The Fall And Fall of Naira: Nigeria’s Exchange Unit Crumbles to 48-Year Low

Naira, Nigeria’s unit of exchange, has crashed to N545/$1, lowest level in its 48-year history     The exchange rate between the naira and the US dollar closed at N411.67/$1, at the official Investors and Exporters window, last week Meanwhile, the exchange rate at the parallel market where the majority of Nigerians patronize slumped to a new record on Friday to close at N545/$1. The naira has suffered devaluation at the parallel market and many stakeholders have expressed their concern as foreign currencies scarcity persists. Some traders have attributed the…

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How Fidelity Bank Fired over 200 Employees

Details have emerged on how Fidelity Bank under the leadership of Nneka Onyeali-Ikpe disengaged over 200 of its employees. Platforms Africa reports that the bank only handed the sacked workers a paltry N200,000 each as compensation. Over 200 Fidelity Bank staff in Nigeria received their disengagement letters after attending regional training in certain states, according to reports. READ ALSO: N1.8 bn fraud rocks Sterling Bank + how Bank staff stole customer’s money Role Fidelity Bank, staff played in Nigeria’s N1.5bn Pension scam – EFCC EXCLUSIVE: Anambra becomes full fledged Oil…

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Nigerian Central Bank Announces New Appointments + Full list of Who is Who

…Confirms Nwanisobi as director of corporate communications The Nigerian apex bank Central Bank of Nigeria (CBN), on Wednesday confirmed the appointment of  Osita Nwanisobi as the Director, Corporate Communications Department, with effect from August 25, 2021. Nwanisobi had being in acting capacity since October 2020, when his predecessor, Isaac Okorafor retired from service. Also appointed Directors were Elizabeth Omolara Fasoranti, who steps in as the Director, Branch Operations; Dr. Abdulkadir Abdullahi Jibril as Director, Medical Services and  Rashidat Jumoke Monguno, who now directs affairs in the Consumer Protection Department (CPD).…

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N1.8 bn fraud rocks Sterling Bank + how Bank staff stole customer’s money

EFCC has testified in Court about a Sterling Bank customer’s account was profiled via internet banking and the sum of N1,790,558,0 00   The Nigerian financial institution, Sterling Bank Plc, led by Abubakar Suleiman, is currently enmeshed in a N1.8 billion (approximately) financial fraud. Platforms Africa reports that the fraud has rattled the lender’s financial position and it has landed one of the bank’s staff and a businessman in court. The case which is currently before an Ikeja High Court, Lagos, details how an official of the bank, Ifeanyichukwu Shallom…

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Man hacks into server of Nigeria’s bank, steals N1.87bn depositors’ money

Salau Abdulmalik Femi, a Nigerian cyberspace kingpin, has been arrested for allegedly infiltrating the Flex-Cube Universal Banking System of a first generation bank and scooping as much as N1.87 billion. Platforms Africa reports that the Police Special Fraud Unit, Ikoyi, which snnounced thid, added that the suspect specialized in hacking into the server of banks and corporate agencies. READ ALSO: Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent Femi, who displayed exemplary mastery of the cyber environment, was arrested after he hacked the Flex-Cube Universal Banking System of…

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Cryptocurrency for a layman, understanding threats, trend of financial revolution

Here, according to Mrs. ‘Dedoyin Hassan-Hamzat, a Nigerian registered Fund /Portfolio Manager, are reasons for the current revolution in financial services system, and why cryptocurrency is the beginning of a subtle end of Central Banking System around the world. She spoke during the Platforms Africa e-Discourse. Excerpts:   What is cryptocurrency and why is it gradually turning the elementary definitions we were given about money into lies? Cryptocurrency can be said to be a digital currency so we can call it a form of money. We can argue that crypto…

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Naira crashes to N505/$ as CBN scraps Forex sale to Bureau de Changes

The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country. The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after the Monetary Policy Committee two-day meeting in Abuja on Tuesday. He expressed the MPC’s disappointment over their continuous abuse of the privilege. At the end of the meeting, the MPC retained the lending rates and other parameters. READ…

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BREAKING: Nigeria raked in $34.28b Oil, Gas revenues in 2019, NEITI reveals

Here is an executive summary of the latest audit report by NEITI + how NNPC, IOCs, NDDC, NCDMB, and Federal ministry of Finance (FMF) were mentioned in the report     The Nigerian government raked in $34.28 billion from oil and gas sector in 2019. Platforms  Africa reportsi that the Nigeria Extractive Industry Transparency (NEITI), which showed this in its 2019 audit report presented to the media and civil Society organisations (CSO) in Lagos on Tuesday, declared that a whopping $8.487 billion of the total receipt came from the sales…

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Nigerian Senate approves President Buhari’s N2.343tn foreign loan request

  The Nigerian Senate has approved N2.343 trillion External Borrowing Plan (EBP) for President Muhammadu Buhari. The EBP is for financing of part of the deficit authorised in the 2021 Appropriation Act. This was sequel to the presentation of the report of the Senate Committee on Local and Foreign Debts by the Chairman of the Committee, Sen. Clifford Ordia during plenary.   READ ALSO: NNPC unveils Template for Wealth Multiplicity, Liquidity for Stakeholders Nigeria overlooks $14m Bail Bond, Frees Detained Vessel to Swiss Govt FoC JUST IN: U.S. to pick…

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How Gunmen Killed ATM Customer in Ibadan + Security Tips For ATM Users

  “After withdrawing huge amount of money at an ATM in UI (University of Ibadan), he was trailed to the junction, shot in his private part and later rushed to an unnamed hospital in Ojoo area of Ibadan where he was confirmed dead.”     A yet-to-be identified man was allegedly shot dead at Water bus stop, along University of Ibadan-Ojoo Road on Monday after withdrawing some cash at the Automated Machine (ATM). The News Agency of Nigeria (NAN) gathered that the man was shot in his private part and rushed to an unnamed hospital in…

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