Tag:

central bank of nigeria

NYSC Promises Stipend Increase Following New Minimum Wage Implementation
Featured PostsNews

NYSC Promises Stipend Increase Following New Minimum Wage Implementation

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

The National Youth Service Corps (NYSC) has assured corps members that their monthly stipend of N33,000 will be increased once the Federal Government implements the newly approved minimum wage. This statement was made by the NYSC Director General, Yusha’u Ahmed, during his visit to the 2024 Batch ‘B’ stream two corps members at orientation camps in Kebbi and Sokoto states.

Ahmed highlighted the significant contributions of corps members to the nation’s socio-economic development and encouraged them to use their service year to build skills and plan for a successful future. He urged them to take full advantage of the NYSC’s Skill Acquisition and Entrepreneurship Development (SAED) program, which offers training in various skills.

“At least, learn a skill while in camp, and after the Orientation Course, continue with post-camp training. Acquiring a skill will enable you to create jobs and employ others, rather than searching for jobs. We have many ex-corps members who are thriving in their vocations today,” Ahmed said.

He also mentioned that the NYSC has partnered with several organizations, including the Central Bank of Nigeria, Bank of Industry, Unity Bank, Access Bank, and the NNPC Foundation, to provide loans and grants to corps members.

Ahmed assured the corps members of their safety throughout their service year, noting that they would be posted to secure locations. However, he advised them to remain vigilant and aware of their surroundings.

In Kebbi, the NYSC State Coordinator, Aghata Banki-Okolo, reported that corps members have adapted well to camp life and are positively engaging in camp activities. She mentioned that 1,195 corps members have been registered in Kebbi, with 1,077 serving in the state and 118 displaced from Zamfara State due to security concerns.

Similarly, the NYSC State Coordinator in Sokoto, Yakubu Usman, praised the corps members for their discipline and quick adaptation to the camp environment. He noted that Sokoto is hosting 1,488 corps members, including 682 males and 806 females, with 200 of these members displaced from Zamfara.

The promise of a stipend increase comes after the organized labor sector agreed to a new minimum wage of N70,000 following negotiations with the federal government. The bill to raise Nigeria’s minimum wage from N30,000 was passed by the National Assembly on July 23 and signed into law on July 29.

Anaedoonline

0 FacebookTwitterPinterestEmail
We’ve Not Reinstated Cybersecurity Levy On Nigerians – CBN
Featured PostsNews

CBN denies plans to revoke Unity, Polaris, Keystone banks licenses

by Sopuru Sopuru
written by Sopuru Sopuru 1 minutes read

The Central Bank of Nigeria (CBN) has firmly denied any intention to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. Recent online rumors had suggested that the CBN planned to terminate these banks’ licenses following the revocation of Heritage Bank’s license. The apex bank has clarified through its social media platforms that these reports are false and not issued by the CBN.

The misinformation circulated after the CBN’s decision to revoke Heritage Bank’s license was reported by  Anaedoonline. The revocation was due to Heritage Bank’s prolonged failure to improve its financial performance, posing a threat to the country’s financial stability. Despite efforts, the bank showed no signs of recovery, leading the CBN to take this necessary action.

Polaris Bank Customers Receive Access Card For Airport Lounges

In accordance with Section 12 (3) of the Banks and Other Financial Act 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator for Heritage Bank. The NDIC has already initiated the process of reimbursing depositors.

The CBN’s decisive actions regarding Heritage Bank and its subsequent clarification on the status of Unity Bank, Polaris Bank, and Keystone Bank underline its commitment to maintaining financial stability in Nigeria.

Anaedoonline

0 FacebookTwitterPinterestEmail
Godwin Emefiele pleads not guilty to EFCC’s fresh charge
Featured PostsNews

Godwin Emefiele pleads not guilty to EFCC’s fresh charge

by Sopuru Sopuru
written by Sopuru Sopuru 1 minutes read

Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), has pleaded not guilty to charges related to the printing of N684.5 million at a rate of N18.96 billion. Emefiele made this plea during his arraignment on Wednesday by the Economic and Financial Crimes Commission (EFCC) at the FCT High Court in Abuja, presided over by Justice Maryann Anenih.

UPDATE: Emefiele Set To Regain Freedom As EFCC Takes Over Case

The EFCC has brought a four-count charge against Emefiele, accusing him of disobeying legal directives with the intention of causing public harm. These allegations are connected to his role in the naira swap policy implemented under the administration of former President Muhammadu Buhari. Additionally, Emefiele is charged with the unauthorized withdrawal of N124.8 billion from the Federation’s Consolidated Revenue Fund.

The case is currently unfolding, with more details expected to emerge as proceedings continue.

