ASSETS & FINANCIALS

  The market may have shifted its focus from the protracted cash squeeze, momentarily albeit to rising interest rates, as the rate-fixing arm of the Central Bank of Nigeria (CBN), the Monetary Policy Committee (MPC) starts its second meeting today. …

The Federal Government has raked in N10.1tn from the collection of Value Added Tax under the regime of the President, Major General Muhammadu Buhari (retd.). This comes against the backdrop of the advice by the Minister of Finance, Zainab Ahmed, …

Deposit Money Banks have slashed the amount of Personal Travel Allowance and schools fees their customers can apply for amid a worsening foreign exchange crisis. Shortage of FX in the country has forced lenders to take drastic measures to meet …

  A former Central Bank of Nigeria’s Deputy Governor, Kingsley Moghalu, has expressed dissatisfaction over the series of crises created by the naira redesign policy of the apex bank. Moghalu noted that the terrible suffering and economic loss Nigerians experienced …

Nigeria’s Vice President, Prof. Yemi Osinbajo; the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina and other partners will unveil the Investment in Digital and Creative Enterprises (i-DICE) Programme in Abuja today. The initiative, which is aimed at …

The Governor of Lagos State, Babajide Sanwo-Olu, on Monday said the old naira notes remain legal tender in the state. Sanwo-Olu, in a statement signed by the Commissioner of Information and Strategy, Gbenga Omotoso, called on business owners, especially retailers, …

Cashless transactions fell to N37.67tn in February 2023 as Nigerians had to grapple with failed and delayed cash transfers. This was a 4.83 per cent fall from the N39.58tn that was recorded in January according to new data from the …

The United States banking system has been gripped in recent days by a series of convulsions that has seen the collapse of three banks and authorities undertaking extraordinary measures to reassure depositors. It all began Wednesday night with a liquidation …

  The Central Bank of Nigeria says residents of rural and unbanked areas can no longer swap old notes for new ones through its cash swap programme. The CBN Acting Spokesperson, Isa Abdulmumin, disclosed this in a telephone chat with our …

  The Central Bank of Nigeria has issued operational guidelines for open banking in Nigeria to ensure stability in the nation’s financial system. The apex bank in a circular referenced, ‘PSM/DIR/PUB/CIR/001/043’, and dated March 7, 2023, said the guidelines would …

The Nigerian Exchange Limited on Wednesday rebounded as investors gained N107bn. The market had recorded about N1bn loss on Tuesday. The All-Share index and market capitalisation appreciated by 0.35 per cent to 55,801.14 and N30.397tn respectively. Since the beginning of …

•Banks contend with crowds of customers as operators ration old notes •Some old notes already destroyed, sources claim In the face of outcry over rising transaction costs of financial services, deposit money banks (DMBs) have extended electronic money transfer levy …

  Telecommunications operators have commenced the hamonisation of shortcodes across all networks. The announcement, which was made, yesterday in Lagos by the umbrella body, the Association of Licensed Telecoms Operators of Nigeria (ALTON), said the hamonisation was pursuant to a …

Nigeria is going to save about N10tn annually by the elimination of subsidies on Premium Motor Spirit, popularly called petrol, and foreign exchange, a report released on Sunday by Centre for the Promotion of Private Enterprise, stated. It explained that …

…Declares Buhari’s order on new naira invalid The Supreme Court has invalidated the new naira design policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions. Following, …

Total assets of the banking industry grew by N14.36tn or 24.24 per cent from N59.24tn at the end of December 2021 to N73.59tn in the corresponding period of 2022. The Central Bank of Nigeria disclosed this in the personal statement …

Banks credit to the private sector rose from N35.18tn recorded at the end of January 2022 to N42.25tn in the corresponding period of 2023, figures obtained from the Central Bank of Nigeria have shown. The CBN’s money and credit statistics …

The International Monetary Fund has disclosed that only 24 per cent of loans dirbursed under the Anchor Borrowers’ Programme of the Central Bank of Nigeria have been repaid. This disclosure was contained in the IMF’s Selected Issues paper on Nigeria, …

The Director-General, International Labour Organisation, Gilbert Houngbo, has called for a global momentum to strengthen sustainability in order to reduce poverty and social injustice. In a latest report to commemorate the World Day for Social Justice titled ‘The world needs …

Google has announced applications for the third cohort of its Black Founders Fund for startups in Africa and Euroupe. This was made known in a statement by the Head of Startup Ecosystem, Google, sub-Saharan Africa, Folarin Aiyegbusi, on Tuesday in …