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…
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…