Anaedoonline

0 FacebookTwitterPinterestEmail
UPDATE: Naira Slumps Against Dollar Amid CBN Interest Rate Hike
BankingBusinessFeatured PostsLabour Rightslegal

Naira’s Decline Continues Amidst Forex Market Uncertainty

by Chidera Perpetual
written by Chidera Perpetual 2 minutes read

 

Naira’s struggle against the US Dollar has intensified, marked by further depreciation in both the parallel and official markets. This downward trend can be attributed to various factors, including speculation, hoarding, and disruptions in the Central Bank of Nigeria’s (CBN) dollar sales program to Bureaux De Change (BDCs).

Despite efforts to curb street currency trading, the Naira slipped to N1,435 per dollar in the parallel market, compared to N1,415 per dollar just a day prior. Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N1,421.06 per dollar. This persistent decline widened the gap between the parallel market and NAFEM rates, reflecting growing instability in the forex market.

The CBN’s initiative to sell dollars to BDCs aimed to stabilize the retail forex segment. However, complaints from BDC operators about slow disbursement of dollars have raised concerns. Some operators have even requested refunds due to delays and uncertainties in the forex market, indicating challenges in the CBN’s intervention strategy.

Speaking anonymously, BDC operators highlighted the frustration caused by the prolonged wait for dollar disbursement, with some expressing doubts about the CBN’s capacity to meet demand promptly. The slow pace of dollar supply has exacerbated the situation, leaving operators grappling with limited access to foreign currency.

Moreover, speculation and hoarding have resurfaced amidst the Naira’s continued depreciation. Many individuals are apprehensive about further devaluation and are stocking up on dollars, anticipating a surge in exchange rates. This behavior further strains the forex market and exacerbates the Naira’s plight.

Nigerian Naira’s Ongoing Depreciation Against the US Dollar Sparks Concerns

In essence, the Naira’s depreciation reflects broader challenges within Nigeria’s forex market, including inefficiencies in the CBN’s intervention strategies and persistent speculation. Addressing these issues will require concerted efforts from regulatory authorities and market participants to restore stability and confidence in the currency.

0 FacebookTwitterPinterestEmail
UPDATE: CBN Raises Interest Rate To 26.75% Amid Inflation
Featured PostsNews

New Cybersecurity Levy in Nigeria: Key Details

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

The Central Bank of Nigeria (CBN) has mandated a 0.005 percent Cybersecurity Levy on electronic transfers. This move, aimed at bolstering cybersecurity measures in the country, will take effect within the next two weeks.

The circular, issued by the Director of Payment Services, Uzoma Efobi, was distributed to all banks and payment services operators nationwide. According to the CBN, the levy will be applied at the transaction origination point and the collected funds will be deposited into the Cybersecurity Fund managed by the CBN.

The apex bank has emphasized the importance of compliance, warning that institutions failing to adhere to the directive could face fines of not less than two percent of their annual turnover. However, interbank transfers and loan transactions have been exempted from the cybersecurity levy.

This directive follows earlier communications dated June 25, 2018, and October 5, 2018, regarding compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. With the recent amendment to the Act in 2024, Section 44 (2)(a) now mandates the levy, equivalent to 0.5 percent, on all electronic transactions specified in the Second Schedule of the Act.

My Govt Remains Committed To Improving Power Sector – Tinubu

CBN has clarified that the deducted amount will be clearly labeled as “Cybersecurity Levy” in customers’ account statements.

In addition to the cybersecurity levy, the Federal Government has also implemented a Stamp Duty charge. Deposit Money Banks are now required to deduct a 0.375 percent stamp duty charge on all mortgage-backed loans and bonds.

Anaedoonline

0 FacebookTwitterPinterestEmail
Moniepoint, OPay, and others' account opening suspension sparks concerns
Featured PostsNews

Moniepoint, OPay, and others’ account opening suspension sparks concerns

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

Leading fintech players including Kuda Bank, Moniepoint, OPay, and Palmpay have pressed pause on new account registrations for customers. This decision, reportedly stemming from a directive issued by the Central Bank of Nigeria, has sparked a flurry of speculation and concern among industry observers and users alike.

According to insider sources within one of the affected banks, the move appears to be a response to the Economic and Financial Crimes Commission (EFCC) cracking down on 1,146 bank accounts involved in unauthorized forex transactions. This crackdown, coupled with mounting concerns over cryptocurrency traders exploiting fintech platforms to manipulate the foreign exchange market, has intensified regulatory scrutiny on the sector.

attempt to create new accounts through the impacted fintech apps hit a roadblock, with users encountering difficulties and receiving notifications indicating signup unavailability. Moniepoint took a proactive stance, officially announcing the suspension of new sign-ups through a platform-wide message. Similarly, Palmpay users faced similar hurdles, with the app displaying a message indicating signup unavailability.

