There are indications that Microsoft African Development Centre (ADC) may shut down its West Africa operation, located in Lagos, Nigeria. Industry sources in the know revealed this to The Guardian on Tuesday, though no official statement from Microsoft yet. It was gathered that the management of Microsoft had on Monday informed the […]

The CEO of Binance, a popular cryptocurrency platform, claimed that some unknown persons, claiming to be agents of Nigerian officials demanded huge payments in cryptocurrency to make their problems in the country “go away”. Richard Teng, the firm’s chief executive officer (CEO) who took over from founder and former CEO […]

The Independent Petroleum Marketers Association of Nigeria has attributed the current fuel scarcity to the combination of low refining capacity and inconsistent government policies in the petroleum sector. IPMAN Deputy President, Zarma Mustapha, disclosed this on Tuesday while reacting to the concerning development of Nigerians grappling with fuel scarcity, with […]

The Central Bank of Nigeria has directed banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that […]

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from […]

The Corporate Affairs Commission has set a two-month deadline for Point of Sale operators in the country to register their agents, merchants and individuals, latest by July 7, 2024. The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, met with some fintech companies, also known as PoS, on Monday in Abuja, during which […]

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today. The circular was directed to all commercial, merchant, non-interest […]

In pursuit of securing a new $750m loan from the World Bank, the Federal Government may reintroduce previously suspended telecom tax and other fiscal measures. This is according to the Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. A copy of […]

1. Loan disbursements and repayments 2. Salary payments 3. Intra-account transfers within the same bank or between different banks for the same customer 4. Intra-bank transfers between customers of the same bank 5. Other Financial Institutions instructions to their correspondent banks 6. Interbank placements, 7. Banks’ transfers to CBN and […]