Banking and Finance

Minister of Agric, Akin Adeshina

Buhari lobbies ECOWAS to back Agric Minister, Adesina, for ADB President

Nigeria's president-elect, Muhammadu Buhari, has requested the Economic Community of West African States to support…

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Central Bank reviews spending limit on Naira on ATM cards abroad

As part of its effort to check unrestrained usage of foreign currency in conducting business…

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Nigeria’s sovereign ​wealth ​fund gets global rating

The Nigeria Sovereign Investment Authority ​has been ranked second out of 51 global sovereign wealth…

NDIC Boss

CBN, NDIC clash: Experts urge dialogue

It’s not the first time the Nigeria Deposit Insurance Corporation would seek amendment to its enabling law. In 1996, a similar attempt led to the enactment of Decree No. 5 of 1997, to expand the membership of its Board from five to nine and remove the governor, Central Bank of…

Minister of State for Finance, Bashir Yuguda

Islamic finance products must comply with global standards – Minister

The Minister of State for Finance, Bashir Yuguda, has said that operators of all Islamic financial products must ensure that their operations comply with globally acceptable standards. The minister, who was speaking at the inauguration of the National Insurance Commission’s Takaful Advisory Council in Abuja, noted that the directive became…

Nigerian Senate: Strengthening the law against rape

CBN rebukes bill seeking more powers for NDIC

The Central Bank of Nigeria, CBN, on Monday rejected some proposed amendments to give the Nigeria Deposit Insurance Corporation, NDIC, more powers. A bill currently before the Senate seeks to give more powers to the NDIC to allow the body serve as a parallel regulator for banks, alongside the CBN.…

Mournir Gwarzo - Chairman Security and Exchange Commision

Senate queries SEC over illegal spending, N10 billion Gombe bond

The Nigerian Senate on Thursday queried the Securities Exchange Commission for spending money “illegally”. The Commission, at the briefing of the implementation of its 2015 budget organised by the Senate Committee on Capital Market, was accused of illegally spending money from the 2014 budget without approval by the National Assembly.…

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Market capitalisation depreciates by N84bn

Transactions on the Nigerian Stock Exchange on Thursday recorded a downward trading after appreciating for four consecutive days. The market capitalisation, which opened at N10, 215 trillion, lost N84 billion to close at N10.31 trillion due to profit taking. Also, the All-Share Index depreciated by 249.88 points or 0.82 per…

CBN

Central Bank issues guidelines for N300 billion real sector loan

To help unlock the real sector potential to engender output growth, value addition and job creation, the Central Bank of Nigeria has established a N300 billion support facility. The facility would provide financing to support start-ups and expansion of large enterprises requiring an average of N500 million and N10 billion…

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

Nigerians can now pay their taxes online

The Federal Inland Revenue Service on Monday announced the take-off of the online tax payers’ platform to ease the payment of taxes in the country. The Service explained that with the new arrangement, anybody who wishes to pay tax can easily do so online by logging into the internet banking…

Godwin Emefiele, CBN governor

Nigerian government’s e-revenue collection scheme takes off

The Central Bank of Nigeria has announced the commencement of the Federal Government’s independent electronic revenue collection scheme throughout the country. The new scheme, under the treasury single account initiative, is aimed at deploying the automated e-collection platform and other electronic payment channels to handle revenue collection business for ministries,…

Minister of State for Finance, Bashir Yuguda

Nigeria not broke – Finance Minister

The Minister of State for Finance, Bashir Yuguda, said on Tuesday that the challenges the country’s economy is currently grappling with is not an indication that Nigeria was broke. Mr. Yuguda, who spoke to reporters at the end of the February meeting of the Federation Accounts Allocation Committee in Abuja,…

Photo: vanguardngr.com

Nigeria politicians cause high dollar exchange rate – BDCs

Some Bureau De Change Operators, BDCs, in Abuja have attributed the high demand for dollars by Nigerians, especially politicians, to the cause of the high exchange rate witnessed in the country. A cross section of the operators, who spoke on Wednesday, said politics was the major cause of the high…

Photo: vanguardngr.com

Naira hits N215 to dollar at Bureau De Change

The Naira on Friday depreciated by N5 to the dollar as it traded N215 at the Bureau De Change segment of the official market. It also depreciated by N7 at the black market, selling at N217 to the dollar. A dealer, who preferred anonymity, said in Lagos that the depreciation…

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Ex-CBN depty Gov., Moghalu, appointed professor at Tuft University

Former Deputy Governor, Financial Systems Stability of the Central Bank of Nigeria, Kingsley Moghalu, has been appointed a professor at Tuft University’s Fletcher School of Law and Diplomacy in Boston, Massachusetts. Mr. Moghalu's appointment will take effect from July 1, 2015. The former CBN deputy governor is also the Founder…

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 continued slump in the value of the Naira, as the national currency on Monday lost N3 to the dollar. Bank insiders say the Naira may be devalued yet again. The Naira depreciated at the black…

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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 dispute resolutions for all capital market operators. The new complaints management framework in the Nigerian capital market is contained in a circular issued by the commission on Monday in Lagos. It said the new rules…

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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 Mbeki High Level Panel report on Illicit Financial Flows from Africa. The groups said while they welcomed the African Union's, AU, focus on the menace of illicit financial flows, African leaders must move quickly to…

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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…

100 note Front

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…