Banking and Finance

The National Insurance Commission (NAICOM) has warned that more Insurance companies may be sanctioned for their inability to settle claims, in a bid to sanitise the Industry. Non-settlement of claims has been a major challenge in the insurance Industry, and in June,…

The Central Bank of Nigeria (CBN) has vowed to resolve the current foreign exchange crises confronting the nation. A statement by its spokesman Osita Nwanisobi in Abuja on Friday said the CBN is “working to manage both the demand and supply side challenges”. Nwanisobi…

Non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for naira’s free fall in the official and parallel markets, the Central Bank of Nigeria (CBN) has said. As at the close of work yesterday, the naira…

The Central Bank of Kenya (CBK) says Flutterwave and Chipper Cash are not licensed to operate in the country. Patrick Njoroge, CBK governor, said this on Thursday in Nairobi, the country’s capital, at a media briefing following its monetary policy committee (MPC) meeting. Flutterwave…

The International Monetary Fund (IMF) has retained projected economic growth of 3.4 per cent for Nigeria in 2022. The Washington-based institution disclosed this on Tuesday in its World Economic Outlook (WEO) for July 2022 entitled, “Gloomy and More Uncertain”. At its last economic…

Following the Central Bank of Nigeria (CBN) to manage exchange rate, currency in circulation dropped by N72.5billion or 2.2 per cent from N3.33trillion as at the end of May to N3.26trillion at the end of June 2022, the latest statistics from the…

The Central Bank of Nigeria (CBN) has clarified the statement made by the governor, Godwin Emefiele, at Tuesday’s post-Monetary Policy Committee (MPC) meeting briefing, warning bank customers against converting the naira to foreign exchange, for electioneering purposes. The bank’s director, Corporate Communications…

The Central Bank of Nigeria has threatened to arrest and prosecute Nigerians using naira to buy dollars. “For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication…

The World Trade Organisation is committing about N12 billion ($20m) into fisheries development in Nigeria and other member countries as part of efforts to prohibit harmful fisheries subsidies. The Director General of WTO, Dr Ngozi Okonjo-Iweala, stated this yesterday in Abuja while on…