The Central Bank of Nigeria (CBN) has issued a directive mandating the geo-tagging of all Point of Sale (PoS) terminals nationwide within the next 60 days. The move is aimed at tackling electronic payment fraud and strengthening regulatory oversight. In a circular dated August 25, signed by Rakiya Yusuf, Director of the Payments System Supervision […]
The Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and contravention of extant foreign exchange laws and rules. According to the Nation, some sources confirmed the investigation of many leading companies in key sectors of the economy including […]
The Federal Government of Nigeria has disclosed that it “spent N30,540,563,571.09, representing 84% of the N36.3 billon public funds and donations received to respond to COVID-19 between 1st April, 2020 and 31st July, 2020, leaving the balance of N5.9 billion.” Daily Times reports that the Central Bank of Nigeria (CBN) in June disbursed the total […]
Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) have agreed to pick the hotel accommodation and feeding bills of returning stranded Nigerians abroad. The cost is to cater for the remaining over 3,000 Nigerians stranded in several countries as a result of global lockdown occasioned by the COVID-19 pandemic. Speaking yesterday at […]
Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move to slash various banks charges. A cross section of customers, who spoke with News Agency of Nigeria (NAN) in Abuja on Monday, described the development as being in the right direction. CBN slashes ATM withdrawal fee to N35 NAN reports that […]
The Central Bank of Nigeria (CBN) has issued regulations governing the operations of the in-direct participants in the payments system. The apex bank in its latest circular titled, “Regulation for the operation of indirect participants in the payments system”, listed the minimum criteria to qualify as an indirect participant having a satisfactory risk-based rating from […]
The stock price of five banks out of 12 sanctioned by the Central Bank of Nigeria (CBN) on Thursday depreciated on The Nigerian Stock Exchange (NSE). The apex bank on Wednesday debited 12 banks who failed to meet the initial deadline of 60 per cent Loan to Deposit Ratio (LDR) by September 30, 2019, in […]
Fidelity Bank Plc on Thursday announced the introduction of a new savings campaign in Lagos, as part of concerted efforts to promote the culture of savings amongst Nigerians. The Savings the campaign which will ride primarily on digital technologies is one of the many initiatives of the bank aimed at rewarding new and existing customers […]
The Manufacturers Association of Nigeria (MAN) has said that the implementation of the cashless policy on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises (MSMEs) that are clearly the engine room for growth of the economy and employment generation. Expressing its concern over the possible implication of Central Bank of Nigeria […]
The Deputy Managing Director (DMD), eTranzact International Plc., Hakeem Adeniji-Adele, has identified the Nigerian culture and penchant for cash transaction as the bane of digital payments in the country. He made the assertion as the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), which put the total value of transactions on automated teller machines […]
Nigeria’s Excess Crude Account has been depleted to an all-time low of $274.583 million, which is believed not adequate to sustain the country in a stormy financial shock should oil prices fall below the budget benchmark. The Honourable Minister of State for Budget and National Planning, Zainab Ahmed, disclosed this while reporting to the National […]
Temitope Adebayo The Central Bank of Nigeria (CBN) has rescheduled its September 2019 Monetary Policy Committee (MPC) meeting by one week. The Director of Corporate Communications, Isaac Okoroafor disclosed this in a statement released on Tuesday. Okoroafor noted that the meeting earlier scheduled for next week will now hold on Thursday and Friday this week. […]
…Lifts forex market with $210m FX injection Motolani Oseni The Central Bank of Nigeria (CBN) on Tuesday released regulation for electronic payments and collections for public and private sectors in the country. This is just as the apex bank boosted the interbank segment of the Foreign Exchange Market with an injection of $210 million. The […]
Temitope Adebayo The Chartered Institute of Bankers of Nigeria (CIBN) has said that it set to hold the 12th Annual Banking and Finance Conference at the Transcorp Hilton Hotel, Abuja on September 24-25, 2019, to brainstorm on strategic issues that are critical to building a sound and sustainable financial system and economy. The President/Chairman of […]
It is no longer new that the scourge of casualization of employment has gained grounds in an unprecedented proportion in Nigeria. TEMITOPE ADEBAYO writes on the increase and high rate of acceptance of this labour practice in the Nigerian banking industry. Commercial banks operators in Nigeria are increasingly filling positions in their organisations that are […]
Temitope Adebayo The Nigeria’s local currency, Naira, at the Investors and Exporters (I&E) FX window has appreciated by 0.06 per cent to close at N362.73 to the US Dolar, even as the volume of the Central Bank of Nigeria’s (CBN’s) interventions in the retail secondary market intervention sales (SMIS) hit the sum of $13 billion […]
Motolani Oseni Despite efforts by the Federal Government, the Central Bank of Nigeria (CBN) and other industry stakeholders, over one million metric tons of rice valued at $400 million (N145 billion) was smuggled into Nigeria since the beginning of 2019. For instance, Rice Farmers Association of Nigeria (RIFAN) on Thursday commended the action being coordinated […]
Motolani Oseni Bureau de Change (BDC) operators under the Association of Bureau De Change Operators of Nigeria (ABCON) are preparing for the annual evaluation of the Financial Action Task Force (FATF) team visiting the country soon. Speaking to financial journalists ahead of the FATF visit to Nigeria, ABCON President, Alhaji (Dr.) Aminu Gwadabe, said BDCs […]
Joy Obakeye The Manufacturers Association of Nigeria (MAN) has said more clarity is needed to understand the position of the Federal Government over the directive on the restriction of foreign exchange for food importation issued by President Muhammadu Buhari to the Central Bank of Nigeria. In a statement signed by the Director-General of MAN, Mr […]
Temitope Adebayo As part of a strategy to realign its operations for sustained business growth, Keystone Bank Limited has appointed three executive directors as members of its board of directors. The new directors who were appointed at the 49th yearly general meeting of the bank in Lagos recently, subject to the approval of the Central […]