Finance

The new minimum wage negotiation between the organised labour, organised private sector and Federal government took an interesting turn late midnight as the duo of FG and OPS made a new offer of N57,000 as the new minimum wage, while the organised labour reduced its initial figure from N500,000 to N497,000. Recall that the high-level meeting was stalled on Tuesday, following the absence of some […]

Hearing of an ex-parte motion for stay of proceedings filed by EFCC Chairman, Mr Ola Olukoyede, against contempt charge instituted by former Governor of Kogi, Alhaji Yahaya Bello, was on Monday stalled at the Court of Appeal, Abuja. The case, scheduled for yesterday, could not proceed due to a workshop organised by the appellate court. […]

Customers of eight commercial banks paid N119.3 billion as service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24). This represents a 65 percent year-on-year (YoY) increase when compared with N72.22 billion the customers paid in Q1’23. The eight banks are Guaranty Trust Bank, GTB (N11.26  billion) , Zenith Bank (N19.9  billion), Access Bank […]

Financial experts have said there are concerns that the Central Bank of Nigeria (CBN) low net FX reserves and the defense of the naira sparked risk-off sentiments amongst foreign investors and limited inflows from Foreign Portfolio Investors (FPIs). Analysts at Cordros Security raised the point in its pre MPC notes ahead of the third meeting […]

The Central Bank of Nigeria has retracted its directive asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. The apex bank announced this in a revised circular dated May 17, 2024. The circular, signed by the Director of Payment […]

The Securities and Exchange Commission, SEC, yesterday, disclosed that crypto exchanges have commenced delisting of the Naira from Peer-to-Peer (P2P) trading platforms. SEC had, last week in collaboration with the Office of the National Security Adviser (ONSA), directed digital currency operators to delist the Naira from their platforms as part of measures to protect the currency […]

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that unbeknownst to young cryptocurrency traders in Nigeria, terrorists are using them to trade to fund terrorism in the country. The EFCC boss said some of the people who received money to trade in cryptocurrencies did not know that their financiers were […]

Experts in the pension sector have countered the plan by the federal government (FG) to tap about N20 trillion from pension funds to accelerate economic growth, arguing that the plan is not feasible. It will be recalled that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told State House correspondents on […]

THE Senate has approved President Bola Tinubu ‘s loan request amounting $500 million in favour of the Bureau of Public Enterprises, BPE, for electricity metering program to improve financial and technical performance of electricity distribution companies, DisCos, under the World Bank funded Nigeria Distribution Sector Recovery Program, DISREP. The approval yesterday was sequel to the consideration […]

The Naira further depreciated to N1,530 per dollar at the parallel market on Wednesday, May 16th, 2024 in contrast to N1,525 recorded Tuesday. Even though the Nigerian Autonomous Foreign Exchange Market (NAFEM) reports an increase for the Naira at N1,459.02 per dollar on Wednesday. Data from FMDQ indicated that the indicative exchange rate for NAFEM […]