The Naira on Friday appreciated against the dollar at the Investors and Exporters window, exchanging at N430.33. The figure represented an increase of 0.08 per cent, compared with N430.67 it exchanged for the dollar on Thursday. The open indicative rate closed at N429.50 to the dollar on Friday. An...
CBN
Some financial experts have advised the Central Bank of Nigeria (CBN) to leverage technologies and innovations by the BRICS countries to strengthen the naira. The experts gave the advice at the maiden edition of the Annual Banking and Technology Forum, organised by the Centre for Financial Studies of the...
The Central Bank of Nigeria (CBN) has unveiled the Unstructured Supplementary Service Data (USSD) for its eNaira to enhance financial inclusion in the country. The CBN Governor, GodwinEmefiele said this during the inauguration of the USSD transaction code at a 5-day Northern eNaira fair, Kano 2022. The theme of...
The House of Representatives Committee on Finance has frowned on some treaties signed by Nigerian Bulk Electricity Trading (NBET) with some investors on power generation in the country. The Chairman of the committee, Rep. James Faleke (APC-Lagos State), at a public hearing in Abuja on Friday, expressed concern that...
The Central Bank of Nigeria (CBN), digital currency, eNaira has recorded 200,000 volumes and four billion Naira value of transactions since its inauguration in 2021. Mr Godwin Emefiele, the CBN Governor said this on Thursday in Abuja at the grand finale of the “eNaira Hackathon”. The News Agency of...
Mr Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation (NDIC) has said that all Deposit Money Banks (DMBs) in Nigeria, including Polaris Bank are safe and sound. Hassan made the clarification on the sideline of a three-day Capacity Building Workshop organised by the Legal Department of NDIC, for law...
Introduction During the last week, news broke that Operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4 where most bureau de change operators in Abuja run their businesses. It was further reported that sources at the EFCC gave reasons for the raid as: “We (EFCC)...
By EZEKIEL OBI, Abuja – The Public Account Committee (PAC) of the House of Representatives is investigating the Nigerian Port Authority (NPA) and Terminal Operators (Nigeria) Limited over $68,473m debts owed the Federal Government on lease and throughput fees between 2006 and June 2022. The Committee being chaired by...
By OLA MUDOPE, Lagos – The management of Polaris Bank has debunked the purported sale of the bank by the Central Bank of Nigeria (CBN) to private individual for N40 billion. The management of the bank debunked the sale in a statement on Friday in Lagos. The statement said...
By JOY ADARA, Abuja – Emirates Airlines has resolved to reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue. The Emirates noted that its flights would be reduced from 11 per week to seven at the Murtala Muhammed International Airport (MMIA)....
The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira. It also mandated the Senate Committee on...
The House of Representatives has urged the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria. The call was sequel to a unanimous adoption of a motion by Rep. Mohammed Bello (APC-Kano) at plenary on Wednesday. Moving the motion, Bello...
Independent National Electoral Commission (INEC) has said it is still in talks with the Central Bank of Nigeria over storage of electoral materials for the 2023 general elections. The INEC Commissioner for Information and Voter Education, Festus Okoye disclosed this while speaking in an interview with Channels Television on...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022. OPEC made this known in its Oil Market Report for July 2022 which was obtained by the News Agency of Nigeria (NAN)...
The Central Bank of Nigeria (CBN) has advised banks and other financial institutions to embrace opportunities represented in open banking to drive financial inclusion in the country. Mrs Aishah Ahmad, the Deputy Governor, Financial Systems Stability Directorate, CBN, gave the advice at the Chartered Institute of Bankers of Nigeria...
Sterling Bank was on Thursday named Best Participating Financial Institution for 2021 at the Agriculture Credit Guarantee Scheme Fund (ACGSF). The ACGSF, in an event in Abuja, also rewarded three Agriculture entrepreneurs who took loans and repaid under the scheme. According to the ACGSF board, the participation of Sterling...
Registration for the eNaira hackathon, geared towards ideating innovative solutions for the newly launched digital currency, organised by the Africa Fintech Foundry (an innovative hub established to identify and accelerate innovative startups in Africa), in partnership with the Central Bank of Nigeria (CBN), is billed to open on June...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has faulted reports in media circles suggesting that the payments of overseas tuition fees from Nigeria will cost more as from January 2023, due to the purported withdrawal of the “Form A” Discounted rate, with effect from December...
One of the leading Commercial Bank in Nigeria, Polaris Bank in partnership with the Central Bank of Nigeria (CBN) has urged exporters in the non-oil sector to embrace RT USD 200billion programme in a bid to boost the nation’s economy. The financial institution made the appeal recently in Calabar...
President Muhammadu Buhari says it’s not in his place to determine if the political ambition of Central Bank Governor, Godwin Emefiele, infringes on any laws that affects his productivity. Buhari stated this on Tuesday during his interview with Bloomberg. There have been debates around the central bank’s independence following...