Banking & Finance

The Chartered Institute of Bankers of Nigeria has advised the Central Bank of Nigeria to implement policies that will effectively curb fraudulent transactions within the banking industry. The institute also urged financial institutions to prioritise cyber security measures to safeguard their websites and protect customer information. The Ogun State Chairman …

A World Bank report has indicated that Nigeria’s poverty level has taken a notch higher, at the backdrop of the recent economic and fiscal reforms. The key reforms include the removal of petrol subsidy and the foreign exchange market rate restructuring. The bank, however, commended the Federal Government for what …

The World Bank has declared that despite temporal pains, economic reforms introduced by the Bola Tinubu administration are beginning to record positive impacts including macro-economic stabilization, and pro-people priorities but only an extended momentum of current reforms can propel Nigeria towards the high and inclusive path of growth. The World …

Says banks now responsible for loan recovery The Central Bank of Nigeria, CBN, has suspended application for new loans under it’s development finance intervention funds. The apex bank announced this decision in a circular to the Chief Executives of banks, signed by Ag. Director, Development Finance Department, Sa’ad Hamidu. Among other …

The Central Bank of Nigeria (CBN) has explained the reasons behind scarcity of naira notes in the country. This comes following a series of complaints by some bank customers on the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change …

Fintech giant Opay has reacted to the recent directive issued by the Nigeria Inter-Bank Settlement System (NIBSS), ordering banks in the country to take down every non-deposit-taking financial institution from their NIP fund transfer channels. There had been media reports that NIBSS, in the directive to banks, noted that having …

For the umpteen time and the second time in four weeks, the Central Bank of Nigeria(CBN) has raised the Customs duty exchange rate to N951.941 per dollar. The rate was jerked up a month ago from N770.88 per dollar to N783.174 per dollar.The latest duty exchange rate has since been …

  Nigeria’s Naira strengthened by 9.64 percent despite a decline in dollar liquidity at the official market on Monday. At the close of trading on Monday, the dollar was quoted at N837.77, stronger than N927.19 quoted on Friday at the Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated. …

The Central Bank of Nigeria has announced plans to conduct a review of its licensing framework for payment services. This would lead to the development of a new regulatory and compliance framework for the payment service sector, the apex bank hinted. The CBN Governor, Olayemi Cardoso, revealed this at the …

The Board of Directors of the African Development Bank Group has approved an $80 million loan to finance the Ekiti Knowledge Zone project in Nigeria. The Zone seeks to promote digital innovation and entrepreneurship, generate 26,000 jobs, and contribute some $14 million annually in net economic benefits. The Ekiti Knowledge …