Protest Erupts as OPAY Account Users Face Unauthorized Transactions

While the suspension of new account openings has caused jitters among users, there have been no reports of disruptions in other banking services offered by these platforms. However, the lack of official statements from regulatory authorities has left many questions unanswered regarding the motive behind the directive and its potential implications for the fintech ecosystem in Nigeria.

The situation also underscores the ongoing debate surrounding the regulatory oversight of fintech companies compared to traditional commercial banks. Critics argue that commercial banks may enjoy a closer regulatory relationship, potentially influencing regulatory actions against their fintech counterparts.

As stakeholders await clarity from regulatory authorities, the temporary halt on new account openings serves as a reminder of the delicate balance between innovation and regulation in Nigeria’s rapidly evolving financial landscape. Stay tuned for further updates as this story unfolds.

Anaedoonline

0 FacebookTwitterPinterestEmail
UPDATE: Again, CBN Raises Nigeria’s Interest Rate To 27.25%
Featured PostsNews

CBN Staff Terminations Spark Concerns Over Job Security

by Sopuru Sopuru
written by Sopuru Sopuru 2 minutes read

The Central Bank of Nigeria (CBN) has initiated a significant wave of staff terminations under the leadership of Governor Olayemi Cardoso. With 50 employees dismissed on April 8, this marks a notable increase in the total number of disengagements since Cardoso assumed office.

The dismissals, affecting various positions from directors to lower-ranking staff, have caused widespread apprehension among employees. Sources within the bank revealed that termination letters began circulating on March 15 and have continued bi-weekly, with the management offering little clarity on the criteria driving these decisions.

Despite inquiries, CBN officials have remained silent on the matter. Efforts to reach the acting Director of Corporate Communication, Hakama Sidi Ali, were unsuccessful.

My Job is Second Most Difficult on the Planet – CBN Gov, Cardoso Reveals

According to an anonymous senior management source, the terminations are anticipated to persist until the end of April. Affected staff members express frustration over the lack of justification for their dismissals, raising concerns about potential personal motives behind Cardoso and the deputy governors’ actions.

Many staff members question the fairness of the process, citing fears of arbitrary application of policies under the current management. The termination letters cite “reorganizational and human capital restructuring” as grounds for dismissal, aligning with the bank’s alleged new strategic direction.

Five directors reportedly intend to challenge their terminations, asserting their innocence and lack of involvement in any misconduct. Amidst the uncertainty, employees are living in fear of becoming the next targets of the ongoing dismissals, highlighting widespread anxiety over job security within the institution.

Anaedoonline

0 FacebookTwitterPinterestEmail
Nestlé Nigeria Plc Records Loss Due to Naira Depreciation
Featured PostsNews

Nestlé Nigeria Plc Records Loss Due to Naira Depreciation

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

Nestlé Nigeria Plc, a prominent player in the consumer goods industry, has reported a substantial loss before tax of N104.03 billion for the fiscal year 2023, citing the devaluation of the Nigerian currency as a key factor.

In its audited financial statement for 2023 filed with the Nigerian Exchange Limited, the company disclosed a stark decline of 277 per cent compared to the N71.11 billion pre-tax profit recorded in 2022. Despite a notable increase in revenue, soaring by over N100 billion to N547 billion from N446.82 billion in the previous year, Nestlé Nigeria’s pre-tax and post-tax profits were adversely impacted by the depreciation of the naira.

The Central Bank of Nigeria’s actions to unify segments of the foreign exchange market in June 2023 led to the devaluation of the local currency. Although efforts were made to stabilize the naira, its value is yet to recover fully.

Wassim Elhusseini, Nestlé Nigeria’s Chief Executive Officer, expressed appreciation to the team for their dedication amidst challenging economic conditions. He acknowledged the robust revenue growth and operating profit achieved, despite the adverse impact of the naira devaluation on financing costs and profit after tax.

Depreciation Of Naira Increases Foreign Debt By N9 Trillion

Elhusseini reaffirmed the company’s commitment to promoting the power of food through responsible local sourcing and the production of high-quality nutritious food and beverages for Nigerian families. He emphasized Nestlé Nigeria’s dedication to optimizing operations to ensure the availability and affordability of nutritious products, anticipating a positive turnaround in the business environment.

Nigerian Naira’s Ongoing Depreciation Against the US Dollar Sparks Concerns

For the financial year 2023, the company reported a foreign exchange loss of N195 billion and decided not to declare dividends.

Nestlé Nigeria’s financial performance reflects the challenges posed by currency devaluation but also underscores its resilience and determination to navigate through economic difficulties and emerge stronger.

