Business
Cardoso Urges Stronger Economic Ties With Middle East
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian diaspora community in the region. Speaking during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank – SAMA, on the sideline…
Read More »NITDA Pledges Support for Innovation, Invests in AI to Strengthen Africa’s Digital Hub
The National Information Technology Development Agency (NITDA) has expressed its commitment to fostering an innovative ecosystem that balances regulation with industry growth by investing in cloud infrastructure, data classification, and AI applications to solidify its position as a leading African digital hub. The NITDA Director General, Kashifu Inuwa CCIE stated…
Read More »Cardoso Urges Greater Backward Integration in the Telecom Sector
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has renewed calls for deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians. Speaking in Abuja on Wednesday, February 12, 2025, during a courtesy…
Read More »CBN reviews ATM transaction fees, removes free monthly withdrawal fee from other banks ATM
The Central Bank of Nigeria has announced new Automated Tella Machine( ATM), removed three free monthly withdrawals allowed in other banks’ ATM. The Apex bank, revealed in a circular signed by it Ag. Director, Financial Policy and Regulation Department, John Onojah, that imposed a withdrawal fee of between N100 and…
Read More »Access Holdings Releases AccessGive to ‘Carry Forward’ Herbert Wigwe’s Legacy
In a moving tribute to a visionary leader, Access Holdings PLC unveiled the AccessGive platform at the Herbert Wigwe One Year Memorial held on Sunday February 9, 2025, in Lagos. This groundbreaking platform is dedicated to sustaining and scaling the transformative impact of the late Herbert Wigwe, a leader whose…
Read More »CBN Restricts BDCs to purchase forex from a single authorised dealer for $25,000 weekly
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange of a minimum of $25,000 from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in…
Read More »CBN extends forex sale period to Bureau de Changes by four months
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators from January 31 until May 30. This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of…
Read More »CBN unveils new FX code, confirms multiple unethical, illegal practices in $7b FX backlog
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso on Tuesday unveiled a new Foreign Exchange (FX) Code to the market. Cardoso, at an event in Abuja, confirmed that the $7 billion dollars of FX backlog that has taken over 12 months to verify has led to the…
Read More »Naira depreciates by 0.3% to N1,539.39 per dollar
The Naira recorded a slight loss at the official market on Wednesday, trading at N1,539.39 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed the trading session at N1,539.39 to the dollar. This represents a slight loss as the local currency traded on Tuesday…
Read More »TCN announces rationing of power supply in FCT for road dualisation
The Transmission Company of Nigeria (TCN) has announced the rationing of power supply for Abuja Electricity Distribution Company (AEDC)’s customers in parts of the Federal Capital Territory (FCT) between Jan. 6 and Jan. 20. Mrs Ndidi Mbah, TCN’S General Manager, Public Affairs made the announcement in a statement in Abuja…
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