The Central Bank of Nigeria on Monday sought the partnership of the Federal University of Technology, Akure, Ondo State, in adopting the newly introduced digital currency known as eNaira. The apex bank urged the university to adopt the new system for financial transactions within the varsity environment. Speaking during the …
Read More »Women Empowerment in Nigeria: World Bank Approves another $500m loan for FG
The World Bank Group has approved a loan of $500m to help Nigeria drive women’s empowerment. This became the second loan approved by the World Bank under the new President, Bola Tinubu. It is a scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, …
Read More »Allow Multilateral Development Banks(MDBs) use Special Drawing Rights-Adesina urges IMF
The President of African Development Bank (AfDB),Dr Akinwumi Adesina has called on the International Monetary Fund((IMF) to grant permission to Multilateral Development Banks(MDBs) to use its Special Drawing Rights to meet the financing deficit of vulnerable jurisdictions. Speaking on a panel at the Summit for a New Global Financing Pact, …
Read More »CBN makes Social Media Handle mandatory KYC requirements for bank customers
The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes. The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions while aligning with …
Read More »CBN issues 8 new guidelines to banks, forex dealers
The Director, Financial Markets Department of the Central Bank of Nigeria (CBN), Alvan Ikoku, has issued a circular to banks and other foreign exchange (Forex or FX) authorised dealers informing them of changes in the FX market. In the circular titled; “FURTHER LIBERALIZATION OF THE INTER-BANK FOREIGN EXCHANGE (FX) MARKET,” …
Read More »CBN:Emefiele fired, faces probe
President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect. This is contained in a statement issued on Friday night by Willie Bassey, Director in the office of the Secretary to the Government of the Federation. The statement …
Read More »Biden signs debt limit bill, avoiding U.S. default
President Joe Biden on Saturday signed a bill that suspends the U.S. government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default. The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations …
Read More »CBN multiple exchange rates may increase debt burden – W’Bank
The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post titled ‘Parallel Exchange Rates: The World Bank’s Approach to Helping People …
Read More »Babalola urges Tinubu to seek debt forgiveness for Nigeria
Foremost lawyer Chief Afe Babalola has asked the incoming administration of Asiwaju Bola Ahmed Tinubu to prioritise debt forgiveness for Nigeria from creditors countries and multilateral financial institutions. Babalola said forgiveness or cancellation would relieve Nigeria of humongous foreign debts, adding that lion share of the country’s resources were being …
Read More »African Devt Bank proposes ‘fast track’ compensation for Zimbabwe white ex-farmers
The African Development Bank (AFDB) has developed financial instruments to “fast track and front load” $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe’s government, the bank’s president said on Monday. Akinwumi Adesina’s announcement, which did not include details of the proposed instruments, comes …
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