No fewer than 200 officials of the Central Bank of Nigeria (CBN) were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between 15th March and 11 April 2024. The termination of appointments affects directors, deputy directors, assistant directors, …

Stanbic IBTC Bank Reward4Saving promo has rewarded over 1,600 customers with N262 million in less than three years. The bank explained that the objective of the promo, which started in 2021, is to foster the savings culture among Nigerians, by recognising and rewarding individuals who commit to building and maintaining consistent saving habits. As a testament to the credibility of …

The Naira yesterday depreciated in the parallel market to N1,515 per dollar from N1,495 per dollar on Wednesday. Similarly, the Naira depreciated to N1,485.66 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,485.66 per dollar from N1,462.59 per dollar on Wednesday, indicating N23.07 depreciation for …

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 …