The Naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024. This is according to the latest edition of Africa’s Pulse, a new report by the World Bank. As of the end of August 2024, the Naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr …

The Central Bank of Nigeria (CBN) has urged banks in the country to make significant investments in cybersecurity to safeguard depositors’ savings from hackers. Dr. Adetona Adedeji, Acting Director of Banking Supervision, made this call during a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment” at the ongoing Nigeria Economic Summit in Abuja. He …

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasised the untapped potential of the capital market in addressing Nigeria’s significant infrastructure deficit. Agama pointed out that the capital market, which has played a key role in mobilizing funds for various sectors of the economy, can similarly be leveraged to finance the country’s infrastructure needs, …

The Federal Government has generated N103.7 billion in revenue from the Electronic Money Transfer (EMT) Levies in the first half of 2024. According to data from the Central Bank of Nigeria’s (CBN) statistical bulletin, this represents a 7.55 per cent increase compared to the N96.44 billion collected during the same period in 2023 of last year. This figure shows the …

The Naira today appreciated to N1,690 per dollar in the parallel market from N1,670 per dollar on Thursday. Similarly, the Naira depreciated to N1,641.27 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,641.27 per dollar from N1,622.57 per dollar on Thursday, indicating N18.7 depreciation for …

A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for …

The Naira on Tuesday appreciated by N73.39 at the official market, trading at N1,561.76 to the dollar. Data from the official trading platform of the FMDQ Exchange revealed this. This represents a 4.48 per cent gain when compared to the previous trading date on Monday when it exchanged at N1,635.15 to a dollar. Also, the total daily turnover increased to …

The Redeemer’s University, Ede, Osun, on Tuesday, inaugurated its microfinance bank – RUN Microfinance Bank Ltd. The bank is located within premises of the university. At the inauguration, the Vice-Chancellor of the university, Prof. Shadrach Akindele, said that setting up the bank was part of the university’s commitment to financial inclusion and empowerment. Represented by his Deputy, Prof. Ahmed Yerima, …

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. This is according to a press statement from the apex bank on Sunday. Speaking during an address at …

The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality. About three CBN Governors before Cardoso had toyed with the floatation option when they faced constant excess …