Business

Concisedaily- The Central Bank of Nigeria (CBN) has debunked claims of scarcity of cash at the banks, Automated Teller Machines (ATMS) Point of Sales ( POS) and Bureaux de Change in some major cities across the country.   In a statement by the Director of Corporate Communications, Dr Isa AbdulMumin,…

The Central Bank of Nigeria (CBN) has reacted to the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024, saying the message was misleading A statement signed by Isa AbdulMumin PhD, Director, Corporate Communications said, “We…

The Federation Account Allocation Committee (FAAC), shared a total sum of N903.480 billion to the three tiers of government as Federation Allocation for the month of September, 2023. The meeting was chaired by the Minister of Finance and Co-ordinating minister of the Economy, Mr. Wale Edun. From the stated amount…

Chairman of Heirs Holding, Tony Elumelu  has called on National Insurance Commission (NAICOM)  to raise the capital base of Non-life insurance companies to N30billion and  N20 billion for life insurance firms. Elumelu who spoke at the National Insurance Conference 2023, with the theme: ‘Redefining Safety: Insurance solutions for public buildings…

The Central Bank of Nigeria (CBN), on Thursday, October 12, 2023, announced,  among other policy issues, the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items. 1. Why was there a restriction? On June 23, 2015, the CBN issued Circular TED/FEM/FPC/GN/01/010, which put 41 product categories…

Abiodun Folarin Concisedailynews – The Central Bank of Nigeria (CBN), has lifted the restriction of foreign exchange on importation of 43 items, it previously restricted in 2015; restates commitment to boost liquidity in foreign exchange Market. The apex bank, In a statement on Thursdays, by the Director, Corporate Communications, Isa…

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has called upon the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the Deposit Insurance System (DIS) into its educational programs and modules. Mr. Hassan made the call during a courtesy visit by the…

The Nigerian government borrowed a total of N457.2 billion in the month of August through the sales of Treasury Bills (TBs). This is according to the FMDQ Markets Monthly Report for August. The amount represents an increase of 12.58 per cent (N51.10 billion) Month on Month (MoM). An increase in…

Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced declaration of N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation. To this end, the Corporation has commenced verification and payment of stakeholders covered by…

African Export-Import Bank (Afreximbank) has signed a formal agreement for the acquisition of land for the New Administrative Capital African Trade Centre (NAC-ATC), which will house the Bank’s headquarters, along with other trade-supporting facilities and entities, in Egypt’s new administrative capital in Cairo. The agreement provides for a complex that…