CBN Announces Licensed Banks in Nigeria, Emphasizing Lagos Headquarters

Goodness Eminue The Central Bank of Nigeria unveiled a comprehensive list of licensed Money Deposit Banks (MDBs) on Tuesday, May 7, 2024, marking a significant update for the country’s financial sector.  The list, which was published on the Apex bank’s website yesterday, highlights the names and locations of banks authorized to operate in Nigeria, notably […]

Nigerians Demand Transparent Explanations Amid Upset Over New CBN Cybersecurity Levy

Abdulraheem Muhammed olarewaju A recent Central Bank of Nigeria (CBN) directive has created a stir among Nigerians. The regulation, published on May 6, 2024, requires banks to collect a 0.5% fee on all electronic transactions to finance cybersecurity efforts. The decision, issued by CBN officials Chibuzo Efobi and Haruna Mustafa, covers all commercial banks, mobile […]

Nigerians Show Concern as Fitch Ratings Warns of Negative Impact on Nigerian Banks Amid Proposed Foreign Currency Gateway Bank

    By Bukola Kuteyi   Credit rating agency, Fitch Ratings has raised concerns about the potential negative impact of the proposed foreign currency gateway bank announced by the Central Bank of Nigeria (CBN) on the liquidity of Nigerian banks.   According to Fitch Ratings, the Nigerian naira has experienced a significant devaluation, with the […]

The Negative Impacts of Inflation in Nigeria Economy

Inflation, an economic challenge, characterized by a sustained increase in the general price level of goods and services, has plagued Nigeria for decades.  As a resource-rich nation with a rapidly growing population, Nigeria’s struggle with inflation has far-reaching negative effects that touch every aspect of the Nigerian economy. Purchasing Power Erosion One of the most […]

CBN Debunks Rumor, Says Naira Remains N465/$1

Boluwatife Adedokun The Central Bank of Nigeria (CBN) has debunked the news published by Daily Trust  that Naira has been devalued to $630/per naira. This was made known in a statement that was signed by Isa AbdulMumin, Ag. Director Corporate Communications and released on their Twitter handle this morning. The Apex bank reiterated that the […]