Business
CBN injects $106.5m into forex market to boost liquidity
The Central Bank of Nigeria (CBN) has sold $106.5 million to 29 authorized dealer banks at N1,498/$1 to N1,530/$1 on Thursday July 18 and July 19, 2024 as part of moves to improve supply in line with its price stability mandate and its commitment to ensure a well-functioning and liquid…
Read More »IMF retains global growth at 3% in 2024
By Abiodun Folarin The International Monetary Fund (IMF) has said that global growth is projected to remain unchanged at 3.2 per cent in 2024 and 3.3 per cent in 2025. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2024: “The Global Economy…
Read More »Access Bank Raises N442 Billion Capital through Syndicated Tier II Facility
By Abiodun Folarin In a significant stride towards fostering economic growth, Access Bank PLC, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO). The occasion marked the signing of a monumental syndicate Tier II Facility agreement…
Read More »Afreximbank’s Annual Meetings 2024 calls for unity of Africans across the globe
Concisedaily Newsonline– With the 31st annual meetings of the African Export-Import Bank (Afreximbank) underway in Nassau, The Bahamas from June 12-15, attendees have been called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union. According to a statement, Heads of State, Ministers, government…
Read More »NETCO Posts 137% Increase in Operating Profit for 2023
The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has announced a 137 per cent increase in operating profits for the year 2023. This was disclosed by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC…
Read More »CBN revokes licence of Heritage Bank
The Central Bank of Nigeria (CBN), has revokes the licence of Heritage Bank Plc with immediate effect. The revocation of the bank licence, is in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and…
Read More »NDIC COMMENCES LIQUIDATION OF HERITAGE BANK
Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation wishes to announce to depositors of…
Read More »NNPC Ltd Sustains March Towards Regulatory Excellence
The NNPC Ltd has reiterated its commitment to sustain the Company’s march towards process improvement, regulatory compliance and performance excellence. NNPC’s Executive Vice President, Business Services, Mr. Inuwa Danladi, disclosed this while speaking on the recent certification of the International Ship and Port Facility Security (ISPS) Code Compliance obtained by…
Read More »CBN confirms merit-based selection of Remita to provide electronic platform
The Director of Banking Services, Central Bank of Nigeria (CBN), Hamisu Abdullahi, highlighted the merit-based selection of Remita to provide an electronic platform essential for facilitating payments from Ministries, Departments, and Agencies (MDAs) to beneficiary accounts across commercial banks. He said this when officials of the Central Bank of Nigeria…
Read More »CBN unveils new minimum capital requirements of N10b to N500b for banks
Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international…
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