LAGOS FEBRUARY 12TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and…
LAGOS OCTOBER 7TH (NEWSRANGERS)-The Central Bank of Nigeria has released updated saving deposit interest rates for various Deposit Money banks (DMBs). According to CBN, banks now offer an average savings deposit rate of 8.03% compared to the previous average rate of 7.88%. A savings rate is the interest rate Nigerian banks pay their customers to…
LAGOS JULY 15TH (NEWSRNAGERS)-Nigeria’s naira extended its losing streak to a fourth day, slipping to the weakest level since March despite central bank intervention amid seasonal demand for dollars and continuing investor skepticism. The naira stood at 1,563.8 per dollar at its official close on Friday, according to FMDQ. That’s the weakest since March 18,…
LAGOS JUNE 3RD (NEWSRANGERS)-In a move aimed at safeguarding the integrity of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has taken the decisive step of revoking the banking license of Heritage Bank PLC. The action, effective immediately, comes in response to the bank’s persistent failure to improve its financial performance, posing a threat…
LAGOS MAY 12TH (NEWSRANGERS)-Naira has dipped from the best to the worst performing currency, according to a new Bloomberg report. This is a reversal in its recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month. Synthesize Beautiful Scenes of Ha Giang Via Super Quality Travel Video – Flycam Nem TV…
LAGOS MAY 10TH (NEWSRANGERS)-The House of Representatives demanded an immediate halt to the proposed implementation of the cybersecurity levy imposed by the CBN. The resolution of the House was sequel to the adoption of a motion by Hon. Kingsely Chinda on behalf of others. He said the CBN through a circular to all Commercial, Merchant,…
LAGOS MAY 8TH (NEWSRANGERS)-There is enormous hope on the horizon for businesses in Nigeria as the Consumer Credit sector comes alive with the commencement of engagements with Nigeria’s lending ecosystem. No fewer than 19 commercial banks were at the first session convened recently by Nigeria’s apex bank, the Central Bank of Nigeria (CBN) during…
LAGOS MAY 7TH (NEWSRANGERS)-The Central Bank of Nigeria (CBN) has set a deadline of July 7, 2024, for Point of Sales (PoS) operators to complete their registration with the Corporate Affairs Commission (CAC). The directive followed discussions held in Abuja between fintech representatives and Chief Executive Officer (CAC), Hussaini Magaji on Tuesday. During the meeting,…