In the most recent auction on July 26, 2023, investors bid N384 billion in one-year Treasury Bills at an interest rate of 12.15 percent annually. Due to investors’ continued oversubscription of the short-term risk-free investment, only N255 billion was distributed. The information was gleaned from the most recent auction report for Nigerian Treasury Bills that were sold during the week that the one-year note matures on July 25, 2024. expanding inflation Nigeria’s inflation rate increased...
If lenders and industry authorities don’t take immediate action, staff involvement in bank fraud incidents will continue to rise, delivering a terrifying message about the unguaranteed safety of depositors’ money. It is no longer a surprise that the use of electronic payment systems as a practical method of payment has increased the frequency of cyberattacks and e-fraud in Nigerian banks. However, current information suggests that a sizable portion of these illegal activities occurring in banks...
Since May 31, 2023, when the programme was formally put into effect, the Federal Government has already saved nearly N400 billion as a result of the elimination of the subsidy on Premium Motor Spirit, also known as petrol, oil marketers reported on Thursday. Additionally, the oil traders predicted that the price of petrol will likely increase in July given the Federal Government’s recent decision to allow the naira to float against the US dollar. On...
The daily transaction cap for contactless payments has been set at N50,000 by the Central Bank of Nigeria (CBN). According to a circular released by the apex bank on Tuesday and signed by Musa Jimoh, director of the department in charge of managing the payments system, “verification and authorisation would be required for transactions above the limits” due to the risks associated with contactless payments. The bank “hereby defines transaction limits below which verification and...
The Central Bank of Nigeria has ordered financial institutions to collect client information such as social media handles, email addresses, phone numbers, residential addresses, and more. This is done in an effort to further strengthen the identification process inside the banking system and is a component of its new client due diligence rules. This information was provided by the top bank in its recently published regulation, “Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023.”...
Operating at the Seme Border, goods forwarders have written to the federal government to demand that the border be opened for the importation of vehicles. In Seme, at a meeting between representatives of Nigeria and Benin organised by the Economic Community of West African States, Ibrahim Musa, Director of Road Transport, Federal Ministry of Transportation, revealed this. During the former minister of state for transportation’s most recent trip to the border, he was contacted by...
The restrictions placed on domestic accounts by the Central Bank of Nigeria have been removed. The CBN said in a statement on Sunday that the new regulation allowed account holders to deposit money without restriction, have unrestricted access to funds in accounts, and withdraw up to $10,000 per day. CBN issues additional guidance on operational changes to the foreign exchange market, according to the press release. Part of the statement said, “Ordinary domiciliary account...
The Fund currently owes its members about N80 billion, according to Mike Osatuyi, National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria. “We have no obligation to the Fund because deposits would have been made before you lifted the goods. However, we owe the Fund N80 billion, which would be settled prior to the closure. The money accumulated over time, but it has since stopped doing so. As stated in the PIA,...
President Tinubu and former President Buhari’s inevitable clash has come closer than either of them realises as a result of the suspension and subsequent arrest of the CBN governor. Buhari will soon realise that he had murdered sleep. He had hoped to enjoy a quiet retirement in Daura or the Niger Republic. The CBN investigation ordered by Tinubu will reveal to what extent Buhari and his cabal, including Ministers and Advisers, privatised the bank, barring...
ABUJA – Corporate Accountability and Public Participation Africa (CAPPA) has charged President Bola Ahmed Tinubu to raise the minimum wage for all categories of workers as well as to ensure that his administration works to protect and defend citizens’ democratic rights as Nigeria commemorates the 30th anniversary of the annulment of the June 12, 1993, presidential elections. The group emphasised that the only way citizens’ long-standing aspirations and hope in true democracy, encapsulated in the...
