Banking and Finance

Central-Bank-Of-Nigeria

CBN may devalue Naira again, as currency slumps to N213 to dollar at parallel market

The Central Bank of Nigeria may be compelled to again take action to halt the…

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​S​EC approves new complaint framework for capital market operators

The Securities and Exchange Commission says it has approved new rules on complaints management and…

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Civil society groups hail AU adoption of Mbeki report on illicit financial flows

Some civil society groups in and outside Africa have hailed the presentation of the Thabo…

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Group wants new SEC DG removed over approval of Gombe N30billion bond

The newly appointed acting Director General, Securities and Exchange Commission, SEC, Munir Gwarzo, has come under fire for his alleged approval of the N30 billion bond for Gombe State government. A political pressure group, Gombe Good Governance Group, otherwise called G4, has petitioned President Goodluck Jonathan, to demand Mr. Gwarzo’s…

Heritage Bank

AMCON approves acquisition of Enterprise Bank by Heritage

The Board of directors of Asset Management Corporation of Nigeria, AMCON, has approved the acquisition of Enterprise Bank Limited by Heritage Bank. The corporation said the acquisition of Enterprise Bank, which represents a landmark transaction in the Nigerian banking sector, was completed after the entire issued and fully-paid-up ordinary shares…

Godwin Emefiele, CBN governor

Dwindling Oil Price: CBN devalues naira, raises lending rate

The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, as the country struggles to reshape its fiscal policies in response to dwindling oil price. The bank devalued the naira at its monetary policy committee, MPC, meeting on…

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Circulation of new N100 begins December 19

The Central Bank of Nigeria, CBN, has fixed December 19, 2014, to put the new commemorative N100 into circulation. This is contained in “Countdown Calendar of The New Commemorative N100 Banknote”, a publication on the activities for the launch of the new banknote released by the bank in Abuja. The…

CBN

13 things bank customers must know about Bank Verification Number

Bank Verification Number, BVN, is part of the Central Bank of Nigeria, CBN's, cashless policy to capture customers' data and check fraud in the banking system. It is an initiative of the CBN to give every customer in the Nigerian banking system a unique identification number that can be verified across…

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Nigeria unveils new ‘digital’ N100 paper note

The Central Bank of Nigeria, CBN, has unveiled the first digital N100 paper note, to commemorate Nigeria's Centenary. The new note was unveiled at the Federal Executive Council, FEC, meeting, in a presentation by the CBN Governor, Godwin Emefiele. The new note which has features for the visually impaired will…

Godwin Emefiele, CBN governor

Odinkalu, others sue Nigeria Central Bank for N65 ATM charge

Three Nigerians have filed a suit against the Central Bank of Nigeria, CBN, for its recent decision to reintroduce charges on cash withdrawals from a different bank’s automated teller machine, ATM, after the third use in a month. The applicants - Seember Nyager, Chukwuma Chinaka and Chidi Odinkalu of A&E…

Lagos trade fair

EU asks Nigeria to sign trade deal

A delegation of the European Union, EU, to Nigeria on Tuesday appealed to the Federal Government to sign the Economic Partnership Agreement (EPA) to enhance the export of Nigerian products to Europe. The delegation's Public Affairs Officer, Ugo Sokari-George, made the appeal while speaking with the News Agency of Nigeria…

Dangote moves 20 spots to become Forbes’ 23rd richest man in the world

Forbes magazine has named the President, Dangote Group, Aliko Dangote, as the world's 23rd billionaire, jumping 20 spots on the scale from his previous 43rd position among the elite club of the world's richest people. Reputed to be the leader among 40 richest people in both Nigeria and Africa, Forbes…

Finance Minister, Ngozi Okonjo-Iweala

Finance Minister constitutes team to address military pension crisis

The Federal Government on Wednesday inaugurated a working group to address the crisis involving the payment of pension to Nigerian military personnel. While the government says the financial implication of the pension payment has increased by about 33 per cent, the military pensioners are demanding the settlement of 53 per…

Godwin Emefiele, CBN governor

Central bank frowns at abuse of regulations on Eurobonds issue by banks

The Central Bank of Nigeria, CBN, has expressed concern over the growing incidence of abuse of prudential regulations by banks through the issuance of foreign currency denominated bonds (Eurobonds). The bank’s director of banking supervision, Tokunbo Martins, said financial sector regulator was also worried that the banks were not adhering…

