Finance News

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, highlighted the growing concern of Nigerians resorting to loan shark applications due to limited access to credit. This trend, he noted, exacerbates the poverty situation. Dr Tijani voiced this concern during the unveiling of a new digital bank, Kayi Bank, in Abuja. He emphasised …

Nigerians Turn to Loan Sharks Due to Limited Credit Access, Says Minister Read More »

The Federation Account Allocation Committee (FAAC) has distributed N1.1 trillion from the August 2023 Federation Account Revenue among the Federal Government, States, and Local Government Councils. The Office of the Accountant General of the Federation disclosed this information. The FAAC, in its September 2023 meeting, detailed the breakdown of the “N1100.101 billion total distributable revenue”. …

FG, States, and LGs Secure N1.1tn in August Revenue Read More »

PalmPay, a leading financial technology platform, has emphasised the need for strategic collaborations within the financial sector to enhance inclusion. This call was made during the 2023 annual conference of the Finance Correspondents Association of Nigeria. The event, themed ‘Strengthening Digital Infrastructure for an Efficient Innovative Payment System in Nigeria,’ took place in Lagos. Foluso …

PalmPay Advocates for Strategic Partnerships to Boost Financial Inclusion Read More »

Twenty-three states in Nigeria have experienced a 64.26% hike in bilateral loans. The total now stands at $462.81 million as of the end of June. Most of these loans come from countries like China, India, and France. This is despite the naira’s ongoing depreciation, making dollar-denominated loans pricier. In June 2023, the Central Bank of …

Nigerian States See 64% Surge in Foreign Loans in Six Months Read More »

The Nigerian naira experienced a significant decline against the dollar, closing at 950/$ in the parallel market. This comes after the currency had previously closed at 930/$ just a day before. Bureau de Change operators have expressed their concerns, noting the scarcity of the naira and the uncertainty surrounding its future value. On the Investor …

Naira Plummets to N950/$ Amidst Forex Shortages Read More »

The Central Bank of Nigeria (CBN) has disclosed that foreign firms repatriated $5.86 billion from the Nigerian economy between October 2022 and March 2023. Of this amount, $5.13 billion was repatriated as dividends by foreign investors. The CBN’s ‘Economic Report, First Quarter 2023’ revealed that the deficit in its primary income account widened to $2.69 …

Foreign Investors Pull Out $5 Billion from Nigeria, CBN Reports Read More »

President Bola Tinubu has ordered security agencies to recover N1.1 trillion in defaulted loans from the Anchor Borrowers’ Loan Scheme by September 18, 2023. The scheme, initiated by the Central Bank of Nigeria (CBN), aims to boost agricultural production. However, only N546 billion has been repaid, leaving a balance of N577 billion unaccounted for. The …

Tinubu Orders Swift Recovery of N1.1T Loan Defaults by Sept 18 Read More »

The Central Bank of Nigeria (CBN) has revealed a loan issuance of N40.67bn to its staff by December 2022. This information, sourced from the bank’s audited financial statement for 2022, marks a 133.07% rise from N17.43bn in 2021. The exact number of staff beneficiaries hasn’t been detailed. However, the bank’s website data indicates a significant …

CBN Staff Loans Surge to N40bn: A 133% Increase in 2022 Read More »