Money
3 Dec
The National Pension Commission (PenCom) has announced the lifting of its suspension on pension fund investments in commercial papers where non-bank capital market operators serve as Issuing and Paying Agents (IPAs). This decision was disclosed in a statement on Tuesday and follows recent regulatory developments from the Securities and Exchange Commission (SEC). PenCom had imposed…
2 Dec
Despite Central Bank directives to banks, ATM machines are not dispensing cash in Calabar. When The Guardian visited some of the banks at about 11 a.m. on Monday morning, the ATM machines were not dispensing cash. Some customers were only able to withdraw a minimum of N10,000 or N5,000 at the counter, depending on the…
1 Dec
The Central Bank of Nigeria (CBN) will on Monday launch a new website that has a variety of new content which encompasses a broader spectrum of information regarding the bank's mandate. The new website, according to the Ag. Director, Corporate Communications, CBN, Hakama Sidi Ali, is responsive to mobile devices, facilitating navigation across various web…
1 Dec
Nigerian banks significantly reduced their borrowing from the Central Bank of Nigeria (CBN) in November 2024, as the rising Monetary Policy Rate (MPR) made borrowing more expensive. According to a report by the apex bank, the CBN's financial data revealed that banks borrowed N9.97 trillion in November, a 44.9% decrease from the N18.09 trillion borrowed…
30 Nov
The Federal Government has raised the amount small businesses could access on single-digit loans to N5 million to ensure the country’s inclusive economic growth. The Managing Director and Chief Executive Officer, Bank of Industry (BOI), Dr Olasupo Olusi, made the announcement on Friday during a town hall sensitisation in Lagos on the Federal Government Grant…
27 Nov
The Central Bank of Nigeria (CBN) on Wednesday announced new guidelines for foreign exchange (FX) trading through the Electronic Foreign Exchange Matching System (EFEMS). CBN's director of the Financial Markets Department, Omolara Duke, made this in a statement, stating that the new guidelines aim to ensure transparency, fairness, and compliance in FX trading. The minimum…
26 Nov
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further raised the interest rate by 25 basis points to 27.50 per cent from 27.25 per cent. The Governor of the CBN and Chairman of the MPC, Yemi Cardoso, announced the raise on Tuesday in Abuja while presenting a communiqué after the…
25 Nov
It is not advisable for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten the Monetary Policy Rate (MPR). An economic expert, Dr Chijioke Ekechukwu said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja. Ekechukwu, a former president of the Abuja Chamber…
24 Nov
A financial expert, Prof. Uche Uwaleke, says the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is likely to raise interest rates again. Uwaleke, the Director, Institute of Capital Market at the Nasarawa State University, is also the President, Capital Market Academics of Nigeria. He said this in an interview with the…
22 Nov
The dollar and gold gained Friday amid escalating tensions in the Russia-Ukraine war, while stocks got a boost from data. Bitcoin pushed on further with its march towards the $100,000 mark, as the cryptocurrency benefits from US president-elect Donald Trump's pledge to ease regulation around digital tokens. The dollar, considered a safe haven asset, was…
18 Nov
The Naira on Monday depreciated at the official market trading at N1,690.37 against the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N38.12. This represents a 2.3 per cent loss when compared to the previous trading date on Friday, November 15th when it exchanged at N1,652.25 a…
13 Nov
Bitcoin reached a record high above $90,000 Wednesday as the world's biggest cryptocurrency benefits from president-elect Donald Trump's pledge to ease regulation around digital tokens. Bitcoin rallied to an all-time peak above $91,000 before easing to $90,670. The volatile asset has rocketed since Trump won last week's US presidential election, smashing its record-high on several…
1 day ago
Some commercial banks inefficient operations of late have been identified as a major setback to cargo clearance at the seaports, especially on the platform of B’Odugwu digital system recently introduced by the Nigeria Customs Service (NCS).
1 day ago
FG flags off Abia Airport construction on Tuesday, says Kalu From Adamu Abuh, Abuja The flag-off of the construction of the Abia Airport would be held on Tuesday, according to the Deputy Speaker of the House of Representatives, Rt Hon. Benjamin Kalu. Kalu said that the Abia Airport project is a testament to the Federal…
1 day ago
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has renewed its commitment to tackling corruption in the upstream petroleum sector. The Chief Executive, NUPRC, Gbenga Komolafe, who disclosed this at the celebration of International Anti-Corruption Day
1 day ago
Schneider Electric has been awarded Employer of the Year in the Energy and Utilities Sector by the Nigeria Employers’ Consultative Association (NECA). The company was recognized at the 4th edition of the Annual Employers Excellence Award ceremony in Lagos.
1 day ago
Access Bank Plc has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 per cent equity stake in Bidvest Bank Limited.
1 day ago
Project Management Institute (PMI) has celebrated 50 exceptional rising leaders transforming the world by leveraging their project management skills to tackle today's most pressing challenges. As shown on the 2024 Future 50 list
1 day ago
Recognizing the glaring gap in global conversations, where African brands are often sidelined and undervalued, two visionary brothers based in Nigeria and the United States respectively, have taken the initiative of bridging that gap with the launch of Reuben&Samuel
1 day ago
The Nigeria Customs Service (NCS) Oil and Gas Free Trade Zone Command has reiterated its commitment to facilitating trade and ensuring regulatory compliance in Nigeria’s oil and gas sector.
2 days ago
The country’s economy as well as its ability to attract and retain foreign direct investments (FDIs) in the coming year will depend on the sustainability of the current reforms, analysts at Cordros Securities Limited have said.
2 days ago
Inflation and fundraising challenges have been listed as major challenges stressing startups in Nigeria and Egypt.