The Central Bank of Nigeria (CBN) has issued a directive to financial institutions to implement mandatory dual connectivity for Point of Sale (PoS) transactions within one month. It gave the order in a circular, signed by the Director of the Payments System Supervision Department, Rakiya Yusuf, dated December 11. It said the move is to …
FCMB Group Plc's profit before tax soared 46 per cent to ₦134.5 billion in the third quarter (Q3) of the year on stronger interest margins despite a decline in loans and advances to customers. The bank disclosed this in its unaudited financial statements for the nine months ended September 30, 2025. The results show that FCMB's …
The Central Bank of Nigeria (CBN) said it has granted final licenses to 82 Bureaux De Change (BDCs) to operate with effect from November 27, 2025. CBN disclosed this in a statement on Monday, December 8, by its Acting Director of Corporate Communications, Hakama Sidi Ali. CBN said it acted in line with its powers conferred …
Nigeria is moving towards a T+1 (trade date plus one day) settlement cycle and will eventually settle for a T+0 cycle, according to the Securities and Exchange Commission (SEC). The move is part of a series of wide-ranging reforms the SEC Director-General Emomotimi Agama hinted at during the second Capital Market Committee (CMC) meeting for …
The report highlights stocks with share prices below ₦20 that have more than doubled in value, which could be a smart investment choice for individual investors. An individual who had invested ₦1 million in any of the cherry stocks trading at a share price of below ₦20 at the beginning of the year and held …
African central bank governors have renewed push for a unified monetary system for the continent, reaffirming plans for the eventual establishment of the African Central Bank. They made the commitment during a high-level summit in Yaoundé, where 41 central bank governors met to discuss climate-related financial risks and strengthen cooperation under the African Monetary Institute …
The Securities and Exchange Commission (SEC) has flagged Glorious Wealth Fund (GWF) as a fraudulent and unlicensed online investment platform. The commission raised the alarm in a statement on Thursday, December 4, warning Nigerians against transacting with the platform. “The attention of the Securities and Exchange Commission (SEC) Nigeria has been drawn to the activities …
The Central Bank of Nigeria (CBN) has limited weekly cash withdrawals for individuals to ₦500,000 and corporates to ₦5 million. It gave the directive to banks in a new revised set of rules, stating that the order will take effect from January 2026. This ends the previous special authorisation permitting individuals to withdraw ₦5 million …
Wema Bank Plc may emerge as the best-performing banking stock in 2025 on the Nigerian Exchange Limited (NGX). A review of the NGX stock market data by Pinnacle Daily, from the beginning of the year to the end of November, points in this direction. It shows Wema Bank as the only bank that has crossed the …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation. It issued the instruction in a circular on Thursday, November 27, signed by …
