The Economic and Financial Crimes Commission (EFCC) has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets. Sources privy to the development but were not authorised to speak to The PUNCH on Wednesday that over 200 suspected Bureau De Change (BDC) operators were in EFCC custody across the country. One of the sources …

Stanbic IBTC Holdings, a leading financial services group committed to fostering growth and innovation in Nigeria’s economic landscape, has unveiled plans for its much-anticipated annual event, the Youth Leadership Series (YLS). Now in its seventh year running, the YLS serves as a beacon of inspiration and empowerment for the nation’s youth, offering invaluable insights and strategies for personal and professional …

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, would resume enrolling new customers “in another couple of months”. CBN Governor, Dr. Olayemi Cardoso stated this on Tuesday at the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CNB) has increased the benchmark interest rate to 26.25 per cent. At the 295th MPC meeting in Abuja on Tuesday, presided by CBN Governor, Dr. Olayemi Cardoso, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent. The MPC has maintained …

The Naira yesterday appreciated in the parallel market to N1,475 per dollar from N1,480 per dollar last weekend. Similarly, the Naira appreciated to N1,468.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,468.99 per dollar from N1,497.33 per dollar last week Friday, indicating N28.34 appreciation …

The Association of Corporate Affairs Managers of Banks (ACAMB) will hold its third National Stakeholders’ Conference on Thursday, 30 May 2024, at the Bankers House of the Charterer Institute of Bankers of Nigeria, Victoria Island, Lagos. In a statement on Monday, ACAMB said that the conference theme is ‘Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience’. …

The National Industrial Court, Lagos Division, has ordered the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, to appear before it on 18 July 2024, to explain why he should not be committed to prison for disobeying a court order issued on 25 March 2019. Justice (Prof) Elizabeth Oji issued the order in response to an application filed …

The Naira yesterday depreciated in the parallel market to N1,540 per dollar from N1,530 per dollar on Wednesday. Similarly, the Naira yesterday depreciated to N1,533.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,533.99 per dollar from N1,459.02 per dollar on Wednesday, indicating N74.97 depreciation …

SPay Business Solutions Limited, a leading financial technology firm in Nigeria, has announced the processing over N2 billion in transactions within its first year of operations. According to a statement by the company, the significant milestone, underscores its commitment to simplifying and securing online payments across various sectors of the Nigerian economy. Since commencing operations in January 2023, following approval by …

The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions. Briefing State House correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja on Tuesday, the Minister of Information and National Orientation, Alhaji Mohammed Idris said the policy is undergoing a review. He said: “The position of the government is that that policy …