Robert-Orya-NEXIM

Facilitating Nigeria’s regional trade through NEXIM: U.S. EX-IM Bank Example

By, Robert Orya The charter that authorized the establishment of the United States Export–Import Bank (U.S. EX-IM) was due for renewal at the end of this past September. However, the re-authorisation of the charter renewal, which required congressional approval, seemed to have fallen due at the wrong time. Bipartisan consensus on…

Bank atm

CBN sets new deadline for bank customers’ verification

The Central Bank of Nigeria, CBN, on Tuesday issued a fresh deadline for the bank customers’ verification numbers enrolment throughout the country. The CBN, in a circular to all Deposit Money Banks in the country, said all commercial banks in the country were required to enrol at least 40 per…

Nigeria map

Nigeria among Africa’s worst places to start business in — Report

Despite its current status as Africa’s biggest economy and the 26th globally, Nigeria is one of the worst locations on earth to start a business, a new report has said. A new 2014 Africa survey report, conducted Johannesburg-based Good Governance Africa, says Nigeria is not among the world’s top 60…

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SEC probes Nigerian Stock Exchange over technical suspension of Access Bank

The Securities and Exchange Commission, SEC, has commenced investigation on the technical suspension imposed on the shares of Access Bank by the Nigerian Stock Exchange, NSE. Technical suspension refers to a former NSE operational practice, where share prices of quoted companies involved in capital raising are frozen from gaining or losing during daily equity…

Segun Aganga

Nigeria BOI disburses N692 billion loan in 10 years – Official

The Managing Director, Bank of Industry, BOI, Rasheed Olaoluwa, said on Sunday that the bank has disbursed N692 billion as loans to industrialists nationwide in the past 10 years. Mr. Olaoluwa made this known to journalists in Ilorin during the pre-inauguration visit of the Minister of Industry, Trade and Investment,…

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Tax default: FIRS clamps down on oil companies, recovers N333million

The Federal Inland Revenue Service (FIRS) on Friday recovered N333 million from corporate tax payer in the Oil and Gas sector during its tax recovery drive in Lagos. The News Agency of Nigeria (NAN) reports that the two-day exercise by the FIRS covered companies such as Baker Hughes, Line Trale,…

Alhaji Kabir M. Mashi, Ag. Executive Chairman, FIRS

FIRS begins enforcement against tax defaulters

The Federal Inland Revenue Service (FIRS) is to commence enforcement activities against corporate bodies and individuals who have not filed their Tax  Returns and failed to voluntarily fulfil their tax obligations by due dates, the agency’s Head of Communication and Liaison, Wahab Gbadamosi, has said. The Tax Law requires companies,…

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World Bank approves N80 billion IBRD credit for Nigeria to boost SME Financing

Nigeria is to benefit from a $500 million (N80 billion) World Bank credit to increase access to finance for medium and small scale enterprises, MSME, in agriculture, trade, light-manufacturing, and services. The Executive Board of Directors of the Bank, which gave approval for the facility on Friday, said the International…

Godwin Emefiele, CBN governor

2015 elections will not damage Nigeria’s economy – CBN Governor

The Governor of the Central Bank Governor, CBN, Godwin Emefiele, has said that the 2015 General Elections would not deplete the fortunes and reserves of the country. Mr. Emefiele gave the assurance on Wednesday in New York, at the Africa Business Summit, a high level international forum on Africa's investment…

Godwin Emefiele, CBN governor

CBN lists challenges to electronic payment system in Nigeria

The Central Bank of Nigeria, CBN, has named weak risk management framework and security issues among the major challenges affecting electronic payment system in the country. The CBN Governor, Godwin Emefiele, made the disclosure as a keynote presenter at the 8th Annual Conference of the Chartered Institute of Bankers of Nigeria in Abuja on…

Okonjo-Iweala

FEC approves draft Medium Term Fiscal Framework for 2015 budget

Preparations towards the 2015 Federal Budget began on Wednesday in Abuja with the approval of the draft Medium Term Fiscal Framework, MTFF, by the Federal Executive Council, FEC. The Minister of Finance, Ngozi Okonjo-Iweala, presented the document to the Council for deliberation. The Director-General, Budget Office, Bright Okogu, said at…