The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging a 0.5 per cent cybersecurity levy on transactions. This was contained in a circular dated 6 May 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. “Following the …

The Federal Government, through the Securities and Exchange Commission (SEC), is set to delist the naira from all Peer-to-Peer (P2P) platforms to reduce the manipulation of the local currency value in the foreign exchange market. SEC’s Director General, Emomotimi Agama disclosed this during an interactive session with the Nigerian Blockchain Industry. This is expected to be part of a couple …

The Central Bank of Nigeria (CBN) with the West African Institute for Financial and Economic Management (WAIFEM) has launched a five-day Regional Workshop on Project Management, Monitoring and Evaluation using Results-Based Management. The event, which started on Monday and ends 10 May 2024, aims to enhance the project management capabilities within the region. The workshop was inaugurated by the CBN …

The gross earnings of Zenith Bank Plc rose by 189 per cent in the first quarter of the year; the bank has announced its unaudited results. The impressive triple-digit growth performance shot the bank’s earnings to N781 billion as against the N270 it reported in the first quarter of last year. According to the report, the bank achieved the feat …

Union Bank, one of Nigeria’s foremost and most trusted financial institutions, has announced another significant achievement with its attainment of The Best Management System Certification Body (MSECB) certifications in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018. The bank was awarded these three noteworthy certifications by MSECB, a leading international provider of audit and certification services, after being rigorously assessed and …

The Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage (MDIC) for banks operating within the country. At a media briefing in Abuja, NDIC’s Managing Director, Bello Hassan stated the new coverage benchmarks. The MDIC for Deposit Money Banks has been raised from N500,000 to N5 million, while that of Microfinance Banks is reviewed from …

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1 per cent growth in Profit Before Tax from N17.9 billion at the end of Q1 2023 to N39.5 billion for Q1 2024, according to the bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 …

Inflationary pressures softened in the Nigerian private sector during April, following record increases in purchase costs and selling prices in March. Rates of inflation remained elevated, however, and limited growth of output and new orders as well as leading some firms to reduce employment. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index™ (PMI®). Readings …

Stanbic IBTC Asset Management has launched the Investbeta game show, a distinctive and innovative initiative to improve financial literacy among young adults. The Investbeta game show will offer engaging quiz-style challenges covering various critical financial segments. From savings and budgeting to investments and retirement planning, the platform aims to teach financial education in a fun and memorable way, as participants …

The Naira closed last month (April) on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the United States dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for the Naira. …