Category: Money and Stocks

Pay Diaspora Remittances to Beneficiaries In Naira, CBN Directs Banks

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to commence remittances pay-out in both Naira and foreign exchange to beneficiaries. It has also directed that the Investors and Exporters’ (I&E) window foreign exchange rate should be used in determining the exchange rate for Naira pay-outs. READ ALSO: BREAKING: Release Or Charge Emefiele Within One Week, Court Orders DSS How Thunderstorm Struck, ‘Killed’ 3 Suspected Kidnappers In Nigeria ‘How Govt, Businesses, Nigerians Can Create Wealth, Avoid Financial Crises’ I’d Have Committed Suicide – Femi Otedola In…

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Fuel Subsidy: Approve N500bn As Palliatives, Tinubu Writes Reps

ADEOLA YUSUF

The President, Bola Tinubu, has written to the House of Representatives seeking an amendment to the 2022 supplementary appropriation Act. The amendment, he said, was to allow the Federal Government to source N500 billion for palliatives to cushion the effect of subsidy removal. The Speaker of the House of Representatives, Tajudeen Abbas, read the president’s letter during plenary on Wednesday. READ ALSO: Mark Zuckerberg Trains With UFC Champions After Banters With Elon Musk Nigerian Students Face Tough Times In UK, Tuition Soars By 60% Why Tinubu Should Reconsider 7.5% VAT…

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Meet Rupert, Man Who Just Displaced Dangote As Richest African

ADEOLA YUSUF

The Money Man: 10 things to know about the South African and his estimated $12 billion net worth   73-year-old South African businessman Johann Rupert has displaced Nigeria’s foremost billionaire, Aliko Dangote as the richest man on the continent. Johann Rupert, whose net worth is estimated at $12 billion was named by Forbes Magazine in its Real-time global Billionaires ranking while Dangote trails behind with a net worth of $10.8 billion. Rupert’s wealth primarily emanates from his ownership in Cie Financiere Richemont, a prominent luxury goods manufacturer and retailer, along…

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Naira Exchanges At N702.19 To Dollar

ADEOLA YUSUF

Naira on Thursday lost against the dollar at the Investors and Exporters window, exchanging N702.19 to the dollar. The local currency depreciated by 5.75 per cent when compared with N664.04 for which it exchanged for the dollar on Wednesday. The open indicative rate stood at N658.50 to the dollar on Thursday. READ ALSO: Subsidy Removal: Tinubu, Govs Mull N702bn Allowance For Civil Servants Nigerian Police Arrest 28-Year-Old For Hate Speech on Twitter Nigeria Declares State of Emergency On Passport Issuance An exchange rate of N791 to the dollar was the…

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7 Easy Steps to Access the Student Loan

ADEOLA YUSUF

Here, as a part of Platforms Africa’s solution journalism, are the conditions, sure way to access, and repay the Nigeria’s students loan   The Student Loan Bill which is now Law officially known as AN ACT TO PROVIDE EASY ACCESS TO HIGHER EDUCATION FOR NIGERIANS THROUGH INTEREST FREE LOANS FROM NIGERIAN EDUCATION BANK ESTABLISHED was Sponsored by Hon. Femi Ghajabiamila 1. Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions: READ ALSO: 8 Facts…

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Stock Market Jumps To 15-Year High After Emefiele’s Suspension

ADEOLA YUSUF

The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele. According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark. READ ALSO: Don’t Release Your wards Back On Campus Yet’ – TASUED Management Warns Parents BREAKING: Hilda Baci Certified As World Cook-a-thon Record…

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UPDATE: We’ve Picked Him, DSS Says Emefiele Now In Custody

ADEOLA YUSUF

The Department of State Services (DSS) has disclosed that Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), is now in its custody. Platforms Africa reports that the secret service, which earlier said in a terse statement posted on Twitter on Saturday morning, that the suspended CBN governor was not in detention, declared in a statement that Mr. Emefiele is now in its custody. Here below is the fill statement EMEFIELE, NOW IN DSS CUSTODY The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele,…

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Nigerian Central Bank Devalues Naira To N631/$1 – Report

ADEOLA YUSUF

The Central Bank of Nigeria has reportedly devalued the naira to N631 to the dollar from N461.6. The devaluation, according to Daily Trust, came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy. A source at the apex bank, however, denied the report, tagging the news fake. READ ALSO: Police Sergeant Dismissed For Collecting N98,000 From Victim In Lagos What ChatGPT Told Nigerians About Solving Fuel Subsidy Problems Manufacturers Deepen Demands From Tinubu On CBN,…

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Top 5 Highest Salary Paying Firms in Nigeria Unveiled

ADEOLA YUSUF

See names of companies and how much they pay as staff salaries   As Nigeria’s economy continues to expand and diversify, employee compensation has emerged as a major incentive to attract and retain top talents as businesses seek to maintain market dominance in terms of performance and level of employees. Seplat Energy, TotalEnergies, and MTN Nigeria led the list of companies that paid the most average salary per staff in Nigeria in the year 2022, based on average employee expenses for the year. This is according to an analysis by…

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132 Microfinance Banks’ Licenses Revoked + NAMES

ADEOLA YUSUF

“Why we did it,” CBN speaks on reason operations of the lenders became illegal     The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies. This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday. READ ALSO: Help, Naira Crisis Killing Our Business, Commercial Sex Workers Beg Buhari Japa: Youtuber Tiamiyu Apologises Over Comment On BBC Interview Dangote…

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