Prof. Lauren Cohen, L. E Simmons, a Professor of Business Administration, Harvard Business School, United States of America has  suggested recommendations for the success of Nigeria’s Central Bank Digital Currency (CBDC). He gave some useful advice to the apex bank  at a symposium organised by the LCCI Financial Services Group that was held both physical and virtual. Themed “Blockchain Technology, ...

The Central of Nigeria is at present selling forex to foreign portfolio investors at a spot rate of N443/$. This is according to information obtained from forex traders who are privy to CBN block sales. According to Nairametrics, 35% of total funds traded on Wednesday were sold as spot at the rate of N443/$ while the remainder as 150-day forward ...

The Central Bank of Nigeria CBN has dissociated itself from claims that it is disbursing 50 billion eNaira to the public. It distanced itself from a twitter handle @enaira cbdc whose activities it described as illegal. The bank said, “the impostor handle and fraudulent persons have been posting messages related to the eNaira with the intent of wooing unsuspecting Nigerians ...

President of the African Development Bank, Akinwumi Adesina has lamented that the lack of reliable power supply is a great constraint to Nigeria’s industrial growth. He made this remark on Tuesday at the 49th annual general meeting of the Manufacturers Association of Nigeria in Abuja. According to him,  Nigerians spend $14 billion yearly on generators and fuel. He also quoted ...

Plans are in the offing for Chinese banks to start operations in Nigeria, Ambassador Cui Jianchun said on Tuesday. He noted that Nigerian financial institutions are welcome in his country if they decide to come on board. According to him, he is working to ensure the banks open in China and has been taking required steps. Jianchun told reporters in ...

The Minister for Finance  budget and national planning, Zainab Ahmed has revealed that fuel subsidy would end by July 2022. She added that the Federal Government will make provision for it  the first six months of 2022. She dropped this hint  on Monday at a panel session during the 27th Nigerian Economic Summit (NES#27) in Abuja. According to the Minister,  ...

Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download. CBN said the applications has received more than 5,000 downloads within hours of the launch. This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform ...

President Muhammadu Buhari has unveiled the e-Naira. The President launched the country’s digital currency at the Presidential Villa, Abuja. It was gathered that official dignitaries at the event were the Vice President, Yemi Osibanjo; Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele; Attorney General of the Federation, Abubakar Malami; among others. It should be noted that the digital ...

The Nigerian investing community is currently embroiled in controversy as a clash is brewing between Messrs Femi Otedola and Hassan Odukale over the controlling shares of First Bank of Nigeria Holdings (FBNH) Plc. It was reported on Friday reported that the bank disclosed to the investing community via a statement from the Nigerian Exchange Limited (NGX)’s website that it was ...

Nigeria’s foreign reserve crossed the $40 billion mark on 18th October 2021, after gaining $566.45 million on Monday to close at $40.39 billion. This is according to data obtained from the Central Bank of Nigeria (CBN). The nation’s foreign reserve grew by 1.42% on Monday from $39.82 billion recorded in the previous day. The recent gains in the country’s reserve ...