The naira gained marginally against the United States dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, closing at N1,542.58/$ from N1,551/$ recorded on Tuesday. The rate represents a 2.9 per cent appreciation from the N1,598.54 traded on Monday and a meagre 0.58 per cent against Tuesday’s rate, reports The PUNCH. According...
Banks are inducing their customers to sell the foreign currencies domiciled in their branches. Some of the banks, it was discovered, have developed platforms to sensitise customers on how the dollar deposits in their domiciliary accounts can be converted to naira, reports The Nation. In a note via SMS to customers, some of the banks […]
The Central Bank of Nigeria, in its recently revised consumer protection framework, has mandated financial service providers to comply with minimum standards in their advertising and promotional materials. One of the requirements is that FSPs should not make reference to unaudited financial statements in their sales promotion, reports The PUNC...
The International Monetary Fund, IMF, sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move “slightly” too late, Managing Director Kristalina Georgieva said yesterday. The US Federal Reserve, the European Central Bank (ECB) and others have held interest rates elevated in recent month...
Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest today, Thursday February 1, 2024. The CBN, which made the disclosure in a new circular released yesterday, also warned lenders against hoarding excess foreign currencies for...
•Mohammed Bello The Revenue Mobilisation Allocation and Fiscal Commission has said a substantial amount of government revenue remains trapped in the vault of commercial banks unremitted. The commission also expressed concern about the non-remittance of monies to the government coffers by revenue-generating agencies to the extent that a large c...
•Gunmen Security experts have accused commercial banks of encouraging the kidnapping epidemic in the country, as some ransoms are paid into bank accounts. The experts and analysts, who have backgrounds in military, intelligence, and policing, also stressed that abductions had become an industry enabled by the financial institutions that receiv...
•Aerial view shows floodwater at the new concession of agents of the Central Bank of Congo in Kinshasa Burst riverbanks are causing turmoil in DR Congo’s capital Kinshasa, with dark and foul-smelling water pouring into homes across working-class neighbourhoods in the central African megacity. The impoverished metropolis of some 15 million peop...
•CBN Governor Olayemi Cardoso The Central Bank of Nigeria (CBN) has dissolved the boards and managements of Titan Trust Bank, Union Bank, Keystone Bank and Polaris Bank. The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Jim Obazee, the special investigator on the activities of former CBN Governor, Godwin Emefi...
The probe instituted by the Economic and Financial Crimes Commission (EFCC) into the use of foreign exchange by some companies and financial institutions under the former governor of the Central Bank of Nigeria (CBN) Godwin Emefiele is to be spread to at least 20 banks, sources close to the commission have said. This paper was […]
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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