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The Central Bank of Nigeria (CBN) has reported a substantial inflow of over $1.5 billion in recent days, signaling a positive outlook for the nation's monetary policy initiatives. The announcement, made by the Bank's Acting Director of the Corporate Communications Department, Hakama Ali...
Nigeria
Bank Mergers Loom as CBN Raises Minimum Capital Thresholds: What Businesses and Banks Need to Know
The Central Bank of Nigeria (CBN) has announced sweeping financial reforms, significantly raising minimum capital requirements for banks across various categories. In a circular issued by the Financial Policy and Regulation Department Director, Haruna Mustafa, all commercial, merchant, and...
Central Bank of Nigeria (CBN) has announced sweeping changes to minimum capital requirements for banks.
The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department, mandates commercial banks with international authorization to maintain a staggering...
In a move aimed at strengthening the resilience of Nigeria's banking sector, the Central Bank of Nigeria (CBN) has announced significant increases in the capital base requirements for various categories of banks across the country.
According to a statement released by the CBN's Acting Director...
The Coalition of Northern Groups (CNG) has called on businesses to reassess their pricing strategies in light of the recent boost in the Naira's value against the dollar.
While acknowledging efforts to stabilize the currency, the CNG expressed disappointment over businesses' reluctance to...
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Sam Bankman-Fried, the once-prominent figure in the cryptocurrency world and founder of FTX, has been sentenced to 25 years in prison for his involvement in fraud and money laundering that led to the collapse of his exchange.
The sentencing marks one of the longest...
Nigeria
X (Formerly Twitter) to Offer Premium Features Free for Verified Accounts, Elon Musk Announces
Elon Musk has declared that select verified X (formerly Twitter) accounts will now receive free access to X Premium features. Musk announced via a post on the platform that accounts with substantial followings will benefit from this initiative.
According to Musk's tweet, accounts with over...
Telecommunications behemoth MTN Group has unveiled plans to divest from what it termed "smaller markets" in the West and Central Africa region, signaling its intent to exit operations in Guinea-Bissau and Guinea-Conakry. The decision, outlined in MTN's 2023 financial report, follows the...
The Nigerian Naira has seen a significant appreciation, reaching N1,350 per dollar in the parallel market from N1,430 just a day prior. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira climbed to N1,382.95 per dollar, marking a notable increase from the previous day's rate...
In response to the fluctuating dollar exchange rate, Nigerians are expressing frustration over the reluctance of sellers to immediately reduce prices despite the recent decrease in the value of the dollar.
The sentiment stems from the observation that when the dollar surges, sellers swiftly...
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