Despite dollar restrictions, MSMEs remain at the mercy of black market operators

Micro, Small, and Medium scale enterprises (MSMEs) in Nigeria are left at the mercy of black market operators to access dollars for transactions even after the Central bank pulled the plug on supply to the operators and challenged supply to commercial banks. Currently, it costs N415 to get one dollar at the official rate, while

CBN Retains Benchmark Interest Rate At 11.5%

The Central Bank of Nigeria’s Monetary Policy Committee on Tuesday retained the Monetary Policy Rate (MPR) at 11.5% and kept all other parameters unchanged. CBN Governor Godwin Emefiele made the announcement while addressing journalists at the bank’s headquarters in Abuja. The MPR, which has remained unchanged for months, is a powerful tool for regulating interest

By |2022-01-25T19:17:08+01:00January 25th, 2022|Categories: Business|Tags: |0 Comments

Titan Trust Bank Takes Over Union Bank

  One of Nigeria’s newest commercial banks, Titan Trust Bank Limited is set to take over Union Bank of Nigeria Plc, the latter has announced. The Company Secretary of Union Bank, Somuyiwa Sonubi, disclosed this in a statement on Thursday. According to him, the Board of Directors of Union Bank has received a notification from

By |2021-12-24T07:06:14+01:00December 24th, 2021|Categories: Business|Tags: |0 Comments

FG bans 2,000 from travelling for evading COVID-19 test

  The Federal Government has imposed a travel ban on no fewer than 2,000 Nigerians and foreigners, restricting their movement in and out of the country. This was disclosed the National Incident Manager of the Presidential Steering Committee, Mukhtar Muhammad, at a briefing in Abuja. A statement from the PSC on COVID-19 said it had

By |2021-09-29T08:35:10+01:00September 29th, 2021|Categories: News, Business|0 Comments

Ahead of October Launch, eNaira Platform Goes Live

The official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has gone live, exactly one week to the planned launch of the initiative. Remarkably, 24-hours after the website went live, it has recorded over one million hits, according to analytics monitored by THISDAY. The development shows a reflection of the

By |2021-09-27T13:55:41+01:00September 27th, 2021|Categories: Business|Tags: , |0 Comments

Bitcoin Tumbles as China Declares Cryptocurrency Transactions Illegal

The Chinese government yesterday intensified its crackdown on cryptocurrencies by declaring that all crypto-related transactions were now illegal in the country. Bitcoin responded negatively to this crackdown when it fell by 5.49 per cent to about $42,000, while Ethereum slumped by 7.71 per cent to $2,899, according to data from coinmarketcap.com. In May, the Chinese

Just In: Dollar crashes against Naira at parallel market

The naira held steady against the dollar at the parallel market on Monday at N509. The naira held steady against the greenback at the parallel market from the 509/$1 at which it closed on Friday. On the Investors and Exporters’ window, it opened at 411.39/$1. It had a high of 412.90/$1 and a low of

By |2021-08-10T12:40:23+01:00August 10th, 2021|Categories: Business|Tags: |0 Comments

Twitter ban: Nigerians lose N150.46bn in two months

Nigeria businesses may have lost N150.46bn ($366.88m) since the Federal Government’s ban on Twitter took effect in the country on June 5. This figure was calculated based on the NetBlocks Cost of Shutdown Tool. According to the tool, it costs Nigeria’s economy N102.77m ($250,600) every hour to ban Twitter. It has been 1,464 hours (61

By |2021-08-05T15:59:05+01:00August 5th, 2021|Categories: Business|Tags: |0 Comments

How to get damages against bank over failure of ATM to dispense cash – Lawyer educates Nigerians

The Head of Research and Administration of Nwoko & Co Law office, Uyo, in Akwa Ibom State, Mr Ekom Nwoko (Esq), has educated Nigerians on social media on how to seek redress and get damages against commercial banks over the failure of bank Automated Teller Machine (ATM) to dispense cash to their customers when the

Banks comply with CBN directive, commence sales of dollars to customers

Commercial Banks in Nigeria have set up dedicated teller points for FX transactions in compliance with CBN’s directive. Starnews Nigeria gathered that some of the banks had commenced selling of dollar at an official rate of N412/$. The local currency had last week plunged to an all-time high of 525 against the dollar at the

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