Regulator Imposes N100 Million Foreign Exchange Fines

CBN Launches New Overnight Benchmark to Modernise Markets

The Central Bank of Nigeria has launched the Nigerian Overnight Financing Rate (NOFR) to serve as the primary benchmark for the domestic money market. Developed alongside the Financial Markets Dealers Association, the rate replaces older, fragmented methods of measuring short-term liquidity. It aims to improve transparency and sharpen the transmission of monetary policy. The bank…

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FCCPC Denies Banning Airtime Borrowing

  The Federal Competition and Consumer Protection Commission has rejected claims that it banned airtime borrowing and data advance services in Nigeria, attributing recent disruptions to non-compliance by telecom operators with consumer lending regulations introduced eight months ago. Ondaje Ijagwu, Director of Corporate Affairs at the Commission, said in a statement issued Friday that “no…

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Pension Investments in Federal Debt Hit N16.9 Trillion

Employer Errors Trap N30bn Pension Savings

Nearly N30 billion in pension contributions sits in a financial purgatory. These funds belong to Nigerian workers but remain uncredited to their Retirement Savings Accounts. The National Pension Commission blames a messy cocktail of employer negligence and data blunders. Thousands of employees now face a future where their savings exist only on paper. The system…

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Airtel Nigeria Halts Airtime Borrowing Service

  Airtel Nigeria has announced the temporary suspension of its airtime and data credit services, which previously allowed eligible prepaid customers to borrow airtime or data and repay on their next recharge. In a statement issued on Friday, the Director of Corporate Communications and CSR at Airtel Nigeria, Femi Adeniran, said the decision is part…

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