The National Bank of Ethiopia (NBE) has announced the adoption of an interest-rate-based monetary policy regime in line with international best practices to ensure price stability and foster economic growth. The new regime comes as the central bank takes a major step to switch away from the previous credit ceiling policy. This is to ensure […]
By Abdulfatah Babatunde The African Development Bank (AfDB) has appointed Dr Eric Kehinde Ogunleye, a seasoned macroeconomist, as Director of the African Development Institute, effective June 1, 2024. Ogunleye, a Nigerian national, has nearly 20 years of experience in macro and development economics, capacity development and public governance. The new director has experience in regulatory […]
From Our Correspondent The Nigeria Deposit Insurance Corporation (NDIC) says it has started the liquidation process of the failed Heritage Bank Plc. It is immediately starting verification and payment of insured deposits to the failed bank’s depositors. This is following the revocation of the bank’s operating license by the Central Bank of Nigeria (CBN) on […]
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 […]