Money market

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Money market

CBN launches 2 initiatives to improve turnaround time, cut costs

Abuja, Jan 16, 2025 – The Central Bank of Nigeria (CBN) has launched two initiatives to improve turnaround time and cut costs.  They are the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.  The apex bank disclosed this in a statement on Thursday. According to the statement, the initiatives were launched on Wednesday in continuation of the bank’s digital revolution project tagged ‘Digital First,’ which the governor flagged off in December 2023 as one of his transformation initiatives. Olayemi Cardoso described the DocFlow system …

Money market

CBN imposes N150m fine each on 9 banks for failure to provide cash via ATMs

Abuja, Jan. 15, 2025 – The Central Bank of Nigeria (CBN) has imposed N150 million each on 9 banks for their failure to make naira notes available through Automated Teller Machines (ATMs) during the yuletide and New Year holidays. The affected banks are Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. It said the affected banks failed to comply with its cash distribution guidelines during the period. The …

General News Money market

UBA rewards customers with over N41m in final edition of Legacy Promo

… Promo makes 60 millionaires, gifts N200m Lagos, Jan. 14, 2025 – Africa’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series. The promo, which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style. The campaign, which was opened to several categories of Account holders including Bumper Account holders, …

General News Money market

Biden forgives student loans for 150,000 borrowers

Washington, Jan. 14, 2025 – President Joe Biden said on Monday his administration would cancel student loans for more than 150,000 borrowers, targeting those who attended schools that defrauded students, those with permanent disabilities and public service workers. Biden said the total number of Americans who have had their student debt canceled by his administration was now over five million. The 150,000 borrowers for whom student loan relief was approved included almost 85,000 borrowers who attended schools that “cheated and defrauded their students,” 61,000 borrowers with permanent disabilities, and 6,100 …

Business Solutions Money market

Nigeria secures $7.6bn investment commitments through AIF

Rabat (Morocco), Jan. 13, 2025 – Nigeria has secured $7.6 billion in investment commitments through the Africa Investment Forum (AIF) 2024 The forum was held in Rabat, Morocco, from Dec. 4 to Dec. 6, 2024. Dr Akinwumi Adesina, the President of the African Development Bank, announced this in a post on his X (formerly Twitter) account.  “I am delighted the Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria. It was great to have several state governors: Lagos, Kaduna, Kastina, Kwara and Plateau, and (later) Ogun. We will …

General News Money market

Fidelity Bank supports improved maternal health in Lagos

Lagos, Jan. 10, 2025 – Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos. The donation, organized by the Great Minds Inductees Class, was made through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development. Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this …

Money market

TDF backs Nasarawa Gov’s stance on tax reform bills, urges quick passage

Abuja, Jan. 10, 2025 – The Democratic Front (TDF) has thrown its weight behind the latest position of Nasarawa State Governor Abdullahi Sule on President Bola Tinubu’s tax reform bills currently before the National Assembly.  In a statement signed by its Chairman Danjuma, Mallam Muhammad and Secretary, Chief Wale Adedayo, the group described the governor’s change of position as a good development. It said: “We agree absolutely with the views expressed by the Nasarawa State governor on an Arise Television programme, that the initial opposition from the northern state governors …

Money market

CBN suspends granting approvals for extension of export proceed repatriation

Abuja, Jan. 10, 2025 – The Central Bank of Nigeria (CBN) has suspended granting approvals for extension of export proceed repatriation. This applies to both oil and non-oil export transactions. The apex bank announced this through a circular, signed by Dr W.J. Kanya, the CBN Acting Director of Trade & Exchange, dated Jan. 8, 2025. It said the directive was to enforce compliance with existing foreign exchange regulations. The circular reads: “With effect from the date of this circular, the Central Bank of Nigeria will no longer approve requests for …

Money market

China central bank is moving faster towards its policy limits

Beijing, Jan. 10, 2025 – China’s central bank is expected to deploy its most aggressive monetary tactics in a decade this year as it tries to stimulate the economy and soften the blow of impending U.S. tariff hikes, but in doing so it risks quickly exhausting its firepower. Friday’s announcement by the People’s Bank of China (PBOC) that it has suspended treasury bond purchases due to the asset’s scarcity highlights the limitations of its resources as it confronts an increasingly challenging economic environment. Policy implementation is complicated by various factors, …

Money market

China disburses $254m loan to Nigeria for Kano-Kaduna rail project

Beijing, Jan. 8, 2025 – China Development Bank (CDB) on Tuesday released 245 million euros ($254.76 million) to Nigeria for the Kano-Kaduna railway project. The CDB disclosed this in Beijing on Tuesday with a promise to work closely with the Nigerian side to ensure the continued disbursement of loans and effectively manage following work in the next phase. The Kano-Kaduna railway, with a total length of 203 kilometers, is a standard-gauge railway. Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the …