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 […]
From Our Correspondent A socio-cultural organisation, Yoruba Welfare Group (YWG), has urged Nigerians to stop politicising administrative policies and heating the polity by playing on primordial sentiments. YWG President, Comrade Abdulhakeem Alawuje, said in a statement, on Tuesday, in Abuja. Alawuje pointed out that at this critical time in Nigeria, all hands should be on […]
By Abdulfatah Babatunde, Abeokuta A former deputy governor of the Central Bank of Nigeria (CBN), Dr Tunde Lemo, says Nigeria’s economy will continue to comatose unless the governance approach shifts away from wasteful spending. Lemo, who also is a one-time Managing Director of Wema Bank Plc, spoke as a Guest on “Boiling Point Arena”, a […]
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 […]
The Central Bank of Nigeria (CBN) has directed commercial banks to start disbursing and receiving old naira notes in compliance with the Supreme Court’s directive. The Apex bank issued the directive, on Sunday night, after a meeting of the Bankers Committee. Godwin Emefiele, CBN Governor chaired the meeting. Gov Chukwumeka Soludo of Anambra State confirmed […]
The Central Bank of Nigeria (CBN) says it recorded N503 billion in repayment of loans under its Anchor Borrowers’ Programme (ABP), representing 52.39 per cent. Acting Director of Corporate Communications Department, Dr AbdulMumin Isa, announced this in a statement in Abuja on Monday. Isa said that the apex bank remained committed to its developmental mandate […]
By Our Correspondent The naira on Wednesday exchanged at 445.83 to the dollar at the Investors and Exporters window, depreciating by 0.01 per cent. This is against the N445.80 to the dollar it exchanged on Tuesday. The open indicative rate closed at N444.25 to the dollar on Wednesday. An exchange rate of N452 to the […]
By Oluwashina Iyanda The Nigerian economy sustained its growth performance in the first half of 2022 as its real gross domestic product (GDP) grew by 3.11 per cent from 0.51 per cent in the corresponding quarters of 2021. This is contained in the Half-Year-Activity Report of the Financial Department of the Central bank of Nigeria […]