In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more
President Bola Tinubu has appointed The Infrastructure Corporation of Nigeria as the Lead Developer of Evergreen City, Nigeria’s green industrial zone, signaling his commitment to sustainable industrial growth. The appointment aims to meet both present and future industrial demands, according to a statement by Ajuri Ngelale, the Special Adviser to the President on Media and … Read more
Minister of Finance, Wale Edun, has addressed concerns regarding the government’s purported plan to utilize the N20 trillion Pension Fund for infrastructure and housing financing. Edun emphasized that such claims are unfounded, stating that the federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to … Read more
Over the weekend, the value of the naira experienced a decline, with the currency trading at N1,510 to a dollar on the parallel market and 1,466.31 at the official market. This recent depreciation marks a reversal in the trend, as the naira had previously shown signs of stability against the dollar, trading below N1,000, following … Read more
The Nigerian currency, Naira, breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market, defying efforts by the Federal Government to shore up its value. Market fundamentals affirm that the naira lost its support at N1450, setting up a new wave of free decline, continuing … Read more
On Wednesday, the naira fell to N1,450 in the parallel foreign exchange (FX) market. The current FX rate indicates a 1.4% decrease from the N1,430 transacted on May 6. Currency traders, commonly known as bureau de change (BDC) operators, set the greenback’s buying rate at N1,410 and the selling price at N1,450, resulting in a … Read more
The Central Bank of Nigeria, CBN, has released a comprehensive list of licensed Deposit Money Banks operating within the country. The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria. Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument … Read more
The Central Bank of Nigeria, CBN, has asked banks to suspend cash deposit charges until September 30, 2024. The central bank announced this in a circular dated May 6, 2024, signed by Adetona Adedeji, Director of Banking Supervision. Customers of various Deposit Money Banks expressed concern that the banks had begun collecting processing fees for … Read more
The Central Bank of Nigeria, CBN, mandated all banks on Monday to begin imposing a 0.5% cybersecurity levy on all electronic transactions in the country. The apex bank stated this in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi; and the Director, Financial Policy and Regulation Department, Haruna Mustafa; a copy … Read more
The Central Bank of Nigeria (CBN) has asked all financial institutions in the country to begin deduction of the cybersecurity levy on all electronic transactions on May 20, 2024, six years after it initially issued the instruction. The deductions were to be directed to the National Security Fund, which is managed by the Office of … Read more