The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals. According to a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; […]
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has expressed concern over the inability of the government to produce the exact value of real estate assets across the country. President of NIESV, ESV Victor Alonge, made the disclosure on Monday in Abuja during an event to commemorate the 2024 International Valuation Day Celebration with […]
The Economic and Financial Crimes Commission has arrested six senior officers of the Nigeria Security and Civil Defence Corps over alleged N6bn fraud. The senior officers are currently being grilled by EFCC interrogators at the commission’s headquarters, Jabi, Abuja, Though details of the probe are still sketchy, our correspondent gathered that the NSCDC officers were […]
In pursuit of securing a new $750m loan from the World Bank, the Federal Government may reintroduce previously suspended telecom tax and other fiscal measures. This is according to the Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. A copy of the plan’s document posted on […]
The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers. The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at […]
The volume of dollar traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, declined month-to-month (MoM) by 37.4 percent to $3.47 billion in April 2024 from $5.54 billion in March 2024. Vanguard analysis of weekly transactions in the market as published by FMDQ showed that turnover stood at $836.66 million in the first week of April […]
The International Rescue Committee (IRC) has allocated 84.4 million across Borno, Adamawa, and Yobe to tackle malnutrition, provide economic empowerment through cash assistance, offer innovative education outreach for out-of-school children, and extend agricultural support. Country Director of IRC, Mr. Babatunde Ojei, who stated this during a town hall meeting in Yola, said the donation is […]
Danish shipping and logistics company, A.P Moller-Maersk, has avoided comments on a supposed investment in Nigeria’s seaport infrastructure totalling $600 million. Last Sunday, President Bola Tinubu and the company’s Chairman, Robert Uggla, held closed-door talks on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia. In a statement by Tinubu’s spokesperson, Ajuri […]
Amidst tight monetary policy and economic contractions, loan portfolio of leading Deposit Money Banks in Nigeria expanded by 57 percent to N37.17 trillion in 2023 against N23.68 trillion recorded in 2022. The large credit growth was driven by Access Bank, Zenith Bank, First Bank, Guaranty Trust, United Bank for Africa (UBA) Plc, Fidelity Bank, GT Bank, Stanbic […]
The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,419.11 per dollar from N1,339.23 per dollar last […]
