Banking and Finance

$10b Spent On Education, Medical Tourism Yearly, Says Emefiele

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele yesterday said $10 billion is spent annually on medical and education tourism. Speaking during the Monetary Policy Committee (MPC) meeting in Lagos, he said education and health sectors are critical sectors that the…

20/07/2022

‘Our 10th AGM Is Valid’ — FBN Holdings Reacts To ‘Court Order’ Against Its Meeting

FBN Holdings Plc has notified the Nigerian Exchange Limited that its attention has been drawn to an online publication dated July 17, stating that the Federal High Court sitting in Lagos, Nigeria, has granted an ex-parte order against FBN Holdings Plc and…

19/07/2022

CBN Raises Interest Rate To 14% To Tame Rising Inflation

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has for the second time in three months increased official interest rate by 250 basis point. The committee increased the Monetary Interest Rate (MPR) by 150 basis point in May 2022…

19/07/2022

AfDB To Finance SEC’s Market Surveillance System Project

In a bid to modernise Nigeria’s capital markets and ensure that it is well positioned to support economic transformation driven by private sector investment, the Securities and Exchange Commission (SEC) and the African Development Bank Group (AfDB) have signed an agreement for…

19/07/2022

ASUU Strike: Bank Workers Threaten Solidarity Strike, Nationwide Shutdown

Nigeria may experienced a total shutdown of the economy as the workers in the banking sector have issued a threat to embark on industrial action in the financial sector in solidarity with the Academic Staff Union of Universities (ASUU) currently on strike.…

18/07/2022

CBN Seeks Proper Disclosure, Fraud Prevention Mechanism On Digital Financial Services

The Central Bank of Nigeria (CBN) has directed financial institutions and payment service providers to do more to enhance transparency and proper disclosure of Digital Financial Services (DFS) going forward. The apex bank also mandated deposit money banks (DMBs), merchant banks, Other…

13/07/2022

Directors Of 10 Banks Pocket N6.96bn Allowance, Compensation

Directors of 10 banks collected N6.96bn sitting allowance and compensation in 2021, according to an analysis of the lenders’ financial results. The amount represents an increase of 3.32 per cent from N6.74bn the directors received in 2020. The 10 banks are: United Bank for…

12/07/2022

DMO Lists 2 FGN Savings Bonds For Subscription At N1,000 Per Unit

The Debt Management Office (DMO) on Monday announced the listing of two FGN savings bonds for subscription for the month of July. It stated that the first is a two-year savings bond due on June 15, 2024, at an interest rate of 8.2…

08/07/2022

EU Rolls Out $1.3 Billion To Help Nigeria Diversify Its Economy

The European Union (EU) and its development finance institutions will provide Nigeria with 1.29 billion euros ($1.3 billion) to help Africa’s most populous country diversify its economy away from oil, a document from the bloc showed on Monday. Nigeria has been trying…

07/07/2022

World Bank to Provide Scholarship to 152,000 Girls in Katsina State

The World Bank through its Adolescent Girls Initiative for Learning and Empowerment (AGILE) project has concluded plans to give scholarships to 152,000 school girls in Katsina State to enhance enrolment, retention and transition of girls in school. The State Coordinator of AGILE, Mustapha…

01/07/2022

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