The Bank of Industry (BoI) says a well-designed Credit Guarantee Instruments (CGI) will unlock the full potential of Nigeria’s enterprises, laying foundation for a resilient and inclusive economy. Its Managing Director, BoI, Dr Olasupo Olusi, said this in a statement on Monday in Lagos. Olusi, however, noted that a coordinated Public-Private Partnership (PPP) was essential…
The Central Bank of Nigeria (CBN) has unveiled two new digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. A statement from the CBN said the initiatives were launched at the CBN Head Office in Abuja on Wednesday, January 15, 2025, and is part of the apex bank’s…
A year after an eyewatering slide against the dollar, the naira is enjoying a rare run of stability, and analysts expect it to last. Nigeria’s battered currency has lost 70per cent against the greenback since foreign exchange controls were relaxed in 2023, including a steep depreciation 12 months ago. But its performance since December tells…
Telecom operators may have received the approval of the Nigerian Communications Commission (NCC) to disconnect some money deposit banks (DMBs) over their failure to comply with regulators’ directive to effect repayment of the N250billion that arose from the use of the Unstructured Supplementary Service Data (USSD), it was gathered on Monday. According to industry sources,…
The Central Bank of Nigeria (CBN) will be extending the recapitalisation deadline for Bureau De Change (BDC) operators from December 3, 2024 to June 3, 2025. The Association of Bureaux De Change of Nigeria (ABCON) President, Alhaji Aminu Gwadabe, disclosed this yesterday during an emergency virtual general meeting organised by group for its members. He…
The naira crashed against the dollar at both official and parallel foreign exchange markets to begin the week on a negative note. FMDQ data showed that the naira weakened to N1,675.62 per dollar on Monday from N1652.62 last Friday, indicating a N23 loss. Similarly, at the black market, the naira depreciated to N1,755 per dollar…
