Banking and Finance

The Central Bank of Nigeria has allocated N100bn and 2.15 million bags of fertilisers to the Ministry of Agriculture, to cushion the effects of high prices of food in the country. Governor of the apex bank, Olayemi Cardoso disclosed this during a meeting…

The Securities and Exchange Commission (SEC) says it has developed new guidelines for licensing, registration and screening of digital and virtual assets service providers (VASPs). SEC had submitted the new guideline to the heads of government agencies anti money laundering committee. The new measures…

The Central Bank of Nigeria (CBN) has again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent after a few days of stability. The Customs duty rate was reviewed upwards from N1, 544.081/$ to N1, 560.511/$ on…

The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns. This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks. In a press release issued on its…

Cryptocurrency exchange, Binance, has announced plans to discontinue all services related to the Nigerian naira. Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism…

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from…

Central Bank of Nigeria (CBN) governor, Olayemi Cardoso has warned Nigeria and other developing countries to be wary of debt risks saying if left unchecked, they will hinder economic growth and prosperity. The apex bank governor, however, said that Nigeria’s situation is stable…

Banks in Nigeria have begun implementing the Central Bank of Nigeria’s (CBN) directive to restrict access to Tier 1 bank accounts not linked to the National Identity Number (NIN) or Bank Verification Number (BVN). The CBN issued the directive in a circular on…

The Central Bank of Nigeria (CBN) has released a list of eligible Bureau De Change (BDCs) operators. The CBN said all eligible BDCs must adhere to strict guidelines regarding the sale of foreign exchange to end-users. Currently, the number of BDCs stands at…

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that Savannah Bank, one of the Nigerians’ oldest banks, has not been liquidated. It, however, said though its license was withdrawn, it has been re-licensed and has the mandate to operate fully. The bank has been…