The Central Bank of Nigeria (CBN) has introduced a new policy to strengthen its drive towards a cashless economy, setting a daily maximum transaction cash-out limit of N100,000 per customer for agency banking operators, also known as Point of Sale (PoS) operators.
This directive, outlined in a circular issued on Tuesday by the CBN’s Payments System Management Department and signed by Oladimeji...
Africa-focused e-commerce retailer Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.
CEO Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria.
To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which include reducing its...
Wema Bank is the longest surviving indigenous bank in Nigeria. The bank was founded 77 years ago by Late Chief Mattew Adekoya Agbonmagbe Okupe.
It didn't start as a bank at first though. Chief Mattew started out as a famous government-approved money lender before he established the bank. He started the bank in May 1945 after his business expanded beyond the status of a cottage money lender....
Binance will stop all transactions and trading in Nigeria's local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.
It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether - a stablecoin whose value is pegg...
Lagos traders should desist from displaying their wares for sale on walkways, lay-bys, setbacks, road medians, verges, and curbs because street trading and hawking remain banned in Lagos State.
Over 91 million bank accounts at risk of deactivation as CBN’s BVN/NIN deadline expires
As the March 1 deadline set by the Central Bank of Nigeria (CBN) for the linkage of bank accounts with either the Bank Verification Number (BVN) or National Identity Number (NIN) expires, approximately 91 million bank accounts face the risk of being frozen.
The CBN had directed commercial banks to restric...
CBN Revokes Operational Licenses of 4,173 BDCs
The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.
The list of affected BDC operators is availabl...
Binance, Others Face Billions of Dollars in Fines By SEC Over Alleged Currency Manipulations
•Firm’s executives reportedly arrested, detained, passports confiscated
•Naira gains at both parallel, official windows at N1,500/$1, N1,609/$
James Emejo in Abuja and Nume Ekeghe in Abuja
The Securities and Exchange Commission (SEC) may slam huge fines running into billions of dollars on one...
Top things not required during Interviews.
Some candidates are usually confused when I get to the end of the interview sessions and I let them know if they have any questions for me.
From those shocked, puzzled, bland, excited or are you kidding-me-kind-of look, I just laugh. Interviews shouldn’t be too fraught with negative energy. We all have been there.
So I want to drop those things w...
Banks have issues circulars for customers to link their NIN and BVN to their accounts and the deadline is near.
GT Bank seems to have released the modality for doing that but it hardly works. The website after filling my details won't even send me an OTP in order to continue with the process.
Has anyone successfully linked his NIN?
FULL LIST: 52% of BDCs in Nigeria are in Lagos
1. Lagos: 2,958
2. Abuja: 1,179
3. Kano: 981
4. Anambra: 259
5. Kaduna: 55
6. Abia: 50
7. Oyo: 32
8. Enugu: 25
9. Rivers: 24
10. Delta: 21
11. Sokoto: 18
12. Imo: 15
13. Edo: 14
14. Borno: 11
15. Bauchi: 7
16. Kwara: 7
17. Plateau: 6
18. Ebonyi: 4
19. Kebbi: 4
20. Niger: 3
21. Ogun: 3
22. Katsina: 3
23. Akwa Ibom: 2
24. Cross...
In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators, THISDAY has gathered.
In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial s...
Jubilation in Anambra as business mogul, High Chief Dr. Christopher Ndubuisi gets honored as Investor of the Year by Sun Newspaper.
It has been massive joy in Anambra State as illustrious son, business mogul, and philanthropist, High Chief (Dr.) Christopher Ndubuisi (Ikenga Umuawulu), was over the weekend recognized as Investor of the Year 2023 at The Sun Awards, which took place on Saturday, F...
The Naira-Dollar manipulators
I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.
He disclosed that token sellers have migrated to Telegram and were selling Naira at N1850 and above.
He did not stop there, he lashed out at the N...
