Nigerians are facing additional financial burdens as Moniepoint, Opay, and other fintech institutions have announced a new N50 fee, referred to as the Electronic Transfer Levy (EMTL), for their customers. According to a recent notice from the banks, customers of Moniepoint and Opay will begin incurring these charges starting September 9, 2024. This new levy…
Zenith Bank Plc has achieved remarkable growth in the first half of the year, with gross earnings soaring to N2.1 trillion, marking a significant milestone for the bank. According to the audited financial report for the six months ending June 30, 2024, released at the Nigerian Exchange (NGX) over the weekend, gross earnings surged by…
The Central Bank of Nigeria (CBN) has reported that business enterprises are hopeful for an economic improvement over the next six months. This finding comes from the CBN’s Business Expectation Survey (BES) for July. However, the survey also indicated that businesses anticipate a depreciation of the Naira in the third quarter of the year. The…
On Monday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,585 per dollar over the weekend. In a similar trend, the Naira rose to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,574.2…
The Nigeria Deposit Insurance Corporation (NDIC) has begun disbursing a maximum of N5 million to each depositor affected by the closure of Heritage Bank. This payment process utilizes Bank Verification Numbers (BVN) as a means to identify and locate depositors’ alternate accounts in other financial institutions. This initiative follows the Central Bank of Nigeria’s (CBN)…
Access Bank, Nigeria’s largest bank by means, has unveiled its ‘ Switch to Solar by Access’ campaign to offer affordable backing openings to businesses and customers to borrow a cleaner and further dependable source of electricity through solar photovoltaic( PV) and batteries. Unveiling the crusade, Group Head, Consumer Banking, Njideka Esomeju said, “ In alignment…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
The Federal Government on Monday announced plans to suspend duties, tariffs and taxes for the importation of some food items through land and sea borders. The foods include maize, husked brown rice, wheat and cowpeas. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a proposed 150-day Duty-Free Import Window for…
The Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Oliver Alawuba, has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria Body of Banks’ CEOs. The CIBN announced this appointment on its website on Monday, July 8, 2024. This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in…
At the backdrop of exchange rate instability and Naira depreciation, Closed Pension Fund Administrators, CPFAs, affiliated to international oil companies are investing more of their pension fund assets on foreign money market instruments, apparently for safety. The National Pension Commission, PenCom, in its unaudited report on pension funds industry portfolio for the period ended May…
