Financial news, market trends, investment insights, and tips to manage personal and corporate finances.
The Central Bank of Nigeria (CBN) has lifted the suspension of the standing lending facility for banks in the country and fixed interest on their deposits between 19 and 25.75 per cent, having adjusted the asymmetric corridor at the last monetary policy committee (MPC) meeting. The apex bank said that the adjusted Standing…
One of the challenges of the financial landscape, as echoed by many consumers, is security, even as OPay is leading the charge with the launch of its innovative Nightguard feature. Previously, financial services adopted the use of two-factor authentication with short USSD strings and OTPs. However, a surge in illicit financial activities and…
The Naira yesterday appreciated to N1, 600 per dollar in the parallel market from N1,615 per dollar on Wednesday. The Naira, however, depreciated to N1,586.11 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.11 per dollar from N1,543.84 per dollar…
The Federation Account Allocation Committee (FAAC) has shared the sum of N1.358 trillion to the three tiers of government. According to the statement by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Mr. Bawa Mokwa, in Abuja, last night, the funds was said to come from the…
The Nigeria Customs Services (NCS) has said that the recent policy statement on removal of import duties on staple foods by President Bola Tinubu will cost the government up to N188.37 billion in revenue for the six-month period of implementation of the presidential directive. President Tinubu had in July this year announced suspension of…
The Naira yesterday depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, indicating N37.95 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by…
The House of Representatives has urged the Federal Government to withhold allocation to states running a Transition Implementation Committee (TIC). The House also urged the Revenue Mobilisation, Allocation Fiscal Commission (RMAFC) to create a special account where allocations due to local governments run by unelected officials would be paid. The House stated that the money…
Osun State Governor, Ademola Adeleke, has urged the Federal Government to ensure that beneficiaries of the student loan funds are not plunged into huge debts. The governor gave the charge on Tuesday while hosting a delegation from the leadership and management of the Nigeria Education Loans Fund (NELFUND) at his office in Osogbo. According to…
The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. Similarly, the Naira depreciated to N1,512.61 per dollar in the Nigerian Autonomous Foreign Exchange. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, indicating…
Yesterday, the Naira appreciated in the parallel market, rising to N1,510 per dollar from N1,515 per dollar last Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,508.99 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,508.99 per dollar from N1,505.3 per dollar…
The Nigeria Deposit Insurance Corporation (NDIC) says account name discrepancies in Bank Verification Numbers (BVN) linked to the alternate accounts of some defunct Heritage Bank customers are delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria (NAN) on Sunday in Abuja. Hassan said the…
The federal government is targeting 135 million metric tonnes of staple crop production in 2024 with the newly unveiled Accelerated Stabilisation and Advancement Plan (ASAP). The target was part of the federal government’s comprehensive strategy to address the nation’s pressing issues with agriculture identified as key sector to bolster economic growth and food security. The…
The naira depreciated marginally against the dollar at the official foreign exchange market. FMDQ data showed that naira depreciated slightly to N1476.95 on Tuesday from N1476.12 on Monday. This represents N0.83 loss against the dollar compared to the N1476.12 traded on Monday. Subsequently, the naira depreciated to N1500 against the dollar from N1475 recorded on…
The United States, through the United States Agency for International Development (USAID), has disclosed about $176m in additional humanitarian assistance for Nigeria, Mali and some other countries in West Africa. In a statement on Tuesday, USAID said the fresh aid “will support communities in Burkina Faso, Cameroon, Chad, Mali, Mauritania, Niger, and Nigeria facing staggering…
The House of Representatives in a resolution on Wednesday urged the Federal Capital Territory Administration (FCTA) to formulate policies to regulate house rents and activities of landlords in Abuja. The resolution followed the adoption of a motion by Rep. Emmanuel Udo (PDP-Akwa-Ibom) on the floor of the House in Abuja, In the resolution, the lawmaker…
