By Abdulfatah Babatunde The Islamic Development Bank Group Business Forum (THIQAH) and the World Association of Investment Promotion Agencies (WAIPA) have signed a Memorandum of Understanding (MoU) on investment opportunities. TheNewsZenith reports that the MOU is aimed at fostering collaboration to promote business and investment opportunities on a global scale. The agreement underscores the shared […]
By Abdulfatah Babatunde President of the African Development Bank (AfDB) Dr Akinwumi Adesina has emphasized the critical need for significantly increased financing to meet the Sustainable Development Goals (SDGs). TheNewsZenith reports that Adesina spoke at the Islamic Development Bank (IsDB)’s 50th-anniversary celebrations in Riyadh. He highlighted a growing annual financial shortfall of $4 trillion. This, […]
The Islamic Development Bank (IsDB) Institute has slated the 18th edition of its Global Forum on Islamic Finance to hold in Riyadh, Saudi Arabia, on April 28. The forum will be hold alongside the IsDB Group’s Annual Meetings and Golden Jubilee Celebration. It is organised annually as a flagship side event of the Group’s Annual […]
From Jafar Omoniyi, Abuja Vice President Kashim Shettima has assured Nigerians that the nation’s currency, Naira would continue to gain value against the American dollar at the forex market, the office of VP said in a statement. TheNewsZenith reports that the spokesperson of the Vice-President, Mr Stanley Nkwocha, in the statement quoted Shettima as […]
By Our Correspondent A microfinance bank (MFB), Moniepoint, says it has developed a new Unstructured Supplementary Service Data (USSD) service to enhance financial inclusion and prevent fraud. The Managing Director of the MFB, Mr Babatunde Olofin, announced the development in a statement on Tuesday in Lagos. According to Olofin, the USSD service would be accessible […]
From Our Correspondent The Central Bank of Nigeria (CBN), on Thursday, announced new minimum capital requirements for banks to enhance banks’ resilience and strengthen the country’s financial system. The Apex bank said it is pegging the minimum capital base for commercial banks with international authorisation at N500 billion ($353.32 million). It also said it will […]
The Central Bank of Nigeria, on Wednesday, announced limits on how much banks can hold in foreign currencies and expressed concern about the growing forex exposures on their balance sheets after the local currency tumbled against the U.S. dollar. Nigeria’s currency fell to a record low on the official market on Tuesday, slipping below the unofficial […]
By Abdulfatah Babatunde African Development Bank (AfDB) has granted $148 million in financial support to the Commercial International Bank (CIB) of Egypt to prop up small and medium-sized enterprises (SMEs) and trade. In a statement received by TheNewsZenith on Friday, AfDB said the financial package “comes amid a shortage of foreign currency in Egypt due […]
From Our Correspondent Vice-President Kashim Shettima says the recent policies and programmes introduced by President Bola Tinubu’s administration are already yielding tangible results. Shettima made this remark while opening the 16th Annual Banking and Finance Conference, on Tuesday, in Abuja. TheNewsZenith reports that the theme of the conference is “Nigeria’s Economic Growth and Empowerment: The […]
The Central Bank of Nigeria (CBN) says it plans to address speculations in the foreign exchange market by injecting more dollars into market. This is even as the Federal Government proposed to inject more dollars into the market. Acting Governor of the CBN, Folashodun Shonubi, announced this while addressing journalists after meeting with President Bola […]