The Ministry of Finance, Budget and National Planning, yesterday, made a U-turn on the statement credited to the Minister, Mrs. Zainab Ahmed, to the effect that the federal government will jettison the Central Bank of Nigeria (CBN)’s official foreign exchange…
CBN retains lending rate at 11.5%
The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 per cent. The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. It also retained the…
With bank still owing telcos CBN introduces new charges for USSD services
The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data services (USSD). The apex bank said from Tuesday customers will pay a flat fee of N6.98 per transaction every time they use…
Operation remit more dollars back home – Ehi Braimah
The growing importance of diaspora remittances is at the heart of the recent Central Bank of Nigeria (CBN) announcement of the “Naira 4 Dollar Scheme” which is essentially a creative way of boosting the local economy. It is a strategic…
Diaspora Remitances: FirstBank gifts customers N5 for every dollar received
First Bank of Nigeria Limited is rewarding customers with N5 for every dollar received through foreign remittances. This N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the USD as cash across the…
CBN directs banks to open dollar account for remittances
The Central Bank of Nigeria (CBN) has mandated commercial banks to open new dollar account with offshore lenders for receiving international money transfers. The directive was disclosed by WorldRemit- an International Money Transfer Operators (IMTOs) player to its clients. The…
Fidelity Bank issues largest ticket tier-II local bonds
Fidelity Bank Plc has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due in 2031. The bond issuance which was fully subscribed given that total investor interest and commitments in…
*Court orders CBN to immediately unfreeze 20 #EndSARS protesters’ accounts (ThisDay)*#EndSARS: Youth rep to sue CBN as court unfreezes accounts (Punch)
Court orders CBN to immediately unfreeze 20 #EndSARS protesters’ accounts (ThisDay) Justice Ahmed Mohammed of a Federal High Court, Abuja on Wednesday ordered the Central Bank of Nigeria (CBN) to immediately unfreeze 20 bank accounts linked to protesters and promoters…
FirstBank provides loan facilities to its Firstmonie Agents
First Bank of Nigeria Limited has announced the provision of loan facilities – up to one million naira – to its banking agents. This, the Bank said in a statement, is in furtherance of the need to promote the business…
CBN’s ban on crypto currencies – Ehi Braimah
Recently, the Central Bank of Nigeria (CBN) issued a directive to Deposit Money Banks (DMBs), non-bank financial institutions and other financial institutions to close accounts used for crypto transactions. In other words, banks are required to stop dealing in digital…