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Finance
CBN Doles Out $10,000 To Over 1,000 BDCs
The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions.
A statement by the apex bank on Monday said the $10, 000…
Stanbic IBTC, Access Holdings Pay N1.07bn Fines Over Market Infractions In Two Years
As the duo of Stanbic IBTC Holdings Plc and Access Holdings Plc reaped huge gains from the Nigerian economy, they have also paid N1. 07 billion to sector regulators in the period for infractions committed.
The fines were paid between…
Malabu Fraud: EFCC Sacks Top Prosecutor Over Alleged Bribery From Former AGF, Others
The Economic and Financial Crimes Commission (EFFC) has laid off one of its top prosecutors amid a sprawling probe into how the high-profile case of the controversial Malabu oil fraud was bungled last month.
The anti-corruption office…
NSIA’s Net Assets Grow 119% To N2.22trn In 2023
The Nigeria Sovereign Investment Authority (NSIA) has declared N2.22 trillion net assets in 2023 financial year, a growth of 119 per cent from N1.02 trillion declared in 2022 financial year.
The new milestone is contained in in its 2023…
EFCC Charges Binance Executives With Money Laundering, Plans Extradition Of Fleeing Executive
The Economic and Financial Crimes Commission (EFCC) has charged Binance Holdings Limited and two of its senior executives, Tigran Gambaryan, and Nadeem Anjarwalla – who is on the run, with $35,400,000 in money laundering.
EFCC, which has…
Monetary Policy: Nigerian Economy Records Over $1.5bn Inflow – CBN
The Central Bank of Nigeria (CBN) has said that it recorded an inflow of over $1.5 bn into the economy over the past few days, indicating that its monetary policy efforts are working positively.
The bank’s acting Director, the Corporate…
Payment For MDAs: Remita Was Selected Based On Merit – CBN Tells Reps
The Central Bank of Nigeria (CBN) has justified its selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks.…
Access Holdings Announces $1.5bn Capital Raising Programme
Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of about $1.5 billion or its equivalent.
The Programme aims to enhance the Group's financial strength through the…
How Ready Are Banks For Cardoso’s New Capital Regime?
Finally, the Central Bank of Nigeria (CBN) on Thursday raised the minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion, in measures to put the banks…
CBN Raises Interest Rate To 24.75%, Adjusts CRR Of Merchant Banks To 14%.
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), it’s benchmark interest rate to 24.75% representing 200 basis points increase from 22.75% in February.
The CBN however retained the Cash Reserve Ratio (CRR) of…