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Finance
Increasing Costs Prune Sterling Financial Holding’s Profit To N21.5bn
Two major cost increases eroded the margins and cut down the profit improvement of Sterling Financial Holdings Plc to N21.5 billion in 2023, an 11.5 per cent cut from about 29 percent in the preceding year.
At the end of the year, it was…
CBN Revokes 3D Scanners BDC, 4,172 others’ Licenses
The Central Bank of Nigeria (CBN) on Friday said it revoked the licence of 3D Scanners BDC Ltd, 911 BDC Ltd, among other 4,171 Bureau de Changes (BDCs) operating in the country over failure to rendition returns in line with its guidelines,…
Nigeria Gets 60% Afreximbank Energy Sector Funding – Oramah
The African Export-Import Bank (Afreximbank), says Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa.
The Afreximbank said it has been able to…
Bitcoin Tops $60,000, Approaches All-Time High
Bitcoin passed the $60,000 mark on Wednesday, approaching its all-time high and continuing its unbridled rise since the approval of a new type of investment indexed to the cryptocurrency.
At 1325 GMT, bitcoin traded at about $60,301,…
CBN Increases Interest Rate To 22.75% To Curb Rising Inflation
The Central Bank of Nigeria (CBN) has raised the monetary policy rate by 400 basis points to a record 22.75 per cent from 18.5 per cent.
Members after the two-day meeting in Abuja increased the asymmetric corridor to +100 basis points …
$26bn Passed Through Binance Nigeria In One Year – Cardoso
The Central Bank of Nigeria (CBN) governor Yemi Cardoso says over $26 billion has passed through Binance Nigeria in the last four years.
Cardoso said this on Tuesday after the MPC meeting in Abuja.
‘In the case of Binance, in the…
Mixed Feelings Await Cardoso’s Maiden MPC Meeting
Analysts have expressed mixed monetary outcomes from the maiden Monetary Policy Committee (MPC) to be presided over by Governor Yemi Cardoso at the Central Bank of Nigeria (CBN).
The MPC meeting commenced on Monday and is expected to…
CBN Amends FX Rates For Customs Duty On Importation
The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange rates for Customs duty on importation.
Dr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN said this in a memo addressed to the…
CBN Mandates FX Sellers Of $10,000 And Above To Declare Sources
The Central Bank of Nigeria (CBN) has said that foreign exchange sellers to Bureau De Change (BDC) of the equivalent of 10,000 dollars and above are required to declare their forex sources.
The apex bank stated this in a revised…
ABCON Boss Cautions Members On Regulatory Infringement
The Association of Bureau De Change Operators of Nigeria (ABCON) has cautioned its members on the need to abide by extant laws establishing them.
ABCON President, Alhaji Aminu Gwadabe, in a statement on Friday, warned licensed operators…