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Banking
CBN Clears Foreign Exchange Backlogs
The Central Bank of Nigeria (CBN) has announced the clearance of all valid foreign exchange backlogs, fulfilling a…
FBN Holdings appoints new directors under Otedola’s chairmanship
FBN Holdings, Nigeria's oldest bank, has appointed three new directors for the HoldCo and two for the Bank,…
Bank of Japan raises interest rates, ends negative interest era
The Bank of Japan (BOJ) has announced an increase in its key interest rate from -0.1% to a range of 0% to 0.1%.…
CIBN Prepares to Induct 336 New Chartered Bankers
The Chartered Institute of Bankers of Nigeria (CIBN) is gearing up to induct 336 new members as chartered bankers,…
CBN Issues Warning to Mortgage Banks and Financial Institutions
The Central Bank of Nigeria (CBN) has issued a stern warning to primary mortgage banks (PMBs), development finance…
Banks Raise Lending Rates Following CBN’s Record MPR Hike
In response to the Central Bank of Nigeria's (CBN) significant increase in the Monetary Policy Rate (MPR),…
FCMB Charges Accountants on Transparency
The Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, emphasized the importance of…
CBN’s Monetary Policy Committee Raises Interest Rate to 22.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), under the leadership of Olayemi Cardoso,…
CBN Pegs Payment of Cash Dollar at $500
The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that…
Uphold Regulations, EFCC Chairman Urges Bank CEOs
Mr. Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has emphasized the…
First Bank to Reward Customers with N36m Cash Promo
First Bank of Nigeria has introduced the second season of its Cash Out promo aimed at rewarding users of…
Nigeria’s Inflation to Decline by 21.4% by 2024- CBN
Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), projected a drop in Nigeria's inflationary…
Businesses Deem Bank of Ghana’s Monetary Policy Insufficient
Businesses have expressed dissatisfaction with the Bank of Ghana's (BoG) 100 basis point reduction in the monetary…
UBA Appoints new CEOs in Kenya and Sierra Leone
United Bank for Africa (UBA) Plc has announced the appointments of Mary Mulili and Mohamed Alhajie Samoura as the…
Bank Directors Supports CBN on Foreign Currency Hoarding
The Bank Directors Association of Nigeria (BDAN) has expressed support for the Central Bank of Nigeria's (CBN)…
Dollar Supply Surges, Naira Closes Week at N1435.53/$
In the official foreign exchange market, dollar supply witnessed a significant increase, rising by 180.59 percent…
Iraq Bans Eight Local Banks from U.S. Dollar Transactions
Iraq has implemented a ban on eight local commercial banks from conducting U.S. dollar transactions as part of…
CBN Sets $1m Minimum Share Capital Requirement for IMTOs
The revised guidelines for the operation of IMTOs, officially released via the CBN's website and signed by Dr.…
Bullish Trading on Stock Market, Gaining N902bn
The stock market experienced a bullish resurgence on Thursday, resulting in a substantial gain of N902 billion.
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Banks Rush to Sell Excess FX Holdings Ahead of CBN Deadline
Commercial banks in Nigeria were in a frenzy on Thursday as they worked tirelessly to offload their surplus…
FBN Holdings Reports N309bn Profit
FBN Holdings, in its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, announced…
CBN Orders Banks to Sell Excess Dollar Stock to Stabilise Exchange Rate
In a bid to stabilize Nigeria's volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit…
Exchange Rate: Nigerian Naira Declines to N1, 531/$
The Nigerian naira experienced another decline on Tuesday in the official market, narrowing the disparity between…
Foreign Exchange: Naira plungs to N1348.63/$
The Nigerian Autonomous Foreign Exchange Market witnessed a historic low on Monday as the naira plunged to…
OPay Bolsters Security Measures to Combat Financial Fraud
Nigerian financial technology firm OPay has launched an array of security measures aimed at fortifying its…
Manufacturers Lament over FGN’s 7BN Debt
The Manufacturers Association of Nigeria (MAN) predicted a tough start for manufacturers in 2024, especially in…
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented…
Nigeria’s External Reserve Declines by $77m- CBN
In December 2023, Africa's largest economy, Nigeria, witnessed a decline in its external reserves, dropping by…
Standard Chartered Bank Kenya Waives Upfront Fees for Online Money Market Fund
Standard Chartered Bank Kenya has announced the removal of the one percent upfront fee charge on its online money…
World Bank Engages Nigerian Government on Effective Public Fund Utilization
The World Bank has communicated its engagement with the Federal Government of Nigeria to ensure that public funds…