Banking & Finance

Nigeria and other countries in the Sub-Saharan Africa (SSA) region have the highest rates of self-employment and unpaid family employment in the world, according to the World Bank. In its latest Africa’s Pulse report, the multilateral lender said this ranking is leading to depressed worker productivity and limiting workers’ earnings …

The World Bank has said the Nigerian naira is among the worst-performing currencies in the African continent.According to the global bank, the naira weakened by nearly 40 per cent against the United States dollar since it was devalued in June. It made this known in its report titled, ‘Africa’s Pulse: …

The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with …

The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with …

The World Bank has raised concerns over Nigeria’s macroeconomic management, calling for an urgent need for structural reforms to among other things improve revenue mobilization and financial management. The Bank said this would be imperative for the much “needed enabling business environment to attract investment and foster sustainable economic growth.” …

The Nigerian Customs Service announced on Sunday that it recently deactivated only two banks due to their failure to remit collected duties.The service also reported these banks to the appropriate financial authorities, including the Central Bank of Nigeria, and ongoing discussions are in progress among all parties involved.According to Abdullahi …

There is a need to expand the mandate of multilateral development banks and develop global standards to regulate cryptocurrencies, Indian Prime Minister Narendra Modi told G20 leaders during a summit of the bloc on Sunday.The group of 20 major economies has pledged in a declaration at the New Delhi meeting …

The Reserve Bank of India is planning to introduce its central bank digital currency (CBDC) in the call money market, an official told reporters on Tuesday.“RBI is now planning to go to interbank borrowing market (with CBDC), specifically call money market,” the official, who did not want to be named, …

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has joined the Nigeria Labour Congress (NLC) to draw the attention of the Federal Government to the “punishing” economic situation in the country. The union stated this in a circular dated September 2, 2023 signed by its General Secretary, …

The Federation Account Allocation Committee (FAAC), at its Meeting chaired by the Honourable Minister of Finance and the Co-ordinating Minister of the Economy, Mr. Wale Edun today shared a total sum of N966.110 billion to the three tiers of government as Federation Allocation for the month of July, 2023 out …