Currency Outside Banks Now N4.29tn, 94.2% of Currency in Circulation
Currency outside banks in Nigeria surged to N4.29 trillion in October 2024, accounting for 94.2% of the total currency in…
Category: Finance
High currency in circulation fails to tame cash scarcity
Cash scarcity continues to trouble Nigerians despite the Central Bank of Nigeria (CBN) reporting a record high of N4.5 trillion…
Nigeria excluded from the $1bn OPEC fund for development financing
Nigeria, Africa’s largest oil producer, was conspicuously absent from the list of beneficiaries of nearly $1 billion in development financing…
Equities market gains 1.19%, ASI nears 100,000-point mark
The Nigerian equities market ended the week of November 13, 2024, on a note, with the NGX All-Share Index (ASI)…
NGX slams 3,792 sanctions on erring brokers
The Nigerian Exchange Group (NGX) has imposed 3,792 regulatory sanctions on trading license holders over the past 13 years to…
Capital Express unveils insurance group
Capital Express Group has officially unveiled its insurance arm, comprising two rebranded entities: Capital Express Life Assurance Limited and Capital…
Stock market sustains positive trend amid portfolio repositioning
The Nigerian stock market extended its bullish run last week, driven by increased investor confidence and seasonal factors like the…
NSIA Insurance donates furniture to school
NSIA Insurance Limited has donated furniture and school supplies to Government College, Victoria Island, Lagos, as part of its Corporate…
Continental Reinsurance gets positive ratings
Continental Reinsurance, a leading pan-African reinsurance company, has received a B+ financial strength rating and a long-term issuer credit rating…
Access Bank set to acquire 100% equity in South Africa’s Bidvest Bank
Access Bank, a subsidiary of Access Holdings Plc, has announced its agreement to acquire a 100% equity stake in South…
World Bank may approve $500m loan to Nigeria today
The World Bank is expected to approve a $500 million loan for Nigeria to enhance rural access and agricultural marketing…
Unified Payments launches new campaign
Unified Payments, Nigeria’s leading payments, and financial technology company, has introduced its new campaign titled ‘It Starts Here’. The initiative…
Banks lost N42.33bn to fraud in six months — Report
Nigerian banks experienced N42.33bn in fraud-related losses during the first half of 2024, according to a report by the Financial…
Tinubu to German investors: Energy, solid minerals key to Nigeria’s economic growth
President Bola Tinubu highlighted Nigeria’s potential for growth in the energy and solid minerals sectors during a business meeting with…
UBA shareholders get 375% returns
Shareholders of the United Bank for Africa (UBA) have seen impressive returns, with a cumulative capital gain of 375% over…
Naira falls to N1,745/$ on parallel market
The Nigerian naira sharply declined to N1,745 per dollar in the parallel market on Wednesday, marking a steep drop from…
AFD extends additional 50m Euros funding to DBN
The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN)…
Nigeria’s money supply rises 48% to N107.7trn
Nigeria’s money supply rose 48.3% year-on-year to N107.7 trillion in October 2024, up from N72.6 trillion in the same period…
Stanbic IBTC Pensions to Host Annual Creativity, Innovation Festival
Stanbic IBTC Pension Managers has announced plans to host its annual FUZE 3.0 Festival, a celebration of Nigerian creativity and…
Recapitalisation: ASSIBIFI president underscores impact on banking industry
Olusoji Oluwole, the president of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSIBIFI), discussed the ongoing…
Foreign portfolio inflows boost Nigeria’s FX reserves by $7.7bn
Nigeria’s external reserves saw a significant increase of $7.7 billion, reaching $40.3 billion by November 2024, driven by foreign portfolio…
Edves and Globus Bank Partner to Simplify School Fee Payments
Edves, a leading education technology company in Africa, has partnered with Globus Bank to simplify school fee payments for parents…
Omiye Microfinance Bank eyes N1bn share capital
Omiye Microfinance Bank Limited has announced plans to raise its authorized share capital from N500 million to N1 billion to…
CBN awards OPay for financial inclusion innovation
The Central Bank of Nigeria (CBN) has honored OPay with the Financial Inclusion Innovation Award at the 2024 International Financial…
CBN Debunks Claims of FX Sales to BDCs at N1,301 per Dollar
The Central Bank of Nigeria (CBN) has refuted allegations of selling foreign exchange (FX) to Bureau de Change (BDC) operators…
House of Representatives Probes CBN Over Naira Scarcity
The Nigerian House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) following a widespread cash…
Access Bank UK bolsters Europe-Africa trade, unveils Malta branch
Access Holdings Plc has announced the launch of The Access Bank Malta Limited, a fully owned subsidiary of The Access…
Tier-1 banks drive NGX market cap to N5.93trn YTD
Tier-1 banks in Nigeria have significantly contributed to the year-to-date (YTD) growth of the Nigerian Exchange Limited (NGX) market capitalization,…
African Alliance Insurance pays N780m in claims to annuitants
African Alliance Insurance has commenced the payment of N780 million in claims and annuities as part of its efforts to…
Naira Appreciates To N1,550/$ In Parallel Market
The Naira appreciated in the parallel market to N1,550 per dollar, a slight improvement from N1,555 last weekend. This comes…