The global crude oil market continues its turbulent descent, driven largely by the unpredictable tariff regime of United States (U.S) President Donald Trump, with rippling effects now hammering Nigeria’s oil-dependent economy, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Speaking at the State House yesterday during the Meet-the-Press series organised by the…
A former Chairman of Manufacturers Association of Nigeria (MAN), Dr Wale Adegbite, has called on the Federal Government to stabilise the exchange rate as a means of controlling inflation in the country. Adegbite made the call in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun State on Wednesday. The former MAN…
Chief Executive Officer, the Centre for the Promotion of Private Enterprise (CPPE) Dr. Muda Yusuf has called on the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to stop further increases in interest rates. He explained that pausing interest rate hikes would provide an opportunity for fiscal policy measures to address inflation….
The Managing Director, Kuda Microfinance Bank, Musty Mustapha, has called for enhanced cybersecurity measures to protect consumers and sustain fintech growth. He said the fintech revolution has transformed financial access, but it comes with a rising threat of cybercrime. According to the Oxford University World Cybercrime Index 2024, Nigeria ranks fifth globally for cyber-related crimes,…
By Ogunojuwo Monijesu The Central Bank of Nigeria (CBN) yesterday shifted the 299th meeting of its Monetary Policy Committee (MPC) earlier scheduled for February 17 and 18, to Wednesday, February 19 and Thursday, February 20, 2025. In a statement, the apex bank said the announcement puts paid to speculations around the date of the meetings…
Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) said banks in the country raised N2.2 trillion from the capital market in 2024 to meet the Central Bank of Nigeria’s (CBN) new recapitalization requirements. It would be recalled that in November 2024, the SEC announced that banks had raised N1.7 trillion from the capital…
Wema Bank Plc has approved plans to raise additional N200 billion in combination of Rights & Special Placement to complete Central Bank of Nigeria (CBN) recapitalization requirement. The bank which pioneered Africas first fully digital bank, ALAT, said it will be completing its capital raise through a combination of a Rights issue and Special placement…
One of Africa’s leading integrated payments and digital commerce companies, Interswitch, has announced the winners of the InterswitchSPAK National Science Competition, its flagship Corporate Social Responsibility (CSR) initiative. Now in its 6th year, InterswitchSPAK was introduced to celebrate exceptional young talent as part of Interswitch’s commitment to promoting Science, Technology, Engineering, and Mathematics (STEM) education…
The Nigeria Inter-Bank Settlement System (NIBSS) has said enrollments for the bank verification number (BVN) increased to 64.83 million in January. According to data from the NIBSS, the figure represents an increase of 1.35 million, compared to the 63.47 million recorded in January 2024. The BVN is an 11-digit number unique to each individual across…
