JPMorgan moves to open Nigerian branch, deposits ₦50bn as reforms boost foreign investor interest
JPMorgan Chase, one of the world’s largest financial institutions, has deposited ₦50 billion, equivalent to about $38 million, with the Central Bank of Nigeria (CBN) as it moves closer to…
Court upholds UBA’s ₦156bn debt recovery move against Stallion Group
The Federal High Court in Lagos has upheld United Bank for Africa (UBA) Plc’s appointment of a receiver/manager to recover an alleged N156.03 billion debt owed by Stallion Group and…
Nigeria’s FX reserves hit $55bn, highest in 18 years
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, says Nigeria’s gross foreign exchange reserves have risen above $55 billion, the highest level recorded in more than 18 years. Cardoso disclosed…
Nigeria returns to JP Morgan bond index
Nigeria has been included in J.P. Morgan’s new frontier-market local-currency government bond index, with a 7.4 percent weighting. The new benchmark, known as the Government Bond Index–Emerging Markets Edge (GBI-EM…
CBN introduces 10 new BVN rules effective May 1
The Central Bank of Nigeria (CBN) has announced 10 major updates to the Bank Verification Number (BVN) system, set to take effect from May 1, as part of efforts to…
CBN ends dollar payouts for diaspora remittances
The Central Bank of Nigeria (CBN) has directed all international money transfer operators (IMTOs) to open naira settlement accounts, effectively ending dollar cash payouts for diaspora remittances in Nigeria. Under…
CBN restricts mobile banking apps to one device
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to restrict the use of mobile banking applications to a single device per customer. Under the new…
Nigeria’s FX reserves hit $48.5bn, highest level since 2013
Nigeria’s foreign exchange (FX) reserves have climbed to $48.5 billion, marking the highest level recorded in nearly 13 years. Data obtained from the Central Bank of Nigeria (CBN) show that…
C.R.E.A.M platform applauds Sterling Bank for powering creators with financial tools
The C.R.E.A.M Platform (Creative Reality, Entertainment, Arts & Music), a creator-focused direct-to-fan platform founded by Nigerian music icon and entrepreneur Dapo “D’Banj” Oyebanjo, has reaffirmed Sterling Bank’s role in building…
Breaking: Tinubu declares nationwide security emergency, orders massive recruitment into Army, Police
President Bola Tinubu on Wednesday declared a nationwide security emergency in response to the escalating wave of attacks across several states, directing the Armed Forces and the Nigeria Police Force…
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