Business

Opay and Palmpay, both a digital payment service companies have responded to Nigeria Inter-bank Settlement System (NIBSS) report that ordered banks to remove Payment Solution Service Providers (PSSP), Switches and Super Agents from its outward transfer list. PalmPay on its official Twitter page said “it is not affected by the NIBSS directive, as we are not “Payment Service Solution Providers”.…

The Managing Director of Unity Bank Plc, Mrs. Tomi Somefun has called for comprehensive policy actions that will dismantle the structures that enable gender-based violence in Nigeria. At the Ebony Life Cinema, the venue of the film screening in Lagos, Unity Bank supported the BECKMA movie premiere by ARDA Development Commuications Inc. which was held to highlight issues of Gender-Based…

The Nigeria Inter-Bank Settlement System (NIBSS) has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of…

The share price of FBN Holdings one of Nigeria’s oldest banks crossed the N1 trillion market capitalization on Wednesday. This is after back-to-back gains of about 10% sent the share price soaring this week. By hitting the N1 trillion market cap. FBNH now officially joins the SWOOTs, an acronym for Stocks Worth Over One Trillion Market Capitalization. As at 10.34…

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has approved the Bank’s reviewed Service Charter. The Service Charter is a requirement of the Business Facilitation Act (BFA) 2022 for driving the ease of doing business in Nigeria. It also enables the Bank to comply with SERVICOM Nigeria’s directives on improving customer service delivery. The Charter outlines…

Consumer goods giant Procter & Gamble (P&G ) has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market.  The Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.  The company explained that it is difficult to do business in…

Recovering from the previous session’s loss, the domestic equities market on Tuesday posted gains as the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 0.43 per cent. The NGX ASI gained 303.34 basis points or 0.43 per cent to close at 71,250.17 basis points. Also, market capitalisation rose by N166 billion to close at N38.989 trillion. The upturn was driven…

A Professor of Finance and Capital market, Uche Uwaleke, has stressed the need for the government to unlock the huge potential of long-term financing inherent in the capital market and ensure borrowings tied to infrastructure bonds. Uwaleke stated this at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend. He said…

The Securities and Exchange Commission (SEC) has called for an active collaboration between the government and market participants to enhance market growth and facilitate economic development. The Director-General of SEC, Mr Lamido Yuguda, made the call while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend. Yuguda said…

Nigeria recorded a daily foreign exchange turnover of $110.14million in the Nigerian Foreign Exchange Market (NAFEM), on Friday, 1st. December, 2023. The daily forex turnover recorded $100.06million on Monday, November, 27, 2023 and closed on Friday, 1 December, 2023, by $110.14million. According to the data from NAFEM, the country’s official foreign exchange market, the rise in the daily forex turnover…