finance
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The Federal Competition and Consumer Protection Commission, FCCPC, has said several illegal digital money lenders (DMLs), known as loan apps, use wallets on Payment Solution Service Providers’ platforms to execute their transactions. The Commission’s Chief Executive Officer, Babatunde Irukera, disclosed this recently while reacting to a call by the Nigeria Inter-Bank Settlement System to banks…
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The US has imposed new sanctions aimed at disrupting Hamas’s funding streams after its deadly attacks in Israel. They target nine individuals and one entity, all based in the Middle East and Africa, and are intended to block access to funds held in the US. But who funds Hamas? The Palestinian militant group has a…
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The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday. The apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX…
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The Federal Government is currently engaging the World Bank on a fresh $1.5bn loan, findings by Sunday PUNCH have shown. Abbreviated as HOPE, the loan is titled ‘Nigeria Human Capital for Opportunities and Empowerment’ based on information obtained from the website of the Washington-based institution. The objective of the loan is “to strengthen systems for improved…
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The president of the Federal Reserve Bank of Boston said Friday she expects interest rates staying higher for longer, and further monetary tightening is “certainly not off the table.” “While recent inflation readings have been encouraging, inflation remains too high,” Susan Collins said in her remarks at the Annual Convention of the Maine Bankers Association.…
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The Nigerian government has asked a federal high court in Abuja to void promissory notes issued to consultants with respect to the Paris Club refund. The suit marked FHC/ABJ/CS/896/2023, was filed by the federal government, the attorney-general of the federation, the minister of finance, budget and national planning and the accountant-general of the federation. The defendants…
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Nigerian stocks attained their peak level ever on Tuesday as the all-share index, which measures the overall performance of equities climbed 0.5 per cent to 66,490.3 basis points on the back of a series of market-friendly reforms helping Africa’s largest economy restore investor confidence to its markets Tuesday’s feat pushes a high of 66,371.2 basis…
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The naira, on Wednesday, depreciated by 0.35 percent to close at N773.4/$ at the investors and exporters (I&E) window. Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency opened with an exchange rate of N781.49 to the dollar and sold for an intra-day high of…
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The fresh subsidy palliative loans may drive 36 states’ borrowing from the Federal Government to N1.34tn, according to findings by the PUNCH newspaper. The debt under the budget support facility of the Federal Government included a N614bn debt as of 2019, another debt of N656bn in 2021, and a fresh N69.12bn debt as subsidy palliative…
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Here are the Billion Dollar Startups Founded by Nigerians and their worth 1. Cityblock Health ($5 billion) | Primary HealthcareCo-founded by Toyin Ajayi Dr. Toyin Ajayi, our CEO and co-founder, has spent her whole career serving Medicaid patients. Here, she explains what we do, why we do what we do, and what compassionate care is all…
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he Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex. The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023. The Form ‘M’…
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The planned arraignment of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stalled at the Federal Capital Territory High Court, Abuja, on Thursday. Although Emefiele was present, the arraignment could not be held as the second defendant, Saadat Yaro, was absent. Counsel to the Federal Government and Director of Public Prosecution…
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Nigeria’s currency has continued to experience free-fall against the Dollar two months after the Central Bank of Nigeria’s floating of Naira, a decision that has further worsened the woes of Africa’s largest economy. From 14 June, when CBN liberalized the forex market, till date, the country’s currency has continued to slump against the Dollar from…
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The Mega Millions jackpot in the US has increased to $1.55 billion before the next drawing on Tuesday at 11:00 p.m. EDT. There was no winning ticket on Friday night’s drawing, while the jackpot has been climbing for months. If won, the current amount may become the largest in Mega Millions history to surpass the…
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Jimoh Ibrahim, the senator representing Ondo South senatorial constituency, said Nigeria’s N77 trillion debt should not be a cause for alarm. Ibrahim, a business mogul, disclosed this on Sunday in a statement to journalists. He stated that there is a need for President Bola Ahmed Tinubu’s government to have a dedicated Ministry of Revenue to…
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The Federal Government through the Federal Competition and Consumer Protection Commission has asked Google to remove 18 more digital loan apps from the Google Play store. The commission stated that these apps are operating on the Google Play store without regulatory approval or in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022…
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