Money

Nigeria's total public debt rose by 5.97 per cent, or N8.02 trillion, to N142.3 trillion as of September 30, 2024, the Debt Management Office (DMO) has said. Nigeria has been battling a rising debt profile, for which experts have expressed concern that the debt may not be sustainable. The DMO said the rise was driven…

US President Donald Trump's decision to withdraw from a global minimum tax agreement on his first day in office has unnerved EU officials, who expressed "regret" over the move. Trump signed a flurry of executive orders within hours of taking the oath of office on Monday, pulling the United States out of the Paris Climate…

Telecommunications operators have been authorised to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions due to unpaid debts. This directive was given by the Nigerian Communications Commission (NCC) in a public notice, Wednesday, signed by the Commission’s Director of Public Affairs, Reuben Muoka. The NCC said affected banks must settle…

Samuel Ojerinde, the Co-founder of Fintava, a leading banking-as-a-service platform, has predicted that Nigeria's card payment sector will experience significant growth in 2025, fueled by the country’s ongoing transition to a cashless economy. Ojerinde explained in a statement that this surge would be driven by a combination of global trends, supportive government policies, and an…

In spite of the efforts of the Central Bank of Nigeria (CBN) to control the money supply through its tightening measures, the latest report from the apex bank shows that Nigeria’s Broad Money Supply (M2) soared by 51 per cent year-on-year (YoY) to reach ₦108.96 trillion in November 2024. The surge, according to the CBN,…

A report has shown that the naira depreciated by 40.9% per dollar in 2024 after ending the year at N1,535 to the United States (US) currency. "The exchange rate between the naira and the US dollar closed at N1,535/$1 by the end of 2024, representing a 40.9% depreciation over the year," News Central TV wrote…

The Central Bank of Nigeria (CBN) said that Nigeria's Broad Money Supply (M2) increased by 51% year-over-year (YoY) to N108.96 trillion in November 2024 as a result of the Federal Government's increased borrowings. The increase was from N72.03 trillion in the same period of 2023 was made public in CBN's Money and Credit Statistics Monday.…

FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services group, is pleased to announce the successful completion of its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient…

As Nigeria heads into 2025, the Central Bank of Nigeria (CBN) has been advised to soften its tightening stance to support investment growth and job creation in the economy. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, gave this advice in his Nigeria 2024 review and…

The Central Bank of Nigeria (CBN) has violated the provisions of the CBN Act by withholding its annual reports. When The Guardian reviewed the CBN website on Monday morning, it was discovered that the apex bank had published financial documents for only eight years between 2000 and 2016. Financial statements for 2002, 2003, 2004, 2005,…

The Independent Media and Policy Initiatives (IMPI) has thrown its weight behind the tax reform bills currently awaiting approval by the National Assembly, hailing it as a bold move to revamp Nigeria's economy. Speaking during the organisation’s press conference in Abuja yesterday, Chairman of IMPI, Omoniyi Akinsiju, stressed the significance of the proposed legislation, stating…

The Central Bank of Nigeria (CBN) has imposed a fine of ₦150 million on Deposit Money Banks (DMBs) found guilty of aiding the illegal distribution of mint naira notes to currency hawkers. CBN, in a circular issued on Friday and signed by Mohammed Olayemi, Acting Director of the Currency Operations Department, said it was concerned…