Category: Money and Stocks

Naira Down To N1,510/$ In Parallel Market

ADEOLA YUSUF

The Naira yesterday depreciated to N1,510 per dollar in the parallel market from N1,505 per dollar last weekend. But the Naira appreciated to N1,499 per dollar in the Nigerian Foreign Exchange Market (NFEM). READ ALSO: NNPC Reduces Petrol Price To ₦‎860/Litre Former UNILAG Chief Imam Prof. Murtala Bidmos Is Dead DevReporting Takes Off, Names Mojeed Alabi Team Lead, Christiana Alabi-Akande Editor Abducted Afenifere Youth Leader, Eniola Olajuni, Regains Freedom Sexual Scandal Rocks Senate, Natasha Fingers Akpabio of Harassment + VIDEO Data published by the Central Bank of Nigeria, CBN, showed…

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CBN Retains Interest Rate At 27.5%

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has unanimously decided to hold all the parameters. This was announced by the CBN Governor, Mr Olayemi Cardoso, on Thursday during a press briefing in Abuja. In this regard, that keeps the Monetary Policy Rate (MPR) at 27.50 percent, and retains the asymmetric corridor around the MPR at +500/-100 basis points. Court Grants Portable N2m Bail, Adjourns Case Till March 5 Portable Arraigned In Ogun Court Over Alleged Assault On Government Officials The MPC also retained the Cash Reserve Ratio…

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CBN Retains N100 ATM Fee For Withdrawals Below N20,000

ADEOLA YUSUF

The Central Bank of Nigeria has announced that Nigerians withdrawing less than N20,000 from another bank’s Automated Teller Machine will still be charged a fee of N100 per transaction. This is according to a FAQ document published by the apex bank on its website on Thursday, which provides further information on a new CBN’s directive. The directive is part of the newly revised ATM transaction fees set to take effect from March 1, 2025, as contained in the CBN circular dated February 10, 2025. Under the revised fee structure, withdrawals…

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FCMB To Be Arraigned Over Alleged Mortgage Fraud, Forgery March 11

ADEOLA YUSUF

    An Ikeja High Court in Lagos State on Tuesday fixed March 11 for the arraignment of First City Monument Bank and three others over alleged forgery and mortgage fraud. Platforms Africa reports that other defendants aside from FCMB in the alleged fraud case are Okogun Polycarp, Batik Line International Limited, and Bolaji Adebajo. Justice Ismail Ijelu adjourned the arraignment due to the absence of the defendants in court. Presidency Official Told Me to Inflate N1.3b Contract to N5b — Fela Durotoye Reps Demand Reversal Of Telecom Tariff Hike…

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‘For Hoarding Cash During Yuletide,’ CBN Fines Zenith, First Bank, 7 Others N1.35Bn

ADEOLA YUSUF

The Central Bank of Nigeria (CBN), has identified nine Deposits Money Banks (DMBs), as responsible for scarcity of cash in the country during the yuletide season. There was scarcity of cash during the yuletide season, thereby, making Nigerians go through harrowing experience before getting access to their money. Also, due to scarcity of cash, Point of Sales (POS) operators increased their charges by 100 percent. However, on Tuesday, the apex regulatory bank, identified and slammed a whooping N150million fine on each banks that hoarded cash and subjected Nigerians to suffering…

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Man Gets £5,000 In Compensation After Cutting Himself While Shaving

ADEOLA YUSUF

Man gets 5,000 in compensation after cutting himself while shaving A man who sued a razor company after cutting himself while shaving with one of their products has been handed £5,000 in compensation. Nick Silverthorn, 48, from London, bought himself a new razor during the Christmas holidays. He said he visited his local Sainsbury’s in Richmond to buy a £2.50 Wilkinson Sword Men Advance 3 razor But when Mr Silverthorn unwrapped his purchase and began shaving on Boxing Day, he started “bleeding badly.” READ ALSO: Nigerians To Pay More For…

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Naira Appreciates To N1,740/$ In Parallel Market

ADEOLA YUSUF

The Naira yesterday appreciated to N1,740 per dollar in the parallel market from N1,745 per dollar on Wednesday. Likewise, the Naira appreciated to N1,644.86 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,644.86 per dollar from N1,660.83 per dollar on Wednesday, indicating N15.97 appreciation for the naira. READ ALSO: After 30 Years In Prison For Murder He Didn’t Commit, Man Regains Freedom, Gets $13m Senate Passes Tax Reform Bills For Second Reading States Tackle NNPCL…

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Ecobank In $285,006 Scandal

ADEOLA YUSUF

. EFCC receives petition as scandal threatens bank’s corporate ethics   Ecobank Nigeria Plc’s customer, Moriah Trust Limited and its alter ego David Nwedu have petitioned the Economic and Financial Crimes Commission (EFCC) to investigate and uncover all fraudulent/illegal transactions allegedly perpetuated by Ecobank Nigeria Plc in the domiciliary account of Moriah Trust Limited with regard to $285,006 Advance Payment Guarantee Bond (APG) and bring to book every official of the bank who aided and abated such criminal and illegal transactions. The petition titled “CRIMINAL COMPLAINT AGAINST ECOBANK NIGERIA PLC…

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Elon Musk’s Wealth Rises by $13bn After Trump’s Win

ADEOLA YUSUF

The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election. Early Wednesday, investors said Trump’s win will also be a win for Musk’s major public holding, Tesla (TSLA), sending shares of his electric vehicle maker up 13% at the market open, CNN reports. The development lifted the value of the 411 million shares of Tesla that Musk owns outright by more than $13 billion, which works out to a better than a…

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Why Naira Is Worst Performing Currency, Crashes Further To N1,710/$

ADEOLA YUSUF

Against the backdrop of the abysmal performance of Nigeria’s currency in the international market, financial analysts have indicated that the Naira is still facing more distortions that could further erode its value. Meanwhile the local currency sustained the depreciation trend yesterday hitting N1,710/$ in the parallel market, as against N1,690/$ the previous day. The Naira also faced similar fate in the official market, depreciating to N1,660/$ from N1,659/$ the previous day. READ ALSO: Thumbs-up: Don’t Reverse Fuel Subsidy, Naira Floating – World Bank Hails Tinubu ‘Very Sick’ Kenyan Deputy President…

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