Business

The Central Bank of Nigeria (CBN), governor, Olayemi Cardoso  on Tuesday said N1.4 trillion will be distributed in the next three months to aid cash flow within the banking system. He disclosed this during a press conference in Abuja. Speaking on the issue of cash insufficiency in most bank’s automated teller machine (ATM), Cardoso said the apex bank is working…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after a two-day meeting  in Abuja increased the interest rate or Monetary Policy Rate (MPR) by 50 basis points  to 27.25 per cent in September 2024 from  previous 26.75 per cent.  Additionally, the committee on Tuesday elevated the Cash Reserve Ratio (CRR) by 50 basis points, increasing the…

The founder of Dangote Petroleum Refinery, Aliko Dangote  on Monday urged the Federal Government that   this is the right time to stop paying subsidy  for petrol. Dangote spoke during an interview with Bloomberg TV, said  “I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said. He said subsidy is…

Coronation Art Gallery’s highly anticipated 2024 exhibition, which held on September 19th, brought together a distinguished group of leaders from Nigeria’s private and public sectors. Headlined by Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun, the event underscored the importance of art as a multidimensional asset class that contributes to wealth creation and socio-economic development. y…

Nigeria’s foreign reserves, which represent the country’s stock of foreign currency, have reached a 22-month high of $37.39 billion as of September 19, 2024. Data from the Central Bank of Nigeria (CBN) revealed that as of September 19, 2024, the reserves hit the highest level since November 4, 2022, when it stood at $37.36 billion. On a year-to-date basis, the…

Jaiz Bank, Nigeria’s pioneer Non-Interest Bank, has emerged the global Most Promising Islamic Bank in 2024. The Global Islamic Finance Awards (GIFA) yesterday announced Jaiz Bank the overall winner in this category over two other nominees of equal pedigrees, during the Global Islamic Finance Summit (GIFS) and awards ceremony in the picturesque Republic of Maldives. GIFA’s Chairman, Professor Humayon Dar,…

Access Holdings Plc on Saturday announced N36.6 trillion to become largest financial institution in total assets operating in Nigeria as of June 30, 2023. The reported N36.6 trillion total assets, is about 37per cent increase from N26.69 trillion total assets declared in 2023 full financial year. The Group in its audited result and accounts for H1 2024 posted on the…

Wema Bank Plc is set to launch the 4th season of its transformative reward initiative, the Wema Bank 5 for 5 Promo. The highly anticipated Season is scheduled to kick off on Tuesday, October 1, 2024. Introduced in 2021 the Wema Bank 5 for 5 Promo is a reward initiative pioneered by the Bank with the goal of rewarding its…

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Ltd. has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects. NNPC Ltd.’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition…

In a bid to enhance banking settlement and communication services in Nigeria, the Nigerian Communication Commission (NCC) has partnered with the Chartered Institute of Bankers of Nigeria (CIBN). The collaboration would improve the efficiency and reliability of financial transactions across Nigeria.  Executive Vice Chairman and CEO of the NCC, Dr Aminu Maida, recently welcomed a high-level delegation from the CIBN…