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African Development Bank(AfDB) Head Pushes For Energy Access, Adding Value

African Development Bank(AfDB) Head Pushes For Energy Access, Adding Value

Africa should push to achieve universal access to electricity within a decade while accelerating its transformation to a continent exporting finished goods, rather than raw materials, the new head of the African Development Bank said. Akinwumi Adesina, who took over as president of the 50-year-old institution earlier this month, has set an ambitious series of […]

African Development Bank Seeks $55 Billion For Energy

African Development Bank President Akinwumi Adesina, who took over this month, said he’s aiming to eliminate Africa’s energy deficit by 2025 by mobilizing $55 billion of investment. Termed the “New Deal for Energy in Africa,” the continent’s largest development bank said the plan will significantly raise its support for energy projects and that its partners […]

CBN Confirms 19m Customers Enrolled In BVN

CBN Confirms 19m Customers Enrolled In BVN

The Central Bank of Nigeria (CBN) has disclosed that a total of 19 million bank customers have so far registered for the bank verification number (BVN). Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, disclosed this in a presentation at the bi-monthly forum organised by the Finantce Correspondents Association of Nigeria (FICAN), held in […]

CBN, Domiciliary Account And The Economy

CBN, Domiciliary Account And The Economy

The principal reason in the heedless pursuit of a cashless society is the belief that this will stop corruption. This is a Western notion which we have embraced fully – bringing lots of jobs to the West – the computers, the dispensing machines, the chips, pin, cards, etc. In the process it has changed banking […]

The Poison In Devaluation Of Naira

The Poison In Devaluation Of Naira

All nigeria banks edition of 16th July, 2015, carried an Agency report titled “CBN has no option but to devalue Naira”; in which, Ravi Bhatia,   a Director in ‘Standard and Poors’, an International Rating Agency, observed that inspite of the recent measures by the CBN, “another devaluation… possibly by more than 15%, is inevitable” […]

Sanusi To Examine Global Ethical Finance

Sanusi To Examine Global Ethical Finance

A former Governor of the Central Bank of Nigeria and Emir of Kano, Muhammad Sanusi II, and other key stakeholders from the various segments of the ethical finance industry will gather at the 2015 Global Ethical Finance Forum starting on Tuesday (tomorrow). The forum will host representatives of the United Nations Principles for Responsible Investment […]

Nigerians Enroll For The Bank Verification Number Abroad

Nigerians  Enroll For The Bank Verification Number Abroad

The Central Bank of Nigeria says it has finalised the guidelines for Nigerians in the Diaspora to enroll for the Bank Verification Number. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, said this in a statement made available to newsmen on Wednesday in Abuja. The central bank said it provided the guidelines […]

Dollar scarcity In Nigerian Banks

Dollar scarcity In Nigerian Banks

Nigerian banks are fast running out of dollars to continue settling their foreign counterpart banks who undertake payments for transactions done overseas by Nigerian naira debit and credit cardholders. As a result of the development, some banks have imposed daily limits on the amount of money (in dollars) naira debit and credit cardholders can spend […]

FCMB Unveils A Self-Service For Airtime Purchace

FCMB Unveils A Self-Service For Airtime Purchace

First City Monument Bank (FCMB) Limited has unveiled a self-service, known as Quick Recharge, which allows all its customers to top-up their mobile phones instantly on any of the Global System for Mobile (GSM) networks. The service enables customers to recharge their GSM phones directly from their FCMB account by simply dialling a dedicated code and […]

CBN Naira Devaluation Ruled Out To Retain MPR At 13%

CBN Naira Devaluation Ruled Out To Retain MPR At 13%

The Monetary Policy Committee of the Central Bank of Nigeria on Friday retained the Monetary Policy Rate at 13 per cent with a corridor of +/- 200 basis points around the midpoint. It also ruled out the possibility of devaluing the nation’s currency following the recent pressure on the naira from the foreign exchange market. […]

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