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 …

The Naira yesterday depreciated to N1,520 per dollar in the parallel market, from N1,470 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,478.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last weekend, indicating N11.8 depreciation for …

Access Bank Group, has partnered with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy. By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions. Effective …

The United States government has lauded Nigeria’s monetary policies, as being conducive for businesses to thrive, as well as strengthening and positioning the nation’s economy for overall growth. According to the News Agency of Nigeria (NAN), U.S. Deputy Assistant Secretary, Bureau of African Affairs, State Department, Joy Basu, made this known at a digital news conference with participating journalists. Basu …

The Central Bank of Nigeria (CBN) has urged Deposit Money Banks in Kano State to participate fully in the Agricultural Credit Guarantee Scheme Fund (ACGSF) to fast-track the development of the agricultural sector of the nation’s economy. At the Kano Bankers’ Forum 2023 Dinner and Award Night held at the Meena Event Centre, Kano, on Wednesday, CBN Kano Branch Controller, …

The House of Representatives, on Thursday, asked the Central Bank of Nigeria (CBN) to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor …

The Central Bank of Nigeria (CBN) has directed banks to stop charges on cash deposits until 30 September, this year, according to a circular dated 6 May 2024, signed by the Director of Banking Supervision, Mr. Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that the banks have begun collection of processing fees for cash deposits …

The Federal Government through the Corporate Affairs Commission (CAC) has issued a two-month registration deadline for Point of Sales (PoS) companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN). The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General …