Archives Tag: Central Bank Of Nigeria
Simple Guide to Understanding Interest Rates in Nigeria
April 19, 2022
Interest rates are important to any nation’s economic framework. It affects personal finances, business operations, and the overall economy. This is also true in Nigeria. However, not many understand how interest rates are determined. For many, interest rates are arbitrarily determined by individual banks. But nothing can be farther from the truth than that. … Continue reading Simple Guide to Understanding Interest Rates in Nigeria
Central Bank of Nigeria (CBN) Lifts Ban on Opay, Kuda, and Others
April 19, 2022
You may recall that the Central Bank of Nigeria (CBN) had in April placed a ban on the onboarding of new customers by Opay, Kuda and the other Fintechs in Nigeria over what it said was to address regulatory concerns and ensure compliance. Read more about FinTech The good news is that as of … Continue reading Central Bank of Nigeria (CBN) Lifts Ban on Opay, Kuda, and Others
How to Protect Your Business from the Naira Devaluation
April 19, 2022
Earlier in June, the Central Bank of Nigeria announced that it was doing away with the long-standing fixed exchange rates for the naira. In a disclosure that grabbed headlines nationwide, the apex bank said that it would now float the local currency, i.e. allow market forces (demand and supply) to determine the rates for … Continue reading How to Protect Your Business from the Naira Devaluation
How To Get A POS Machine for Your Business in Nigeria
April 19, 2022
As technology advances, payment methods are also evolving, and it’s becoming increasingly important for businesses to have a Point of Sale (POS) machine. A POS machine allows you to receive payments from customers using debit or credit cards. In Nigeria, it has become a necessity for small businesses to have a POS machine due … Continue reading How To Get A POS Machine for Your Business in Nigeria
A Summary of the CBN’s New Operational Guidelines for Open Banking
April 19, 2022
On Tuesday, March 7, the Central Bank of Nigeria released operational guidelines for Open Banking in Nigeria. The new rules were written up to enable banks and third-party firms to share customer data with each other, subject to customers’ consent. Musa Jimoh, Director of the Payments System Department at the apex bank, explained this … Continue reading A Summary of the CBN’s New Operational Guidelines for Open Banking
Nigeria’s Central Bank Launches AfriGo
April 19, 2022
Nigeria’s central bank, the Central Bank of Nigeria (CBN), has launched a national domestic card scheme called AfriGo. The scheme was announced in October 2022 at the Bankers’ Committee and aims to drive financial inclusion and control card financial data within Nigeria. The CBN governor, Godwin Emefiele, stated that this move will also serve … Continue reading Nigeria’s Central Bank Launches AfriGo
Rules For Operating A Fintech In Nigeria
April 19, 2022
As an entrepreneur, establishing and operating a fintech in Nigeria depends on adherence to certain rules. Just like policies, these rules are open to reviews and amendments. This is why the Central Bank of Nigeria (CBN) recently made some changes to the legal and regulatory framework around the establishment and operation of fintech companies in … Continue reading Rules For Operating A Fintech In Nigeria
Did You Know? Discover Nigeria
Did You Know? The First Indigenous Governor Of The Central Bank Of Nigeria
April 19, 2022
Mallam Aliyu Mai-Bornu was a Nigerian economist and the first indigenous governor of the Central Bank of Nigeria. Read more about Did You Know? Early Life Mai-Bornu was born in 1919 to parents of Kanuri origin in present-day Borno State. His father was a councillor in the Lamido Native Authority and initially opposed Mai-Bornu’s … Continue reading Did You Know? The First Indigenous Governor Of The Central Bank Of Nigeria
By jeremiah
App Of The Week: Sparkle
April 19, 2022
Technology adoption in banking is now a huge driving force for financial inclusion in Nigeria. From the provision of basic amenities to the up-scaling of SMEs and access to useful and affordable financial products and services, there are so many ways in which financial inclusion can benefit Nigeria’s populace. Read more about App of … Continue reading App Of The Week: Sparkle
The CBN Is Reducing Charges on ATM Use and Bank Transfers
April 19, 2022
The Central Bank of Nigeria has announced a downward revision of a host of charges levied by banks for electronic transitions in the country. It says this move is aimed at driving financial inclusion for the millions of Nigerians underserved by the financial system. In a circular put out on Friday, 20th December, the apex … Continue reading The CBN Is Reducing Charges on ATM Use and Bank Transfers
Nigeria’s Banking Industry: Central Bank of Nigeria
April 19, 2022
The Central Bank of Nigeria (CBN) is the institution legally charged with overseeing Nigeria’s banking sector. It controls the country’s monetary and fiscal policy, is in charge of the foreign currency reserves, and acts as banker and financial advisor to the government. The nature of the apex bank’s interaction with Nigeria’s banks has changed over … Continue reading Nigeria’s Banking Industry: Central Bank of Nigeria
The Law & You: Tools Of Monetary Management And Control Of Banks
April 19, 2022
A bank is an establishment authorized by a government to accept deposits, pays interest, clear checks, make loans, act as intermediary in financial transaction, and provide other financial services to its customers. If a nation’s economy were a human body, then its heart would be the central bank. And just as the heart works to … Continue reading The Law & You: Tools Of Monetary Management And Control Of Banks
ThrowBack Thursday: When Zaki Biam Was Sacked (2001)
April 19, 2022
All around the world, unfortunate things happen day in day out. But the type witnessed in the Zaki Biam massacre of 2001 is the type rarely perpetrated by a nation’s military forces against the citizens it is meant to protect. The matter of the Odi massacre in November 1999 had not totally died down when … Continue reading ThrowBack Thursday: When Zaki Biam Was Sacked (2001)
By adedoyin
Did You Know? The CBN is Giving Up to ₦500 Million in Loans to Creative Businesses
April 19, 2022
The Central Bank of Nigeria says it’s now disbursing loans to businesses in the creative industry. It’s looking to provide funding worth up to ₦500 million to enterprises working in this space, as part of its Creative Industry Financing Initiative (CIFI). The sectors targeted by this program are fashion, information technology, and entertainment. If you’re … Continue reading Did You Know? The CBN is Giving Up to ₦500 Million in Loans to Creative Businesses
Godwin Emefiele Will Be Getting a Second Term as CBN Governor
April 19, 2022
Godwin Emefiele will remain in his current role as Governor of the Central Bank of Nigeria. News of this got out on Thursday, putting an end to months of speculation over his possible successors upon the expiration of his first term this year. Emefiele’s re-appointment also breaks with a long tradition which has seen previous … Continue reading Godwin Emefiele Will Be Getting a Second Term as CBN Governor
