The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26.25 per cent. Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at … [Read more…]
The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions. Nigeria’s Minister of Information and National Orientation Mohammed Idris disclosed this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja on Tuesday. He said the policy is undergoing a review. “The position of … [Read more…]
The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fee on deposits till September 30, 2024. In a circular, the apex bank ordered that financial institutions suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The circular to deposit money banks … [Read more…]
The Central Bank of Nigeria has published an extensive roster of authorized Deposit Money Banks functioning within the nation. The roster, disclosed on the CBN’s official website on Tuesday, offers a glimpse into Nigeria’s banking sector. Banks with international authorisation include: Access Bank Limited Fidelity Bank Plc First City Monument Bank Limited First Bank Nigeria … [Read more…]
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday. Speaking at the event, the CAC … [Read more…]
The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. … [Read more…]
The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers. The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at … [Read more…]
The naira regained strength against the haven currency over the weekend, breaking below the N1,300 resistance level at the parallel market, to settle at N1,270-1,275 against the dollar as the U.S. Federal Reserve Bank meets on interest rates. The new rate represents a 10% increase compared to the N1,400 to a dollar it traded at … [Read more…]
The shortage of petrol has continued spread to states. States reported to have experienced acute scarcity are Oyo, Osun, Ondo, Edo, Anambra, Enugu, Lagos, Abia, Benue, Plateau, Kaduna, Katsina, Niger and Jigawa. The scarcity first hit the Federal Capital Territory (FCT) last week. But an improvement was noticed by The Nation across Abuja yesterday. Most Nigerian … [Read more…]
The federal government is expecting a fresh $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank (AfDB). The Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/IMF Spring Meetings in Washington DC in … [Read more…]
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), … [Read more…]
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has committed to increasing the supply of Nigeria’s gas to both local and international markets with the aim of revitalising the country’s revenue. Kyari said that by improving gas production, the NNPCL would play its part in stabilising the naira. … [Read more…]