The Central Bank of Nigeria (CBN) has debunked claims suggesting it has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to December 31, 2025. The apex bank said the official deadline remains June 3, 2025, as previously announced. A statement issued yesterday by the Acting Director of the Corporate Communications Department,…
In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills. The launch follows a report by the Central Bank of Nigeria, which found that…
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…
The Central Bank of Nigeria (CBN) has projected that diaspora remittances are expected to rise to N31.7871 trillion when fourth-quarter (Q4) 2024 figures are released. The substantial increase in diaspora remittances was attributed to the reforms carried out by the CBN especially the foreign exchange (forex) reforms designed to attract more forex into the country….
The Central Bank of Nigeria (CBN) has waived N250,000 annual licence renewal fee for each Bureau De Change (BDC) operator for the 2025 financial year. In a statement, CBN Acting Director, Financial Policy & Regulation Department, Johnson Ojah, said the waiver of non-refundable annual licence renewal fee for existing BDCs aligns with the Regulatory and…
The Federal Government has announced the offering of three Federal Government of Nigeria (FGN) bonds for subscription, with a combined value of N450 billion. This was disclosed in the January 2025 FGN Bond Auction Results issued by the DMO yesterday. The first bond on offer is a N100 billion April 2029 FGN bond, with a…
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…
