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...
The Association of Master Bakers and Caterers of Nigeria has said it would withdraw its service nationwide from February 27, should the Federal government refuse to implement the agreement it entered into with the association in 2020.
It called for the immediate implementation of financial support palliatives for bakers as promised by the Federal Government as post COVID-19 support programmes f...
Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards…
Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria.
The country has relied on imports for most...
BREAKING: ACCESS HOLDINGS NAMES BOLAJI AGBEDE AS ACTING CEO
Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer.
This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe.
Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimbol...
The Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, signaling a stride towards a market-driven exchange rate mechanism, potentially paving the way for a free float of the Naira.
This follows last week’s circular removing caps on international money transfer operations. The CBN’s recent circular outlines pivotal changes, including the discontinuati...
Some traders of food items have lamented the worsening state of the country’s economy, which is affecting their business in Magboro, Ibafo and Mowe markets in the Obafemi-Owode Local Government Area of Ogun State.
The traders told PUNCH Metro on Tuesday that the sales of food products had fallen due to the hardship in the economy of the country, which has affected the customers purchasing power...
The Nigerian government has said it will clamp down on loan apps involved in illegal debt recovery and exploitation of consumers.
The crackdown comes amidst an upsurge in violations of the Interagency Joint Task Force’s Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022.
While some digital money lenders (DMLs) have offered financial access to many indiv...
The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs.
This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024.
According to the guidelines,...
The naira fell to a record low of N1,400/$ at the parallel market on Thursday despite recent efforts by the Central Bank of Nigeria to save the national currency.
With continued dollar scarcity plaguing the country, Bureau de Change Operators confirmed to The PUNCH that the naira touched new depths in the foreign exchange market.
A BDC operator at Sheraton Hotel, Abuja, Usman Ibrahim, said,...
OPay, a leading financial technology company, said yesterday it has taken various measures to deepen the integrity and credibility of its platform, disclosing that as from March 1, any account not linked with the owner’s national identity number (NIN) and the bank’s biometric verification number (BVN) would be wielded out.
This is part of implementing the Know Your Customer (KYC) directive by t...
Abdul Rabiu Samad, the Nigerian billionaire and CEO/Chairman of BUA Group, has surpassed Mike Adenuga to claim the position of the second-richest person in Nigeria.
This shift in rankings is attributed to the significant surge in Rabiu’s fortune, now estimated at $7.2 billion, according to Forbes’ list of global billionaires, where he ranks 343rd.
The remarkable increase in Rabiu’s net worth...
A new report has projected that the Central Bank of Nigeria may ask commercial banks with international banking licence to raise their capital base to over N900bn.
This came a few months after the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank would be asking lenders to raise more capital in order to support the Federal Government’s vision to grow the economy to $1tn....