money
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The Central Bank of Nigeria, CBN, has denied plans to convert $30 billion deposits in domiciliary accounts to naira. CBN was reacting to a report that it was considering a policy that will convert the foreign currencies of Nigerians in domiciliary accounts to naira. The report claimed that the move would stabilise and increase liquidity…
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A much better-than-expected jobs report ignited stock markets in the U.S, on Friday with all the major indices notching up strong gains. The U.S. dollar rocketed higher. 353 jobs were added to the economy last month although the unemployment rate was unchanged at 3.7 percent. “Today, the Bureau of Labor Statistics reported that the American…
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The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According…
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The Central Bank of Nigeria (CBN) hit the nail on the head yesterday when it accused commercial banks of hoarding over $5 billion in foreign currencies against the threshold approved by the apex bank. CBN blamed the prevailing forex scarcity and naira’s free-fall against the dollar on the actions of the Deposit Money Banks (DMBs).…
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The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method. This was disclosed in a circular…
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Most people need some way of seeing where their money is going each month. A budget can help you feel more in control of your finances and make it easier to save money for your goals. The trick is to figure out a way to track your finances that works for you. The following steps…
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European Union envoys have agreed unanimously to set aside billions of euros of windfall profits from Russian central bank assets frozen in Europe. Ambassadors of the 27 EU countries agreed in principle the first step of a plan to help fund Ukraine reconstruction after Russia’s invasion, according to a source from Belgium. The text will…
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The Supreme Court has affirmed the five-year jail term handed to a former member of the House of Representatives, Farouk Lawan by the Court of Appeal. Lawan was convicted and sentenced to prison in 2021 for accepting a $500,000 bribe from businessman Femi Otedola, Chairman, Zenon Petroleum and Gas Ltd. In a unanimous judgment on…
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Aleksander Ceferin insists UEFA were “right” about Manchester City breaching Financial Fair Play rules. In February 2020, City were initially banned from the Champions League for two seasons by UEFA and fined €30m (£25m) after they were found to have seriously misled European football’s governing body and broken Financial Fair Play rules. However, in July…
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Paul Walker, best known for his role as Brian O’Conner in the ‘Fast & Furious’ series, turned down $10 million way back in 2003 when he was offered the role of one of the most famous superheroes in history. The actor, who died in 2013 in a car accident, said no to playing Superman. Matt Luber, Walker’s manager,…
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This week, the Nikkei reported that Toyota plans to produce some 10.3 million vehicles globally in 2024, again hitting its record annual production for the second straight year. The newspaper also said that the world’s largest automaker by sales will further increase production due to strong sales of hybrid vehicles and easing automotive semiconductor and…
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Since Oct. 7 Hamas massacre of Israeli communities near the Gaza Strip, the Palestinian Authority has added thousands of Palestinians to its list of people who qualify to receive terror stipends, an Israeli watchdog reported on Wednesday. The findings sparked outrage among surviving residents of the communities. P.A. officials announced that 3,550 terrorists imprisoned in…
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Good morning from MZIESBLOG! Here is today’s summary from Nigerian Newspapers: 1. Indications emerged on Thursday that the Central Bank of Nigeria leadership will hold meetings with the shareholders of Union Bank of Nigeria, Polaris Bank and Keystone Bank this weekend or early next week as a follow-up to the sack of the boards of directors…
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The Central Bank of Nigeria, CBN, on Wednesday disolved the boards of Union Bank, Keystone Bank and Polaris Bank. All affected banks are involved in the special investigations into how the CBN was run under the ex-CBN governor, Godwin Emefiele. Sidi Hakama, the acting Director of Corporate Communications at CBN, disclosed this in a statement…
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She didn’t just bite the hand that fed her – this maid also saddled them with debt. In an Instagram post on Jan 6, a woman named Ika shared that her maid had borrowed money from unlicensed moneylenders before running away. The night before her disappearance, Indonesian domestic helper Maemanah told Ika that she was being harassed to make full repayment. “I…
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Winner, winner, chicken dinner! One woman became an instant millionaire after hitting the jackpot on a slot machine at the Marina Bay Sands casino on Sunday (Jan 7). She won over $1.17 million, reported Shin Min Daily News. Zhang, who is a Sands Gold member, told the Chinese evening daily that he had entered the Ruby Lounge to observe…
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