Adeosun wants CBN to extend BVN to micro finance banks

Adeosun wants CBN to extend BVN to micro finance banks

The Minister of Finance, Mrs Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs). She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates. […]

We can’t allow naira to float freely – Emefiele

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has said the bank cannot allow faceless and criminally minded people to destroy the currency under the guise of a free float as is being canvassed by some so-called experts.

We can’t allow naira to float freely – Emefiele

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has said the bank cannot allow  faceless and criminally minded people to destroy the currency under the guise of a free float as is being canvassed by some so-called experts. Emefiele made the remark shortly after Winning the Vanguard Newspaper man of the year award in […]

Recession has reduced Nigeria’s GDP to $354b – Soludo

Recession has reduced Nigeria’s GDP to $354b – Soludo

The former Governor of the Central Bank of Nigeria, Prof. Charles Chukwuma Soludo said the size of nation’s Gross Domestic Product  has shrunk from about $575 billion to about $354 billion. Soludo said this at an economic talk shop, organised by the Vanguard newspapers. The talk shop which had other panelists such as Comrade Adams […]

LAPO disburses N140.4bn loans to owners of SMES

The Founder, Lift Above Poverty Organisation (LAPO), Dr. Godwin Ehigiamusoe, has disclosed that financial institutions in the organisation have disbursed loans of N140,4 billion to owners of Micro Small and Medium Enterprises, especially women in 2016.

The Founder, Lift Above Poverty Organisation (LAPO), Dr. Godwin Ehigiamusoe, has disclosed that  financial institutions in the organisation have disbursed loans of N140,4 billion to owners of Micro Small and Medium Enterprises, especially women in 2016. Daily Trust reports that the financial institutions in LAPO system, a non governmental organisation, which support SMEs across the […]

Naira loses steam against dollar, sells at N465/$

The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation, the News Agency of Nigeria (NAN) reports.

Naira loses steam against dollar, sells at N465/$

The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation, the News Agency of Nigeria (NAN) reports. The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480. At […]

Why naira appreciated – CBN

Why naira appreciated – CBN

The Central Bank of Nigeria said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention. The acting Director, Corporate Communications of the CBN, Mr Isaac Okoroafor, on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of foreign […]

Over 3 million Nigerians lost N18bn to MMM- NDIC

Over 3 million Nigerians lost N18bn to MMM- NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has said while quoting the social media that an estimated three million Nigerians have lost N18 billion in the Phonzi scheme, popularly called Mavrodi Mundial Movement(MMM). Speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on Thursday,the Managing Director of the corporation,Alhaji Umaru Ibrahim decried […]

Black-Market Attack Is Just a Stopgap Until Nigeria Floats – Bloomberg

Black-Market Attack Is Just a Stopgap Until Nigeria Floats – Bloomberg

Don’t be fooled by the biggest black-market gain in a year for Nigeria’s naira. The rally, sparked by increased sales of foreign-exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will […]

After reorganising NCAA, FG appoints three new directors at FAAN

After reorganising NCAA, FG appoints three new directors at FAAN

The federal government has appointed three new directors and a general manager at the Federal Airports Authority of Nigeria (FAAN). Henrietta Yakubu, FAAN’s acting general manager, disclosed this in a statement. The development comes after all the directors at the Nigerian Civil Aviation Authority (NCAA) were relieved of their appointments. Yakubu said those newly appointed are: […]

Osinbajo to make changes in nation’s port, business visas, others

Osinbajo to make changes in nation’s port, business visas, others

*FG adopts 60-day national action plan on ease of doing business *Acting President Osinbajo joined by Saraki, Dogara, at 6th PEBEC meeting at Presidential Villa Committed to achieving its objective of creating a conducive business environment in Nigeria, the Presidential Enabling Business Environment Council (PEBEC) chaired by Acting President Yemi Osinbajo, SAN has approved a […]