The Trade Union Congress (TUC) has threatened a massive protest that will shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria. The TUC in a statement signed by its President, Festus Osifo, on Wednesday, slammed the directive by the…
The Central Bank of Nigeria has announced 44 lists of licensed deposit money banks in Nigeria. The apex bank disclosed this in a list released on its official website on Tuesday, May 7. According to CBN, Seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and…
The former manager, First City Monument Bank, FCMB, Onitsha branch, Nwachukwu Placidus, has been sentenced to a cumulative of 121 years in prison for diverting fixed deposit funds of a customer to the tune of N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) for his personal use. Justice S. N. Odili of…
Edited By Margret Oshinowo The naira traded at a loss at the official market, depreciating to N1,402 against the dollar on Thursday. FMDQ data showed that the Naira depreciated to N1402.67 per Dollar on Thursday from N1,390.96 on Tuesday. This shows an N11.71 loss compared to the N1,390.96 recorded at the end of closing activities…
In a bid to confront the escalating threats to national security, General Christopher Musa, the Chief of Defence Staff, has initiated a robust partnership with the National Intelligence Agency (NIA). During his visit to the NIA Headquarters in Abuja, General Musa emphasized the imperative of a cohesive and formidable alliance to combat the pervasive insecurity…
The National Association of Academic Technologists (NAAT) has put forward a proposition for a new minimum wage of N350,000 for technologists working in tertiary institutions. This announcement was made by Comrade Ibeji Nwokoma, the National President of NAAT, during the 5th National Delegate Conference held at the University of Abuja. Comrade Nwokoma justified the proposal…
In a significant legal development, a Federal High Court sitting in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to apprehend the erstwhile governor of Kogi State, Yahaya Bello, ahead of his scheduled arraignment on Thursday. Justice Emeka Nwite issued this pivotal order in response to an ex parte motion filed…
The naira is witnessing a revival against the US dollar, with an increase to N1,136/$ in the official exchange and N1,050/$ in the informal exchange at the end of Monday’s trading session. Market participants forecast that the dollar might decline to below N1,000 by week’s end. At the regulated foreign exchange market, figures from the…
Minister of Finance, Wale Edun, says Nigerians are saving in Dollars because they have lost faith in Naira. He noted that the recent appreciation of Naira’s value showed that Nigeria’s effort to boost its currency is yielding results. He disclosed this during his recent presentation to top business leaders in Lagos. He said the country…
Edited by Afolabi Hannah Governor Dapo Abiodun of Ogun State has affirmed his administration’s determination to assist young farmers and investors by providing support for land clearing, preparation, and agricultural mechanization. The primary goals are to ensure food security and reduce unemployment in the state. During the 37th Lisabi Day celebration in Abeokuta, the Governor,…
President Bola Tinubu has directed total compliance with the Export Prohibition Act in respect of food items to check smuggling of commodities out of the country. The News Agency of Nigeria (NAN) reports that the Comptroller-General of the service, Mr Wale Adeniyi, disclosed this during a meeting with the leaders and members of the Dawanau…
Edited by Afolabi Hannah The Bank of Ghana has taken a significant step by suspending the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for a month, effective from 18th March 2024. This action follows reported breaches of foreign exchange market regulations, including instances of fraudulent documentation…
The FCT Minister of State, Dr Mariya Mahmoud, says the FCT Administration will establish a police post in all its warehouses to prevent miscreants from invading and looting their contents. Mahmoud stated this in Abuja on Monday, after an assessment visit to the warehouse located at Gwagwa-Tasha, which was looted by residents on Sunday, to…
An aid mission to two hospitals in northern Gaza found horrifying scenes of children dying of starvation, amid dire shortages of food, fuel and medicines, the World Health Organization said Monday. WHO chief Tedros Adhanom Ghebreyesus said the agency’s visits over the weekend to the Al-Awda and Kamal Adwan hospitals “were the first since early…
“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous…
