BDC operators go cashless as Naira scarcity bites hard

February 3, 2023 Segun Odunewu 0

The scarcity of the new and old naira notes is crippling activities of Bureau de Change operators in Lagos as the country approaches the February 10 deadline for the complete phasing out of the current N200, N500 and N1,000 banknotes. CBN governor, Godwin Emefiele, had assured the release of sufficient new banknotes with teams of enforcers to ensure that banks Read More

External reserve drops to $37.9bn

October 19, 2022 David Agba Abuja 0

Data from the Central Bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12, 2022. The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand for foreign exchange for importing Read More

CBN lends N9.3trn under intervention funds portfolio, N5.3trn not due for repayment

September 30, 2022 Amaka Ifeakandu, Lagos 0

The Central Bank of Nigeria (CBN) has said that about N5.3 trillion out of N9.3 trillion lent out under its intervention funds portfolio is not yet due for repayment. The apex regulator also said for now it has closed gates for the intervention funds, adding that as at Tuesday N3.7 trillion has been repaid under intervention funds. Addressing financial journalists Read More

FBN Holdings gets regulator’s final approval to acquire Access Pension

September 23, 2022 Segun Odunewu, Lagos 0

The Central Bank of Nigeria (CBN) has granted to FBN Holdings’ subsidiary, First Pension Custodian Nigeria Limited (First Pension) the approval to acquire Access Pension Fund Custodian Limited. First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of First Bank of Nigeria Holdings (FBN Holdings) acquired 100 per cent stake of First Pension from Access Bank, owned by Access Holdings. Recall Read More

Introduction of RT200 scheme boosts non-oil export proceeds repatriation

September 18, 2022 Amaka Ifeakandu, Lagos 0

The Central Bank of Nigeria (CBN) has said that its RT200 policy has started yielding positive results as more commodities is now included in the country’s export ledger boosting the potential of raising up to $200 billion in foreign exchange earnings from non-oil proceeds. Disclosing this in Lagos over the weekend at the Finance Correspondent Association of Nigeria (FICAN) workshop, Read More

Encomiums as top banker, Adeyemi Odusanya bids father farewell

July 4, 2022 Bode Olagoke 0

Encomiums poured in as eminent personalities from all walks of life converged in Ijebu Ode, Ogun State to bid farewell to Pa. Zacheus Olorunsola Odusanya, a.k.a Baba Kekere, the father of Mr. Adeyemi Odusanya, quintessential banker and executive director, South & Corporate of Keystone Bank Limited. Pa Odusanya journeyed to the great beyond on Thursday, April 28, 2022 at the Read More

How $1.5bn milk import bill discredits ban

June 27, 2022 Jerry Uwah 0

The Central Bank of Nigeria (CBN) slipped dairy products into its long, winding list of items that could no longer be imported with foreign exchange (forex) from its official window. The policy was designed to encourage local production as the price of imported milk surges with unbridled depreciation of the naira. It was equally designed to conserve the nation’s dwindling Read More

Women get N203.3bn credit from CBN intervention programmes

March 21, 2022 Blessing Anaro 0

The Central Bank of Nigeria (CBN) has remained gender sensitive, dolling out N203.31 billion credit as at January 2022, Godwin Emefiele, the apex bank governor has said. Emefiele made this disclosure while addressing participants at a webinar hosted by the Deputy Governor in charge of the Financial System Stability (FSS) Directorate, Mrs. Aishah Ahmad, as part of activities to commemorate Read More

Police arrest notorious ATM fraudster in Delta

November 9, 2021 Amaechi Okwara 0

Delta State Command Tuesday arrested notorious Automated Teller Mechine (ATM) fraudster,  one  Ojo Amos  at Ozoro, Isoko north local government area of the state. The suspect,  38yrs who  hails from Agbara-Otor, Ughelli North Local government area specialised in snatching ATM cards from unsuspecting victims.  According to the state Public relations officer (PPRO), DSP Bright Edafe, “On 2/11/2021 at about 1300hrs, Read More

Breaking: Oyo rep defects to APC

November 9, 2021 Bode Olagoke 0

The All Progressives Congress caucus of the House of Representatives has gained another member. He is Rep. Jacob Ajao Adejumo from Oyo State. Until his defection to the majority party, he was a member of the Action Democratic Party (ADP. The Speaker, Rep. Femi Gbajabiamila, has, however read his defection letter to members on the floor in Abuja on Tuesday Read More

2023: Prevail on Tinubu to back Osinbajo, group lobbies govs, Obas, others

November 6, 2021 Bode Olagoke 0

Governors, traditional rulers, business and political elites in the Yorubaland must carefully weigh various options and seriously consider backing Vice President Yemi Osinbajo in 2023, an All Progressives Congress youth group has advocated. According to members of the South West Movement for Osinbajo (SOWEMOVE) who presented a report and copies of correspondence with several Obas and other eminent personalities in Read More

