Nigeria Invites Shareholders, Depositors Of Failed Banks To Come And Receive Their Claims.
The Nigeria Deposit Insurance Corporation (NDIC) has urged shareholders, creditors and depositors of the 20 failed banks to come for verifications and payment of their liquidation dividend. NDIC, in its determination to secure depositors’ funds, had declared 100 percent liquidation…
Central Bank of Nigeria Grants Pan African Fintech: Flutterwave Nigeria’s Highest Payment Processing License.
Flutterwave, Pan African fintech company has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license. This license allows Flutterwave to offer transaction switching and card processing…
More Money For Nigerian Bank Customers ? CBN Increases Interest Rate On Savings Account Deposits.
The Central Bank of Nigeria (CBN), earlier in the week has directed banks to increase the minimum interest rate payable on savings deposits from 10 percent to 30 percent of the monetary policy rate (MPR). This means that, bank customers operating local…
eNaira Hackathon: Central Bank of Nigeria, Fintech Support Org To Support Ten Start Ups.
The Central Bank of Nigeria (CBN) in collaboration with the Africa Fintech Foundry (AFF) ; an Access Bank initiative that aims to nurture and accelerate the growth of Fintech startups in Africa, to support 10 startups, to increase the adoption…
Nigerians Has Traded Near N500 Billion In Bitcoin Despite CBN Ban
Nigerians traded N497.35bn ($1.16bn) worth of Bitcoin from the beginning of 2021 to June 2022, indicating an increasing prominence of the digital currency in the nation. This is despite the Central Bank of Nigeria’s restriction on cryptocurrencies in the nation….
“Set Naira Free” Expert Tells CBN, Says Naira Is Overvalued By 200%.
The Managing Director of Financial Derivatives Company Limited (FDC), Bismarck Rewane in an interview earlier in the week said that the Naira was over-valued by 200 percent. Rewane, who stated this in a programme on Arise TV, said the black…
Have You Used The eNaira? How Far Has The Nigeria’s Digital Currency Fared ?
The first year anniversary of the live launch of the eNaira is coming up on October 25, 2022. It will be exactly one year since the introduction of Central Bank Digital Currency CBDC in Nigeria. eNaira was launched by President…
Nigerian Banks Allegedly Engage In Fraudulent Transactions And Unauthorized Personal Data Usage.
A new investigative report has alleged that financial institutions are unabashedly engaging in fraudulent financial activities without sanctions from the regulatory bodies. The report accused Nigerian banks for opening an account using a customer’s identity without their knowledge and authorisation,…
Nigeria Central Bank To Focus On Crypto, Fintech… In New Monetary Policy.
The Governor, Central Bank of Nigeria, CBN, Godwin Emefiele, has said that the Monetary Policy Committee will chart a new course for an improved monetary policy and CBN that will provide direction for monetary policy in Nigeria. The governor said…
Nigeria Central Bank “Naira For Dollar” Scheme Fail To Stop Naira Depreciation.
The Central Bank of Nigeria (CBN)’s attempt to boost the nation’s forex market through the “Naira for Dollar” scheme has failed as shown by the local currency’s fall of more than 25% since the launch of the incentive scheme in…