Money

Sterling Financial Holdings Company Plc has completed a $50 million capital raising exercise, aimed at meeting the Central Bank of Nigeria’s (CBN) recapitalisation directive for its subsidiaries. The move, equivalent to around N75 billion, was executed through a private placement involving domestic investors and ultra-high-net-worth groups in Lagos. The Group Chief Executive Officer of Sterling…

The Central Bank of Nigeria (CBN) has directed all Payment Service Providers to route Point of Sale (PoS) transactions from merchant and agent locations—both physical and electronic—through an approved CBN Payment Terminal Service Aggregator (PTSA). In a circular issued on Thursday by Oladimeji Yisa Taiwo from the CBN’s Payments System Management Department, the bank mandated…

The recently issued 500 million dollars Federal Government (FGN) bond has recorded a subscription of 900 million dollars, indicating an over subscription to the tune of 400 million dollars. This is according to a statement by Mr. Mohammed Manga, Director, Information and Public Relations, Federal Ministry of Finance and Economic Planning. Manga said that in…

The federal government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has launched a N100 million AI Fund aimed at supporting Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions. The initiative, backed by tech giant Google, is part of the Ministry of Communications, Innovation & Digital Economy's strategic programs to harness…

Despite the economic crisis ravaging Nigeria as a result of high inflation and forex volatility, the country generated N2.47 trillion from

The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar, aiming to increase forex liquidity and meet the growing market demand. The announcement was made in a statement signed by Dr. W.J. Kanya, Director of the Trade &…

Africa’s leading payments technology firm, Flutterwave, has announced the appointment of Mitesh Popat as the company’s Chief Financial Officer (CFO). Popat brings 20 years of global financial services experience across North America, Europe, the Middle East, and Africa, which will be instrumental in driving Flutterwave’s next phase of growth and financial sustainability. Most recently, he…

The recent collapse of $Jota Coin has cast doubt on the legitimacy of cryptocurrency projects in Nigeria, with experts warning of an increase in scams and false promises of quick riches. The $Jota Coin, launched by popular skitmaker Chukwuebuka Amuzie, also known as Brain Jotter, reportedly failed. Experts stated that there are indications of the…

LAPO Microfinance Bank has bolstered its leadership team with the appointment of Mr. Joshua James Etopidiok as a Non-Executive Director. M

A Federal High Court in Abuja has issued subpoenas to the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the Head of its Legal Services Department to appear before it on Monday, September 2, 2024, with specific documents related to the money laundering case against Binance Holdings Limited and its executives. The…

The Securities and Exchange Commission (SEC) has announced that it has granted "approval-in-principle" to two digital asset exchanges, allowing them to commence operations under the newly introduced Accelerated Regulatory Incubation Programme (ARIP). In a statement on Thursday, SEC said the companies approved are Busha Digital Limited and Quidax Technologies Limited. The approval comes after SEC…

The amount of cash held outside of Nigeria's banking system decreased by 3.32 percent in July to N3.66 trillion, indicating a decline from the N3.78 trillion recorded in June. According to data from the Central Bank of Nigeria (CBN, the percentage of currency in circulation held outside banks dropped to 90.39 percent in July from…