Group berates Tinubu’s silence over invasion of Justice Odili’s residence

November 6, 2021 Bode Olagoke 0

A political pressure group known as the South-west Frontiers has condemned the prolonged silence of the former Lagos state governor and leader of the All Progressives Congress (APC) Asiwaju Bola Tinubu on the invasion of the residence of a Supreme Court judge, Justice Mary Odili by armed security operatives. The group similarly faulted the APC leader’s inaction about the recent Read More

Breaking: Few hours to Anambra election, IGP pulls out DIG Egbunike as head of security team

November 5, 2021 Editor 0

Barely 24 hours to the Saturday Anambra State governorship election, the Inspector General of Police has removed the Deputy Inspector General, DIG Joseph Egbunike, as the head of security team for the Anambra governorship election slated for Saturday November 6, 2021.  His removal was announced by the Police Public Relations Officer DSP Nkeiruka Nwude with few hours to the election.  He been Read More

COP26: Nigeria keying into electric, gas-powered vehicle manufacturing – Jelani Aliyu

November 5, 2021 Bode Olagoke 0

The Director-General, National Automotive Design and Development Council, Jelani Aliyu, has asserted that Nigeria’s automotive industry is advancing towards actualizing the manufacturing of electric and gas-powered vehicles, in keeping with the net-zero target by 2060. Mr Aliyu made the disclosure while addressing delegates at the ongoing COP26 UN Climate Change Conference in Glasgow, Scotland where close to 200 countries gathered Read More

Enugu assembly approves N15bn CBN infrastructure loan for Ugwuanyi

November 4, 2021 Chuks Nweze 0

Enugu State House of Assembly Thursday approved a N15billion loan facility from the Central Bank of Nigeria (CBN) to enable the state improve on her infrastructure base. Governor Ifeanyi Ugwuanyi had written the House Wednesday, through the Secretary to the State Government (SSG), Prof. Simon Ortuanya, asking the members ‘to approve the loan request he made to enable him secure Read More

N7.3bn public works funds yet to be disbursed – FG

November 2, 2021 Taiye Odewale 0

The federal government declared Monday that about N7.3 billion was yet to be disbursed to the remaining beneficiaries of its 774, 000 Special Public Works programme. Minister of State for Labour and Employment, Festus Keyamo, made the disclosure during budget defence session before the Senate Committee on Labour. The programme, domiciled in the National Directorate of Employment (NDE), engaged 774,000 Read More

e-Naira and the currency’s depreciation

November 1, 2021 Blueprint 0

The launch of the e-Naira by President Muhammadu Buhari recently has made Nigeria to join the league of countries with electronic currencies. This is a welcome development. As stated by Mr President during the launch, the e-Naira will boost the country’s GDP by $29 billion in the next 10 years and attract more investment.  However, the launch of the e-Naira Read More

What to expect as youth ministry powered National Youth Conference gets underway

October 30, 2021 Editor 0

It is two days to the much anticipated National Youth Conference (NYC) organised by the Federal Ministry of Youth and Sports Development (FMYSD), billed to commence on 1st November and end on Wednesday, 3rd November, 2021. Unlike other conferences of its ilk, what sets this apart from is that it is largely private sector driven, with Nigeria’s development partners playing Read More

Former MD/CEO of Fidelity Bank emerges FBNH GMD

October 28, 2021 Segun Odunewu 0

Immediate past Managing Director and CEO of Fidelity Bank of Niger PLC, Mr. Nnamdi Okonkwo, has emerged as the new Group Managing Director of FBN Holdings, the holding company of First Bank of Nigeria Group. FBN Holdings Plc, parent company of First Bank Nig. Ltd who announced this in a notice to the Nigerian Exchange on Thursday also informed the Read More

CBN flags-off digital financial inclusion for women, youth

October 28, 2021 David Agba 0

In its drive to ensure the digital financial inclusion of women and youth nationwide, the Central Bank of Nigeria (CBN) and its stakeholders are billed to engage target groups in selected states in order to facilitate their economic empowerment and inclusion. A statement from the CBN noted that the programme also aims at implementing the Bank’s framework for advancing women’s Read More

Buhari reveals how eNaira will boost Nigeria’s economy

October 25, 2021 Abdullahi M. Gulloma 0

The adoption of the Central Bank Digital Currency (CBDC) and its underlying technology, called block chain, can increase Nigeria’s GDP by $29billion over the next 10 years, President Muhammadu Buhari said Monday in Abuja at the official launch of the eNaira. The President also declared that the introduction of the eNaira would enable the government to send direct payments to Read More

Buhari set to unveil eNaira

October 24, 2021 Editor 0

The Central Bank of Nigeria (CBN) has announced that President Muhammadu Buhari will formally unveil the much talked about digital currency, known as the eNaira, on Monday. CBN Director, Corporate Communications, Osita Nwanisobi, who disclosed this in a statement on Saturday said the President will perform the unveiling ceremony inside the State House, Abuja. “Following series of engagements with relevant stakeholders Read More