Category: Finance - Page 2 - African News Today

Nigeria CBN Introduces Cybersecurity Levy on Transactions

7May

By adminNo Comments

Economy, Finance, Nigeria, Security

Nigeria CBN Introduces Cybersecurity Levy on Transactions

The Central Bank of Nigeria has issued a directive requiring banks to impose a 0.5% cybersecurity levy on transactions. This directive, conveyed through a circular released on Monday, is set to take effect within two weeks from its announcement. The circular, directed to all categories of banks including commercial, merchant, non-interest, and payment service banks, underscores the intention to combat cybercrimes in line with existing legislative frameworks like the Cybercrimes Act of 2015. This directive follows up on previous communications dated June 25, 2018, and October 5, 2018, signaling the CBN's sustained efforts to enhance cybersecurity measures within the financial sector. The decision to implement this levy is reportedly rooted in the Cybercrime Act of 2024, which mand...

4May

By adminNo Comments

Corruption, Crime, Finance, Law Enforcement, News, Nigeria

58 Governors Looted N2.187 Trn in 25 Yrs – EFCC

The Economic and Financial Crimes Commission (EFCC) has made staggering allegations that suggest no fewer than 58 former governors of Nigeria have been involved in looting, embezzlement, laundering, or misappropriating a sum totaling N2.187 trillion over a span of 25 years. These revelations were disclosed by the EFCC, excluding seized properties across the globe and other assets under probe, which purportedly amount to billions of Naira. The alleged N2.2 trillion looting spree, as per EFCC's claims, is equivalent to the entire budget of Lagos State for the year 2024, which stands at N2.25 trillion. Moreover, it surpasses the combined budget of the South-East states for 2024, totaling N2.29 trillion. The sum is also notably higher than the 2024 budgets of the North-Central states and N...

3May

By adminNo Comments

Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, drop...

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

6Feb

By adminNo Comments

Economy, Finance, News, Nigeria

Potential Implications of Seizing Domiciliary Accounts in Nigeria: Insights from a Financial Expert

As rumors swirl regarding the Nigerian government's purported intentions to seize funds held in domiciliary accounts across the nation, financial expert Kalu Ajah has stepped forward, via a post on X, to offer a comprehensive analysis of the potential ramifications. Drawing parallels with historical events and providing detailed insights into the operational dynamics of domiciliary accounts, Ajah's assessment sheds light on the risks and consequences associated with such actions. The Pakistani Example Ajah begins by invoking a significant episode from Pakistan's economic history, where the government initiated an emergency freeze on all foreign currency accounts (FCA) in May 1998. This drastic measure, aimed at safeguarding the economy, had far-reaching repercussions. "The primary i...

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

By adminNo Comments

Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

By adminNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

25May

By adminNo Comments

Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...

Akeredolu Tells Buhari Parting Gift To Give Nigerians

19Feb

By Mary UgwuanyiNo Comments

Economy, Elections, Finance, News, Nigeria

Akeredolu Tells Buhari Parting Gift To Give Nigerians

Governor Rotimi Akeredolu of Ondo State has told President Muhammadu Buhari to allow the old and new naira notes to both be in circulation as legal tender. Cash scarcity has been witnessed across the country as a fallout of the Central Bank of Nigeria’s naira redesign policy. This has resulted in protests and attacks on banks in some states across the country in the past few days. Reacting to the development in a statement issued on Saturday, Akeredolu said the crisis may upset the forthcoming general election. He said the “failed implementation” of the policy is as a result of “miscalculation, error of judgement and disinformation“ from the apex bank. The governor insisted that as appealing as the policy appears to be, its implementation drives curiosity as regar...

<strong>Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira </strong>

17Feb

By Mary UgwuanyiNo Comments

Economy, Finance, Judiciary, News, Nigeria

Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira

Kaduna State governor, Nasir el-Rufai, has directed that old and new naira notes remain legal tender in the state pending the outcome of supreme court judgment. Buhari in a televised address on Thursday said he has directed the Central Bank of Nigeria, CBN, to allow N200 notes remain legal tender until April 10. According to the president, all N500 and N1,000 notes will remain redeemable a the CBN and designated points for 60 days. His directive came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by many states – including Kaduna, seeking an extension to the deadline on the old notes beyond February 2022. Reacting, el-Rufai stated that all old notes would remain legal tender until the supreme court dete...

<strong>Court Orders Evans To Pay Kidnap Victim €233,000, N50m</strong>

17Feb

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria, Security

Court Orders Evans To Pay Kidnap Victim €233,000, N50m

Billionaire kidnap mastermind, Chukwudumeme Onwuamadike, popularly known as Evans, was on Tuesday ordered by a Lagos State High Court at Tafawa Balewa Square to refund the sum of €233,000, he received as ransom from one of his kidnap victims, Chief Donatus Dunu. Justice Olukayode Ogunjobi, also mandated Evans to pay the sum of N50m as general damages in favour of the claimant. The victim, a pharmacist, was abducted on February 14, 2018, and held hostage with ransom collected from his family, he escaped from where he was held. Dunu, a Chief Executive Officer of Maydon Pharmaceutical Company, later filed a civil suit, praying the court to order Evans to return to him the €233,000, paid in ransom. The claimant asked for an additional N50m in general damages. But Eva...