finance
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The naira, Nigeria’s legal tender, closed at N740.08 per dollar at the investors and exporters (I&E) window on Wednesday. The I&E foreign exchange (FX) window is the market trading segment for investors, exporters and end-users that allows FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s…
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The Central Bank of Nigeria’s Monetary Policy Committee has moderately hiked monetary policy rates to 18.75 per cent. The acting Governor of the Central Bank of Nigeria, Mr Folashodun Shonubi, disclosed this on Tuesday at the press briefing at the end of the 292nd MPC meeting. MEZIESBLOG recalls that the Central Bank of Nigeria (CBN),…
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A Federal High Court sitting in Lagos on Tuesday granted the immediate past Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele bail. The court granted Emefiele bail in the sum of N20 million and a surety in like sum. This followed a two-count charge of illegal possession of firearm levelled against him by…
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The Central Bank of Nigeria, CBN, has announced further policy changes. According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market. AbdulMumin said this is to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in…
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Following his suspension as the governor of the Central Bank of Nigeria on Friday, a chieftain of the All-Progressives Congress, APC, Femi Fani-Kayode, has rained curses on Godwin Emefiele. President Bola Tinubu had in a statement by the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey asked Emefiele to…
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The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than 1 billion U.S. dollars after the government dissolved the project fund without warning, the lender said. The suspension will affect more than 600,000 beneficiaries, including victims of sexual violence, the World Bank told DR Congo’s finance…
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One of the best ways to sell financial products and services digitally is on the mobile banking app itself. With consumers accessing their mobile banking multiple times each week (or day), this platform provides unparalleled capabilities to engage and drive sales activity. Financial institutions use mobile banking apps for selling services in several ways. Some…
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Let’s look at why and how companies choose to invest in foreign markets. Simply purchasing goods and services or deciding to invest in a local market depends on a business’s needs and overall strategy. Direct investment in a country occurs when a company chooses to set up facilities to produce or market their products; or…
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Bank scams are an unfortunate and infuriating reality of our modern world. The lasting impact they can have is far reaching, with some victims losing everything from their homes to their treasured relationships with friends and family. Despite what many people believe, anyone at any age can be affected. In fact, reports have found that people aged…
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Financial institutions have been increasingly using chat functionality for customer engagement in recent years, whether on mobile apps, within online banking, or on their website. The research indicates that the extent to which organizations effectively leverage this functionality varies. For instance, the greatest usage of high-level chat communication is evident from the largest financial institutions.…
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Credit Suisse continues to help ultra-wealthy Americans evade taxes and had concealed more than $700 million from tax authorities in violation of a 2014 plea agreement, the U.S. Senate Finance Committee said Wednesday. After concluding a two-year investigation into Credit Suisse, the committee said it had uncovered “major violations” of the 2014 agreement between the…
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The White House is readying plans to push federal banking regulators to impose new rules on midsize banks after the collapse of Silicon Valley Bank (SVB) earlier this month, The Washington Post reported Wednesday, citing two people familiar with the preparations. The planned recommendations for Democrat President Joe Biden would push for rules to be reinstated for…
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Nigeria’s central bank raised its benchmark lending rate by 50 basis points to 18% (NGCBIR=ECI) on Tuesday as monetary authorities continued to tighten policy to rein in inflation which has squeezed consumer purchasing power. The high cost of living was among major concerns for voters during last month’s disputed presidential election that was won by…
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Silicon Valley Bank (SVB) Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have…
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Nigerians have continued to experience scarcity of the naira notes since the January 31 deadline issued by the Central Bank of Nigeria, CBN, on the swap of the currency. The CBN had earlier set a January 31 deadline for the use of the old naira notes. It was later extended to February 10. However, following…
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The saying “Cash is King” seems to be losing its validity in Nigeria. In the wake of the recent policy implementations, entrepreneurs need to make changes to accommodate these policies and cushion the effect on their customers and businesses. As of January 31st, 2023, the old currency notes of the N200, N500, and N1000 notes…
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