Anaedoonline

0 FacebookTwitterPinterestEmail
CBN Governor Raises Alarm Over $26 Billion Through Binance Nigeria
Featured PostsNews

CBN Governor Raises Alarm Over $26 Billion Through Binance Nigeria

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

The CBN Governor in a recent speech addressing financial transparency and security concerns, highlighted alarming figures regarding the cryptocurrency exchange Binance’s operations in the country.

During the speech, the CBN Governor expressed unease over the staggering sum of $26 billion that had flowed through Binance Nigeria over the past year. The Governor emphasized the inability to adequately identify the sources and users behind these transactions, raising significant regulatory and security concerns.

Cryptocurrency: UK Financial Regulator Bans Crypto Exchange Binance, Warns Citizens

The Governor’s remarks shed light on the challenges posed by the rapid expansion of cryptocurrency exchanges like Binance in Nigeria’s financial landscape. While cryptocurrencies offer opportunities for financial inclusion and innovation, they also present regulatory challenges, particularly concerning transparency and accountability.

The revelation underscores the importance of robust regulatory frameworks to govern the cryptocurrency space and protect against illicit financial activities, money laundering, and terrorism financing. The CBN Governor’s speech serves as a call to action for policymakers, regulators, and industry stakeholders to collaborate in addressing these pressing issues.

Cryptocurrency Ban: Binance Removes Naira From Crypto Trading Pairs

As discussions around cryptocurrency regulation continue to evolve globally, Nigeria faces a critical juncture in shaping its regulatory approach to ensure the integrity and stability of its financial system. The CBN’s vigilance in monitoring and addressing potential risks associated with cryptocurrency exchanges reflects its commitment to safeguarding the interests of Nigerian citizens and maintaining financial stability.

Scammers Steal $100 Million From Binance

Moving forward, stakeholders must work together to strike a balance between fostering innovation and ensuring compliance with regulatory standards. By implementing effective oversight mechanisms, Nigeria can harness the transformative potential of cryptocurrencies while mitigating associated risks, fostering a secure and inclusive financial ecosystem for all.

Anaedoonline

0 FacebookTwitterPinterestEmail
Access Holdings Plc Appoints Bolaji Agbede as Acting Group CEO
Featured PostsNews

Access Holdings Plc Appoints Bolaji Agbede as Acting Group CEO

by Ikem Emmanuel
written by Ikem Emmanuel 3 minutes read

Access Holdings Plc has announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer (GCEO) following the untimely death of its former Group CEO, Herbert Wigwe. The announcement comes after Mr. Wigwe, along with his wife, son, and a former chairman of the Nigeria Exchange Group, Abimbola Ogunbanjo, tragically lost their lives in a helicopter crash in the United States.

JUST IN: Access Bank CEO, Herbert Wigwe Reportedly Dies In Chopper Crash

In a statement released on Monday, the company expressed deep sorrow over the loss of Dr. Herbert Wigwe and extended its condolences to the families affected by the tragedy. The Board of Directors of Access Holdings Plc affirmed the appointment of Ms. Bolaji Agbede, citing her extensive professional background spanning nearly three decades in banking and business consultancy services.

Ms. Agbede’s journey with Access Bank began in 2003 when she joined as an Assistant General. Over the years, she held various positions within the bank, including Head of Group Human Resources from 2010 to 2022. In 2022, she was appointed as the company’s founding Executive Director, Business Support, a position she held until her recent appointment as Acting Group CEO.

Why EFCC Arrested Me – First Bank Holding MD Nnamdi Okonkwo Reveals

Educationally, Bolaji Agbede holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University UK in 2002. She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

However, the appointment is subject to the approval of the Central Bank of Nigeria, indicating the necessary regulatory steps to finalize the transition. Abubakar Jimoh, the chairman of the company, expressed confidence in Ms. Agbede’s capabilities, highlighting her seniority within the organization and her profound understanding of the Access culture.

“We are deeply saddened by the loss of Dr. Herbert Wigwe, but we believe that Ms. Agbede’s appointment aligns with our robust succession planning practices. Her wealth of experience and leadership qualities make her the ideal candidate to lead Access Holdings Plc during this challenging time,” stated Abubakar Jimoh.

UPDATE: Goodluck Jonathan, NNPCL GCEO Visit Bola Tinubu In Aso Villa

The company reaffirmed its commitment to fulfilling its strategic vision of building a globally connected community and ecosystem, inspired by Africa for the world, under Ms. Agbede’s leadership.

The sudden loss of Dr. Herbert Wigwe has undoubtedly left a void within Access Holdings Plc, but the appointment of Bolaji Agbede signals a new chapter for the company as it navigates through this period of transition and continues to pursue its ambitious goals.

0 FacebookTwitterPinterestEmail
Newer Posts
Older Posts
@2024 - All Right Reserved.