Author: Godwin D. Tobi
CBN Inaugurates Payments Committee to Boost Digital Economy The Central Bank of Nigeria (CBN) has inaugurated a Payments Service Providers’ Committee to strengthen coordination, address challenges and sustain growth in digital payments. Dr Abdullahi Sani, CBN Deputy Governor (Economic Policy), said the committee unites licensed providers and key regulators at its inaugural Lagos meeting. Sani said Nigeria’s digital payments landscape had recorded remarkable expansion in recent years, reflecting growing adoption across sectors. “In 2024 alone, over 11.2 billion electronic transactions valued above N1.07 quadrillion were processed,” he said. He noted this marked the first time transactions exceeded the quadrillion-naira threshold,…
Official, Parallel Markets FX Gap Widens as Naira Swings The naira exchange rate gap between the official and informal segments widened to N28 on Wednesday, as the local currency continues to swing on both sides depending on FX liquidity. The official spot rate weakened to N1,386.70 per dollar at the Nigerian foreign exchange market (NFEM) from N1382.68 per dollar, according to daily data published by the Central Bank. Signalling increased pressure on the local currency, the spot rate depreciated to N1391.5000 during the trading session. Naira traded at an intraday low of N1376 from N1372 the previous day. In the…
Iran is easing restrictions on transit through the Strait of Hormuz, saying vessels not deemed hostile and not supporting military action against Tehran may pass, according to its mission to the United Nations.
With a 10% gain, telecommunication company Airtel Africa led the Nigerian Exchange (NGX) rebound, boosting the value of equity portfolios on Tuesday, according to trading data.
Oil Rebounds after De-escalation Signals Plunge Crude Prices Brent crude price rose on Tuesday, recovering some of the losses from the previous session as escalating tensions in the Middle East continued to raise concerns about potential supply disruptions. International benchmark Brent crude traded at $98.74 per barrel, an increase of about 3% from the previous close of $95.92. Meanwhile, the US benchmark West Texas Intermediate (WTI) saw an increase of 3.6%, reaching $91.30 per barrel, up from $88.13 in the prior session. This rebound follows a price drop the day before when US President Donald Trump announced a five-day pause…
Builderstech MD Sentenced to 48 Years for N500m Fraud The Managing Director (MD) of Builderstech Solution Ltd, Mr. Johnson Godwin Agene, has been sentenced to 48 years imprisonment without an option of fine. Agene was sentenced by the Federal High Court, Makurdi, Benue State, after being found guilty of defrauding over 5,000 Nigerians of more than N500 million. The Economic and Financial Crimes Commission (EFCC) disclosed the development in a post on X, saying, “Makurdi Court Jails, Johnson Godwin Agene 48 Years Over Investment Scam. The post further stated: “Justice M.S. Abubakar of the Federal High Court, Makurdi, has sentenced…
Beachway Homes CEO Arraigned for N1.33bn Alleged Fraud A Lagos based real estate developer, has been arraigned by the operatives of the Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos, before a Federal High Court, Lagos, for fraud. The accused, Mr. Adeyinka Lawal, who is the Chief Executive Officer (CEO) of Beachway Homes Limited, Lagos, was arraigned alongside is company on an amended charges marked FHC/L/392c/2025, before the court presided over by Justice Deinde Dipeolu. Adeyinka is facing charges of conspiracy, obtaining by false pretence, money laundering, fraudulent conversation and fraud to the tune of N1.33 billion. The prosecutor, Barrister…