CBN/Commercial Banking - Abia ThinkTank News

Dec

19

2024

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By Abia ThinkTank

Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years Imprisonment

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

Nigerian SEC Proposes New Law For Crypto Influencers, Defaulters Face Up To 3 Years In  Jail  The Nigerian Securities and Exchange Commission (SEC) under Emomotimi Agama has proposed a new law aimed at combating the issue of crypto influencers using their influence to promote dubious crypto projects. The new law requires every crypto platform or Virtual Assets Service Provider (VASP) to be registered with a license from the Nigerian SEC before carrying out any promotion on social media, TV, or Print. The law is set to take effect on June 30th, 2025. Crypto influencers must also disclose to their community…

Dec

18

2024

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By Abia ThinkTank

Senate Moves To Ban Foreign Currencies In Nigeria, Insist On Naira-Only Transactions

CBN/Commercial Banking, FGN, National Assembly, News Flash

Senate Moves To Ban Foreign Currencies In Nigeria, Insist On Naira-only Transactions A new bill aimed at banning the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the Senate. The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was introduced by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation. The proposed legislation seeks to make the Naira the…

Dec

18

2024

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By Abia ThinkTank

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer

CBN/Commercial Banking, Economy, News Flash

CBN Sets Daily Withdrawal Limit On POS To N100k Per Customer The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer. This was contained in a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’. The apex bank of Nigeria, CBN, said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy. CBN had announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of…

Dec

15

2024

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By Abia ThinkTank

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others

CBN/Commercial Banking, Economy, News Flash

CBN Imposes N150m Fine On Banks Releasing New Notes To POS Operators, Others The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation. A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remained valid legal tender in line with a Supreme Court ruling issued on…

Dec

03

2024

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By Abia ThinkTank

Nigeria Raises $2.2 Billion From Latest Eurobond Auction

CBN/Commercial Banking, Economy, News Flash

Nigeria Raises $2.2 Billion From Latest Eurobond Auction Nigeria has raised $2.2 billion through its latest Eurobond auction, marking a pivotal moment in the country’s ongoing efforts to address its growing fiscal deficit. This auction, which saw the issuance of two bonds with varying tenors, follows the government’s return to the international capital markets for the first time since March 2022. The funds raised will primarily be used to support Nigeria’s 2024 budget, which is under strain due to persistent revenue shortfalls and mounting public spending. FG to tax banks 50% of realised profits on FX gains in amended 2023…

Nov

28

2024

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By Abia ThinkTank

Abia State Government Partners Bank Of Industry To Achieve Industrialization, Signs MOU

Abia State, CBN/Commercial Banking, Economy, Good Governance, News Flash

Abia State Government Partners Bank of Industry to Achieve Industrialisation, Signs MOU. Abia State government has signed a N10 Billion Memorandum of Understanding (MOU) with the Bank of Industry (BOI) for the industrialization of the state. The Executive Director, MSMEs, Bank of Industry, Shekarau Umar disclosed this while speaking with newsmen after signing the MOU in Umuahia. Under the agreement, the Abia State government will provide the sum of N5 Billion which will be matched with another N5 Billion by the BOI for a start and disbursed to entrepreneurs in the State to boost their businesses. According to the Executive…

Nov

27

2024

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By Abia ThinkTank

Interest Rate Spikes To 27.25% As Money Is Scarce And It’s All Otti’s Fault: ABIA State Is Crashing Nigeria’s Economy – By Dr. Chukwuemeka Ifegwu Eke

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, Good Governance

Interest Rate Spikes to 27.25% as Money is Scarce and it's all Otti's fault: Abia State is crashing Nigeria's economy! The title's absurdity is quite attention-grabbing, isn't it? It's almost as ridiculous as comparing Governor Otti to his peers without proper context. I mean, why compare apples to oranges, right? As you quoted, the Bible says, "For we dare not make ourselves of the number, or compare ourselves with some that commend themselves: but they measuring themselves by themselves, and comparing themselves among themselves, are not wise." (2 Corinthians 10:12) It's essential to remember that every individual, including leaders like…

Nov

26

2024

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By Abia ThinkTank

CBN Raises Interest Rate To 27.5%

CBN/Commercial Banking, Economy, FGN, News Flash

CBN Raises Interest Rate To 27.5% The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Tuesday.He said the committee increased the MPR by 25 basis points. Cardozo said the committee retained the asymmetric corridor at +500 and -100 basis points around the MPR. The CBN governor said the MPC also retained the cash reserve ratio (CRR) at 50 percent, as well as the…

Nov

21

2024

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By Abia ThinkTank

Senate Approves Tinubu’s N1.77 Trillion External Loan Request

CBN/Commercial Banking, Economy, FGN, News Flash

Senate Approves Tinubu’s N1.77 Trillion External Loan Request The Senate on Thursday, November 21, approved President Bola Ahmed Tinubu’s request for a new eternal borrowing of N1,767,610,321,779.00 or (USD2.209billion in the 2024 Appropriation Act. The resolution of the Senate followed its consideration of the report of the Senate Committee on Local and Foreign Debt and the approval of its recommendations by the Senate during plenary. The Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamakko, presented the report. The President’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary…

Nov

19

2024

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By Abia ThinkTank

First Bank Of Nigeria (FBN) Holdings PLC Shareholders Approves Name Change Including Subsidiaries

CBN/Commercial Banking, Business, News Flash

At last, First Bank of Nigeria (FBN) Holdings Plc has received approval to change the company’s name to First Holdco Plc. The company’s shareholders approved the name change at the 12th Annual General Meeting (AGM), held virtually on Thursday, November 14, 2024. In a statement released over the weekend, Adewale Arogundade, the company’s Secretary, confirmed that the resolution extends to all by issuing FBN Holdings’ subsidiaries. According to the company, the change will be extended to all subsidiaries. The approved changes include shifting the company’s legal name from FBN Holdings Plc to First Holdco Plc and its brand name to…