MARKETS

The Central Bank of Nigeria has issued a directive to bank directors with non-performing insider-related loans to step down immediately while ordering banks to commence remediation of the loan default of the affected individuals through collateral forfeiture. “Directors with non-performing insider-related facilities are required to step down immediately from the...

The Central Bank of Nigeria (CBN) has warned that it will sanction banks that force customers to withdraw less than N20,000 per transaction from Automated Teller Machines (ATMs) despite having sufficient funds and requesting a higher amount. This was disclosed in a Q&A explainer released by the apex bank following...

The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A circular, signed by John Onojah, the acting Director of the Financial Policy and Regulation Department, explained that the revised charges aim to address increasing operational...

The Central Bank of Nigeria (CBN) has rescheduled the 299th meeting of its Monetary Policy Committee (MPC). The apex bank shifted the meeting which was initially scheduled for February 17 and 18 to February 18 and 19. The CBN announced the change in a statement on Monday. The statement read:...

As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for State Governments across the Federation. SEC Director General Dr. Emomotimi Agama disclosed this during a meeting with a team from the...

Leading financial institution, Fidelity Bank Plc, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the...

The Central Bank of Nigeria (CBN) has issued new guidelines permitting Bureau de Change (BDC) operators to purchase up to $25,000 weekly from Authorised Dealer Banks (ADBs) to meet retail market demand for eligible invisible transactions. The directive, contained in a circular from the Trade and Exchange Department, also outlines...

The National Insurance Commission (NAICOM) has initiated discussions with the World Bank to explore opportunities for collaboration aimed at addressing key challenges and driving growth in Nigeria’s insurance sector. During a courtesy visit by the World Bank delegation, the Commissioner for Insurance, Olusegun Ayo Omosehin, identified the insufficient actuarial capacity...

CBN extends FX sale period to BDCs THE Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands. The apex bank disclosed this in a circular, signed by Dr W....

Oando PLC, Africa’s leading integrated energy company, has announced its full year (FY) 2024 results, showcasing a strong financial performance with a 45% growth in revenue to N4.1 trillion compared to N2.9 trillion in FY 2023. The company’s profit-after-tax (PAT) for the year stood at N65.5 billion, representing a 9%...