Business - Abia ThinkTank News

Mar

29

2024

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By Abia ThinkTank

CBN Raises Commercial Banks Capital Base To N500 Billion

CBN/Commercial Banking, Business, Economy, News Flash

CBN Raises Commercial Banks Capital Base To N500 Billion The Central Bank of Nigeria has announced the increment of the capital base for commercial banks with international authorisation to N500bn and national banks to N200bn. The apex bank announced this in a statement signed by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday. The CBN’s move mandates substantial increases in the minimum capital base for banks, varying by the scope of their operations. The latest policy directive specifies that commercial banks with international authorisation are now required to shore up their capital base to N500bn. She added…

Mar

29

2024

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By Abia ThinkTank

Abia House Of Assembly Sent Delegates To Innoson CEO At Nnewi…

Business, Economy, Good Governance, House Of Assembly, News Flash

Yesterday, I led a delegation from the Abia State House of Assembly and some members of Labour Party who are in Nnewi for Labour Party Convention to Chief Innocent Chukwuma, the CEO of Innoson Vehicles , at his residence in Nnewi, Anambra State. Our discussions centered on the ongoing manufacturing of special brand official vehicles for the 24 House of Assembly members of Abia State. We received assurances that these 24 official vehicles would be delivered to us by April 2024. The present Abia State Government remains committed to patronizing locally made products to stimulate the growth of the Naira.…

Mar

29

2024

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By Abia ThinkTank

“I Had Studio In My Father’s House But He Didn’t Know. I Mastered To Record And Produce Myself.” – Davido

Business, Entertainment, Gossips, News Flash

"I had studio in my fathers house but he didn't know. I mastered to record and produce myself." Davido "Our house was a very big mansion, it had more than 20 so I used one as a studio and my father didn't know. So I was in the first floor and he was in the top floor and once he comes back from work he goes into the elevator and goes straight to his room. So he never hear the studio. But when I finished highschool, I moved to America for college. I first moved to Tennessee but I was…

Mar

26

2024

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By Abia ThinkTank

CBN Raises Interest Rate To 24.75%

Business, CBN/Commercial Banking, Economy, News Flash

CBN Raises Interest Rate To 24.75 Percent The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago. It is the second rate hike by the committee in two months. Details later…

Mar

25

2024

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By Abia ThinkTank

CBN Sell $10,000 To BDCs @ N1,251/$

Business, CBN/Commercial Banking, Economy, FGN, News Flash

CBN Sell $10,000 To BDCs @ N1,251/$ The development comes after the CBN’s prolonged ban on forex sales to BDC operators. In the circular signed by the bank’s Director of Trade and Exchange Department, Dr Hassan Mahmud, on Monday, each BDC is directed to sell the purchased dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, which translates to a maximum selling rate of N1,269/$1. The CBN had previously announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February, marking a significant…

Mar

25

2024

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By Abia ThinkTank

NSA Arrest Officials Responsible For Escape Of Binance Executive

Business, CBN/Commercial Banking, Crime, Economy, News Flash

NSA Confirms Escape Of Binance Executive, Arrests Officials Responsible The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa. A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads. Nadeem Anjarwalla, one of the two Binance executives detained in Nigeria for alleged…

Mar

25

2024

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By Abia ThinkTank

Binance Speaks As FGN Declared Crypto Giants Official Missing

Business, CBN/Commercial Banking, Crime, Economy, News Flash

Binance Speaks As FG Declares Crypto Giant’s Official Missing Global cryptocurrency exchange platform, Binance has reacted to reports that its official, Nadeem Anjarwalla, had escaped from detention in Nigeria. Confirming the report, spokesperson for Binance, Samantha Fuller, said that Anjarwalla was no longer in Nigeria. The crypto exchange said its concern continues to be the safety and well-being of its employees, and it is actively collaborating with Nigerian authorities to swiftly resolve the matter. “We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees, and we are working…

Mar

22

2024

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By Abia ThinkTank

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

CBN/Commercial Banking, Business, Economy, News Flash

N193 Billion Intervention Loans In Nigeria Declared Lost – CBN A report by the Central Bank of Nigeria, CBN, has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost, and another N418.9 billion remains doubtful According to a CBN report published in September 2023, the bank’s intervention funds breakdown over the years is detailed. According to the report, out of the N10.3 trillion in intervention funds, less than N4.4 trillion has been repaid. In contrast, approximately N5.8 trillion remains outstanding. Some loans are tenured, meaning they only fall due when…

Mar

21

2024

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By Abia ThinkTank

Nigerian Banks Announce Fresh Requirement For Customers Forex Request

CBN/Commercial Banking, Business, News Flash

Nigerian Banks Announce Fresh Requirement For Consumers Seeking Forex Nigerian banks said evidence of a recent three-year tax clearance certificate is now a prerequisite for banks’ consumers seeking foreign exchange Standard Chartered Bank disclosed this in a recent notification to customers. Accordingly, the bank said customers applying for forex transactions through ‘Form A’ must now provide three years of TCC, effective April 1, 2024. Other commercial banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars for their customers. This requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN…

Mar

21

2024

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By Abia ThinkTank

Argentines Abandon Dollars For Bitcoin To Tackle Inflation

Business, Economy, International, News Flash, World News

Argentines Abandon Dollars For Bitcoin To Tackle Inflation Argentines are abandoning the US dollar in favour of Bitcoin as the cryptocurrency’s value reached an all-time high this month. The trend persists as Argentines search for a solution to the country’s accelerating inflation. According to Business Insider, Argentine purchases of Bitcoin jumped to their highest weekly level in 20 months. In the first week of March, the number of weekly Bitcoin purchases in the country increased to 34,700. That was more than double the number of buyers in February. This uptick aligns with Bitcoin’s significant appreciation in recent months, climbing up…