterly financial reports. The banks listed on the Nigerian Exchange Limited saw a significant 102.81 percent rise in profits, reaching N4.20 trillion from N2.07 trillion recorded at the end of ...
President Bola Tinubu on Friday congratulated the retired Group Chief Executive Officer of First Bank Nigeria Limited, Dr Adesola Adeduntan, for his service at Nigeria’s oldest bank. The President’s good wishes were contained in a statement signed by Special Adviser to the President (Information & Strategy), Bayo Onanuga. This weekend, First Bank is set to ...
Prof. Bello Ibrahim, the Chairman Borno State Internal Revenue Service,said that the agency has no plan to introduce any new tax in the state for now. Ibrahim in an interview on Sunday in Maiduguri, said the state was for now focusing more on harnessing all the available means to ensure that no revenue escaped from ...
The International Monetary Fund (IMF) member countries have elected an expanded Executive Board of 25 Executive Directors, including three representing Sub-Saharan Africa(SSA.) IMF Media Centre disclosed this in a statement on Saturday in Abuja. According to the statement, the completion of the Fund’s 2024 Regular Election of Executive Directors on Oct. 25 was the final ...
The Niger Delta Development Commission (NDDC) has partnered with Providus Bank as part of efforts o collaborate with financial institutions as part of its efforts to accelerate economic growth and development in the Niger Delta region. Speaking during the commissioning of a Providus Bank branch at the NDDC headquarters in Port Harcourt, the NDDC Managing ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy. This move which is expected to happen within the next year will mark the bank’s second subsidiary in the ...
FarmSlate, a startup connecting smallholder farmers with financiers, has won the First City Monument Bank (FCMB) Agritech Hackathon 2024. Its winning solution uses artificial intelligence, the Internet of Things, and geospatial analytics to achieve this. The startup received N3.5 million and will now participate in a venture-building programme. The Agritech Hackathon, powered by Heave Ventures ...
By Esther Agbo The Nigerian Senate has called on the Nigeria Deposit Insurance Corporation (NDIC) to prioritise efforts in securing maximum returns from the liquidation assets of the now-defunct Heritage Bank. This directive, aimed at protecting the interests of remaining stakeholders, was issued by the Chairman of the Senate Committee on Banking, Insurance, and Other ...
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a partnership and collaboration which aims to increase local currency financing for Nigeria’s priority sectors, addressing a critical gap in funding for key areas such as agriculture, housing, infrastructure, energy, and small and medium enterprises (SMEs). The agreement will enable the ...
Dangote Cement Plc saw a marginal increase in its pre-tax profit in the first nine months of 2024 to N406.38 billion as high finance and production costs gulped revenues during the period. This is according to the company’s unaudited financial statement for the period between January and September 2024 where revenues increased by 69.5 percent ...
Leading financial institution, FirstBank of Nigeria has clarified that it is not scheduling an upgrade on its bank platform but on its suppliers platform. The clarification comes amid scares among the consumers having experienced poor services with other banks due to the system upgrade that has been conducted in recent weeks. Allaying the fears of ...
The Chartered Institute of Bankers of Nigeria (CIBN) has called for more investment in education, infrastructure and economic diversification to boost the nation’s prosperity and drive Gross Domestic Product (GDP) growth. The institute also urged the government to facilitate trade and attract foreign direct investment, leveraging Nigeria’s large population to reduce poverty and achieve sustainable ...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the apex bank is engaging at the highest level to facilitate Nigeria’s removal from the Financial Action Task Force’s (FATF) “grey list,” an anti-money laundering watchlist. Cardoso disclosed this during a briefing with journalists and stakeholders in Washington, USA, following meetings ...
The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20. This represents a 0.07 per cent gain when compared to the previous trading date on Thursday when it exchanged at N1,601.20 ...
Director General of the Bureau of Public Enterprises (BPE), Ayodeji Gbeleyi has expressed the Bureau’s commitment to collaborate with the Infrastructure Concession Regulatory Commission (ICRC) with a view to delivering Infrastructure to Nigerians. The Director General made the commitment during a courtesy visit by the Director General (DG) of the Infrastructure Concession Regulatory Commission (ICRC), ...
By Esther Agbo Union Bank is making waves in Nigeria’s financial sector with its new policies designed to foster a more inclusive and supportive workplace for its employees, particularly women. In a move to strengthen employee welfare, the bank has introduced a maternity leave package and an on-site crèche facility for working parents, aimed at ...
By Esther Agbo Ecobank Nigeria has strengthened its relationship with customers through its innovative “Super Rewards Millionaire Geng Promo,” disbursing N16 million since the campaign’s launch in July 2024. While the initiative promises a grand total of N42 million in cash prizes, the campaign is more than just a marketing tool, it reflects Ecobank’s strategic ...
By Esther Agbo The Federal Government of Nigeria to implement a significant increase in the Value Added Tax (VAT) rate from its current level of 7.5 percent to 15 percent. This decision, part of a broader strategy to bolster local revenue generation, aims to enhance public financial stability amid ongoing economic challenges. According to a ...
