Category: Banking and Finance

JUST IN: CBN bans sale of forex to BDCs, suspends issuance of licence to money changers

JUST IN: CBN bans sale of forex to BDCs, suspends issuance of licence to money changers

The announcement comes as the bank intensifies efforts to mitigate further decline of the country’s economy and the national currency. The Central Bank of Nigeria on Tuesday blocked future foreign exchange transactions with bureau de change operatives. The bank will also suspend the issuance of new licences to money changers across the country with immediate […]

FLASH: UK bans Binance

FLASH: UK bans Binance

Binance has garnered global scrutiny over the past couple of months. The United Kingdom’s financial regulatory body, the Financial Conduct Authority (FCA) has said that Binance, one of the world’s largest cryptocurrency trading platforms, can no longer carry out any regulated operations in the country, sending out warnings to consumers. In a notice dated June […]

Naira slides to N500/$ at parallel market

Naira slides to N500/$ at parallel market

With this, the spread between the black market and official market rates currently is pegged at N86.00, as of the close of business on Tuesday. The naira has depreciated further to N500 against the U.S. dollar at the parallel market on Tuesday. According to abokiFX (abokifx.com), a website that collates parallel market rates in Lagos, […]

MTN to meet banks on Tuesday, customers reconnected to USSD

MTN to meet banks on Tuesday, customers reconnected to USSD

MTN customers have been reconnected to banking channels after commercial banks had blocked them from using their channels, including the Unstructured Supplementary Service Data and banking apps on Friday. The channels were blocked as a result of MTN reducing the banks’ commission on USSD airtime to 2.5 per cent. However, following the intervention by the […]

Why sustainable growth is difficult in Nigeria

Why sustainable growth is difficult in Nigeria

“Success is unremitting attention to purpose.”–Benjamin Disraeli, British Prime Minister, 1804 -1881 The Central Bank of Nigeria, CBN, and Vanguard Newspapers, on February 26, 2021, organised another Economic Summit at the Eko Hotels and Suites – partly designed to find a way for Nigeria to attain sustainable growth. That has proved elusive so far; and […]

OURAGEOUS! US backs Okonjo-Iweala to break 26-year WTO record a or the first female and African WTO DG

OURAGEOUS! US backs Okonjo-Iweala to break 26-year WTO record a or the first female and African WTO DG US backs Okonjo-Iweala to WTO

The US backs Okonjo-Iweala to WTO The United States has finally backed a former Minister of Finance, Dr Ngozi Okonjo-Iweala, to govern the World Trade Organisation after several months of the uncertainty of the selection process. President Joe Biden’s council on Friday offered its “strong support” to Okonjo-Iweala, citing her “wealth of knowledge in economics […]

Breaking: CBN directs banks to shutdown crypto accounts

Breaking: CBN directs banks to shutdown crypto accounts

CBN directs banks to shutdown crypto The Central Bank of Nigeria, CBN, has authorized Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any marketings in cryptocurrency or promoting payments for crypto trades. The pinnacle bank published this today in a publication to all DMBs, OFIs […]

BREAKING: Aftermath of MD Scandal FCMB appoints Yemisi Edun as Acting Managing Director (Insider)

BREAKING: Aftermath of MD Scandal FCMB appoints Yemisi Edun as Acting Managing Director (Insider) YEMISI EDUN AS FCMB MD

The Management and Board of First City Monument Bank (FCMB) Plc has named Yemisi Edun as Acting Managing Director, subject to regulatory approvals which will be subsequently announced in the coming days. Her appointment has been reported by several online sites and widely circulated on social media. Naijagistonline also confirmed this from a reliable source within the […]