Category: Finance and Economy

The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

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The New Cyber Security Levy To Be Paid By Nigerians On All E-Transactions

The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. According to the circular, the implementation of the levy would start in two weeks. The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and…

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Finance and Economy

FX: Naira Falls To N1,395/$ In Parallel Market

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FX: Naira Falls To N1,395/$ In Parallel Market

The naira depreciated yesterday to N1,395 per dollar in the parallel market from N1,365 per dollar on Thursday. However, the naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,400.4 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,400.4 per dollar from N1,402.67 per dollar on Thursday,…

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Exchange and Forex

Naira Depreciates To N1300 To Dollar, As CBN Moves To Inject $10,000 Into Market

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Naira Depreciates To N1300 To Dollar, As CBN Moves To Inject $10,000 Into Market

The naira has depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$. This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators. The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013…

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Exchange and Forex, Finance and Economy

Just In: EFCC Operatives Lay siege On Yahaya Bello’s Abuja Residence

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Just In: EFCC Operatives Lay siege On Yahaya Bello’s Abuja Residence

Several operatives of the Economic and Financial Crimes Commission (EFCC) have laid siege on the residence of the immediate past governor of Kogi state, Yahaya Bello, in Abuja. In a video shared on AIT’s X handle on Wednesday, April 17, the operatives blocked the roads leading in and out of the street, causing vehicular traffic…

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Finance and Economy

Naira Depreciates Against Dollar As FX Reserves Decline

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Naira Depreciates Against Dollar As FX Reserves Decline

The Naira has depreciated against the Dollar in the foreign exchange market for the first time since March 2024 amid the decline of FX reserves. FMDQ data showed that the Naira dropped after months of stability to N1,148.14 per Dollar on Tuesday from N1,136.04 on Monday. This represents N12 or 1 per cent depreciation compared…

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Exchange and Forex

Naira Appreciates To N1,050/$ At Parallel Market

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Naira Appreciates To N1,050/$ At Parallel Market

The naira yesterday exchanged at N1,050 to dollar at the parallel market. It exchanged at N1,125 to dollar over the weekend, representing N75 appreciation. Naira appreciated by 0.56 per cent to close at N1,136 to dollar at the official market. The local currency had of recent commenced rapid recovery, as volatility in the market dropped…

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Exchange and Forex

Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

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Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

. As ex-AMCON chair accuses bank of promoting illegality and disobedience to court orders The Corporate Affairs Commission, CAC, has placed the record of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the current crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved…

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Finance and Economy

‘How Failure of Airport Intelligence Aided Escape of Binance Official’

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‘How Failure of Airport Intelligence Aided Escape of Binance Official’

AS the controversy over the recent embarrassing escape from custody of an executive of the cryptocurrency exchange, Binance, Nadeem Anjarwalla through the Nnamdi Azikwe International airport rages on, key players across the country’s aviation sector have described the development as confirmation of the lack of synergy amongst security agents at the airports. Nadeem Anjarwalla, the…

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Cryptocurrencies, Financial Crimes

Binance Executive Sues Nigeria’s National Security Adviser, EFCC

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Binance Executive Sues Nigeria’s National Security Adviser, EFCC

The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over the alleged violation of his fundamental rights. Mr Gambaryan, in the originating motion dated and filed 18 March by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs…

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Cryptocurrencies

Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

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Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers. Chairman of the committee, Bamidele Salam (PDP, Osun) who made the…

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Finance and Economy, Legislation and Legislature