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Nigeria’s banking sector is the second-largest in sub-Saharan Afrifter South Africa. Total assets in August 2019 amounted to N39.6 trillion although some small and mid-sized Nigerian banks are still struggling to rebuild capital levels. This is following a decline in oil prices which led to a foreign-currency shortage. The 2016 recession also affected banks as…
The Central Bank of Nigeria (CBN) has revoked the licenses of seven Payment Service Providers (PSPs) and one switch service provider, following their inability to meet up with key statutory obligations. According to an official gazette obtained from CBN’s official website, the affected PSPs include: Transaction Processing System (TPS), Easifuel Limited, Paymaster Limited, Grand Towers…
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to close all ‘Naira General Ledgers’ used by the lenders to remit naira to Diaspora remittances beneficiaries. Godwin Emefiele, CBN Governor made this known in a statement titled ‘Improving Remittance Inflows into Nigeria’. He stated that the Naira General Ledgers are channels whereby…
At the parallel market this week, the naira gained N30 from the previous peak of ₦500/$1. The exchange rate between the naira and the US dollar closed at ₦470/US$1 in the parallel market on Monday. The rate also closed at ₦470/US$1 on Wednesday and Tuesday. Read Also: Naira Declines in Parallel Market For the British…
There are worries for Okonjo Iweala as the US wants the race for the World Trade Organisation ( WTO ), Director General, reopened. The US once again talked down the Nigerian candidacy following Trade Representative, Robert Lighthizer’s commentary that an experienced handler is needed for the high profile job. Lighthizer, who was speaking to BBC…
Nigeria is now the second largest bitcoin market after the US. According to details obtained from Quartz, Nigeria peaks at second place with a volume of 60, 215 BTC valued at more than $566 million. This makes Nigeria, asides the US, the largest volume globally on Paxful, a leading peer-to-peer bitcoin marketplace. Experts attribute this…
According to the latest capital importation report released by the National Bureau of Statistics (NBS), Nigeria received a sum of $1.46 billion from capital inflows in the third quarter of 2020, as against $1.29 billion received in the previous quarter (Q2 2020). This indicates a 12.86% increase. It however dipped by 74.03% as against $5.63…
Environmentalists have continued to lament the high level of waste in the country and the subsequent need to address it. Now, more than ever, there is the urgent need for proper collection and recycling of used packages and containers littering the drainages and waterways if one must build a sane environment. Statistics reveal that about…
The FG’s current drive to diversify the nation’s economy is yielding results and the recent launch of the National Gas Expansion Program and National Autogas Roll-out Initiative is proof of this. The initiative aims to convert about one million cars from petrol powered to Compressed Natural Gas powered by the last quarter of 2021. Furthermore,…
The FirstMobile App, a digital bank application attributed to First Bank has been awarded the 2020 Best Mobile Banking App in the Global Finance Best Digital Bank Awards 2020. This was revealed in a statement released by Mr Gbenga Shobo, the Deputy Managing Director of the bank. The achievement is anchored on the bank’s relative…
