Banking & Finance

Ebuka Daniel The Central Bank of Nigeria has said that there is no doubt about the financial strength of Nigerian Deposit Money Banks in the country. Nigeria has 20 banks based on the update of the regulator as of June 2021. The CBN stated this position in the Communique issued …

Oluwasina Phillip The Central Bank of Nigeria has explained the economic implications and importance of a centralized and regulated digital currency in Nigeria. The apex bank had earlier revealed that it would be launching e-naira, a digital equivalent of the naira in October, in line with global trends. According to …

Oluwasina Phillip The Spokesman of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi has faulted claims from certain quarters for the resignation of the CBN Governor over issues relating to the exchange rate of the naira. In a statement on Monday night, Nwanisobi alleged that those behind such calls …

Oluwasina Phillip The President of the African Development Bank, Dr Akinwumi Adesina, says Africa needs $425bn in additional gross financing by 2030. He said this in a statement announcing that the Africa Investment Forum was set to host its 2021 Market Days in Abidjan, Côte d’Ivoire. Adesina said, “We look …

Ebuka Daniel AbokiFX has announced the suspension of the publication of daily rates on its platform following the clampdown of the Central Bank of Nigeria on the website. But the firm in a statement dated September 17 replied the apex bank saying it hopes its suspension of daily rate would …

Oluwasina Phillip The Central Bank of Nigeria Governor, Godwin Emefiele, has said that the apex bank will go after the owner of Aboki FX, an online platform that gathers the black market rates in Nigeria. Emefiele made the threat at the end of the Monetary Policy Committee meeting on Friday …

Union Bank of Nigeria Plc (‘’Union Bank’’) has announced the appointment of Ms Aisha Abubakar into its Board, as an Independent Non-Executive Director, effective from 9th of September 2021. The Bank, in a statement filed with the Nigerian Exchange Limited (NGX) today, revealed that the appointment has been approved by …

Ebuka Daniel The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has said that some people are collecting dollars from Bureau De Change operators and use them to import weapons in order to harm Nigerians. He said this on Friday while speaking at the end of the Monetary …

Ololade Omosan Agie The Vice President, Prof Yemi Osinbajo has commended some Nigerian Banks that are making in-roads into other African countries, saying that they are more positioned to benefit from opportunities provided by the Africa Continental Free Trade Area (ACFTA). They are Access Bank, United Bank for Africa. GTCO …

Ebuka Daniel The Board of Directors of the African Development Bank Group has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility between the African Development Bank and Standard Chartered Bank. The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction …