Finance

Zenith Bank pioneers POS collections without payment cards

Zenith Bank becomes the first Nigerian bank to successfully integrate and launch Unstructured Supplementary Service Data (USSD) payments on Point of Sales (POS), enabling customers to pay for goods and services via POS terminals without the use of cards

UN: 466 billion migrants’ remittances triple global development aid in 2017

UN statistics indicate that migrants from developing countries sent home 466 billion dollars in 2017, tripling the amount sent globally for development aid

IMF approves $3.7 billion credit for Angola

International Monetary Fund (IMF) approves $3.7 billion credit to Angola

CBN: National micro finance bank ready in January 2019

The Central Bank of Nigeria (CBN) in collaboration with the Nigerian Postal Service (NIPOST) reveals it would commence a national Micro Finance Bank (MFB) in January 2019
Zainab Ahmed

Federal government issues N100 billion sovereign sukuk at 15.7 percent

The Federal Government has begun the sale of its second tranche 7-year N100 billion sovereign sukuk, the Debt Management Office (DMO), said on Thursday.

NDIC: Why central bank revoked licenses of 154 MFBs, 6 PMBs

The Nigeria Deposit Insurance Corporation (NDIC), on Wednesday, offered insights why the Central Bank of Nigeria (CBN) revoked the licenses of 154 Micro Finance Banks (MFBs) and six Primary Mortgage Banks.
South Africa’s Rand

South Africa’s rand weakening in volatile run-up to May vote

South Africa’s rand is expected to erase around a third of the 10 per cent gains made in the past two months in the run-up to May elections as strong volatility rattles the currency, a Reuters poll found on Thursday.

NDIC gives reasons for closure of 154 microfinance banks

Nigeria Deposit Insurance Corporation (NDIC), Wednesday, offered insights into why the Central Bank of Nigeria (CBN) revoked the licenses of 154 Micro Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs).
Dr Herbert Wigwe, Managing Director of Access Bank Plc

Herbert Wigwe: Fintech will transform financial services

Dr Herbert Wigwe, the Managing Director of Access Bank Plc., says Fintech in a few years, will change the face of financial services as the next big thing in Africa.
African Export-Import Bank (Afreximbank)

Central African Republic formally joins Afreximbank

The number of African Export-Import Bank (Afreximbank) member countries swelled to 50 on Wednesday, with the Central African Republic (CAR) formalising her membership by depositing the instrument of the country’s ratification of the Bank Establishment Agreement in Cairo, Egypt.

Central bank opens December sale with $210 million

In its first intervention in the foreign exchange market for December, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million in the inter-bank foreign exchange market.

Central bank may add more to the 41 items not eligible for forex

The Central Bank of Nigeria (CBN) may increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.

Lower oil prices may weaken naira to N380 per dollar – analysts

Should oil prices continue to decline and fall below Nigeria’s Medium Term Expenditure Framework (MTEF) benchmark of $60 per barrel, the impact on the country’s economy could include the naira depreciating to $380/$, analysts at Financial Derivatives Company (FDC) have predicted.
Diamond Bank

Central bank grants Diamond Bank national licence

The Central Bank of Nigeria (CBN) has granted Diamond Bank approval to operate as a national bank with immediate effect.
china yuan dollar

Central bank injects $331.22 million, CNY51.86 million into retail secondary market

The Central Bank of Nigeria (CBN) has continued its intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $331.22 million in that segment of the market, in addition to CNY51.86 million in the spot and short-tenored forwards segment.

Why Diamond Bank opts for national status

Diamond Bank, a mid-tier lender, has received approval from the Central Bank of Nigeria (CBN) to operate only in the country in a move to lower capital requirements after selling its international units, it was learnt at the weekend.

Central bank reads riot act to banks, firms, individuals over banned Items

It is not going to be easy for banks, companies and individuals behind activities aimed at undermining the extant policy on the 41 items banned from accessing foreign exchange at the official window of the Central Bank of Nigeria (CBN), as it is now declared economic sabotage.

Central bank to sanction banks, companies that sabotage 41 items policy

The Central Bank of Nigeria (CBN) has threatened to sanction any bank, company or foreign exchange operator that engage in any act that undermines the policy of 41 items not allowed in the official foreign exchange (FX) window.

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Marcelo ‘never’ considered Madrid exit amid Juventus links

Real Madrid full-back Marcelo insisted he had never considered leaving the Spanish giants amid persistent links to Juventus.
President Muhammadu Buhari and Vice President Yemi Osinbajo were among the 6,800 All Progressives Congress (APC) delegates from the 36 states of the federation and the Federal Capital Territory (FCT) who converged in Eagle Square, Abuja on Saturday

Yemi Osinbajo: I’m not Muhammadu Buhari’s spare tyre

Vice-President Yemi Osinbajo says he is not a spare tyre to the president, emphasising that his roles as the number two citizen are spelt out in the constitution.
Governor David Nweze Umahi

Dave Umahi sacks Ebonyi Broadcasting Corporation board chairman

Ebonyi State Governor, David Umahi, has sacked the Board Chairman of the Ebonyi Broadcasting Corporation, Mrs Patience Ogodo.

FIRS shuts NDPHC HQ over N9.8 billion tax debt

The Federal Inland Revenue Service (FIRS), yesterday, sealed of the headquarters of the Niger Delta Power Holding (NDPHC) over tax liabilities totaling N9, 831,368, 259.90.

Olusegun Mimiko: I will work beyond imagination

The immediate past governor of Ondo State, Dr. Olusegun Mimiko, who is also the Zenith Labour Party, ZLP, senatorial candidate for Ondo Central Senatorial district for the 2019 polls has reaffirmed his commitment to quality and adequate representation of the district if elected.