Author: Aishat Olalere

The National Bank of Rwanda has disclosed its plan to introduce digital currencies in 2026 as an alternative to physical cash. There are 11 Central Banks in the world that has issued digital currency options to their citizens. Ghana, Nigeria, and South Africa are the only African countries that are on the initial stages of introducing them. The digital currency will be interlinked with Rwanda’s ambition to morph itself into an ICT hub and a cashless economy, a position that currently fits Kenya best. Rwanda Central Bank’s deputy Governor, Soraya Hakuziyaremye, said the digital form of cash. In the same…

Moniepoint Microfinance Bank has relaunched its personal banking referral programme. The aim, according to the financial institution is to enrich and encourage users. This was disclosed in a statement made by the Managing Director of Moniepoint Microfinance Bank, Mr Babatnde Olofin, in Lagos on Thursday. Olofin said the referrals programme will cost N100,000 which will be given to users every time their friends or family performs a transaction on Moniepoint after signing up with referral link. In his word, Moniepoint’s technology has powered over three million businesses across Nigeria. He added that the referral programme would provide extra income for…

The price of Liquefied Petroleum Gas, popularly known as Cooking Gas has dropped from ₦1500 per kilogram to around ₦900 per kilogram. This was disclosed during the Nigeria Association of Liquefied Petroleum Gas Marketers (NALPGM) visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja on Wednesday. It was discussed that the decrease in price of Gas was as a result of Federal Government ban of exportation of LPG in order to increase the domestic volume of the Gas. At the meeting, the National President, NALPGAM, Oladapo Olatunbosun, commended Ekpo for the courage in ordering the…

Fidelity Bank has finalized necessary arrangements to raise a total of up to ₦127,100,000,000 by way of a Rights Issue to existing shareholders and a Public Offer. The combined offer was part of the bank’s strategy to meet the revised capital requirement for commercial banks by the Central Bank of Nigeria (CBN). The bank reported this in a statement made available to newsmen on Wednesday in Lagos and also explained that the offer will also support the sustainability growth and diversification of its earning base. It was also revealed that its shareholders had already approved the rights issue and public…

Crude oil price has increased by 0.65% from $78.41 to $78.92 per barrel. This is sequel to the increase in demand of the crude oil in the global commodity market. The American benchmark West Texas Intermediate (WTI) traded at an increase in 0.81% from $74.07 per barrel to $74.67 per barrel. There is also a growing expectation that the US Federal Reserve will start cutting interest rates in the fourth quarter of the year. The US employment data to be released on Friday is estimated a prediction of rate cut to 60% in September, 87% in November and December cut…

The Federal Government is aiming to save about $4.4 billion annually in petrol importation by converting about one million vehicle to Compressed Natural Gas. The conversion of vehicles to CNG will leads to increase in gas supply to the domestic market and about $890 million investment will be needed to develop infrastructure for the alternative fuel. The Coordinator, Regulations, Compliance and Facilitation, PCNGi, Engr. Zayyan Tambari at a Co-Creation Session on Nigeria Gas Vehicle Monitoring System in Abuja on Tuesday said that the government expects CNG to replace 20 percent of the current 50 million litres of petrol consumed in…

The Nigeria Custom Service, Western Marine Command announced the seizure of over 17 sacks of Cannabis Sativa, containing 1,257 parcels along Bar Beach in Lagos on Tuesday. The Customs Area Controller of the command, Paul Bamisaiye, disclosed that the cannabis weight 609kg and worth ₦96 million. The hard drug was handed over to the National Drug Law Enforcement Agency. Bamisaiye said, upon receiving the information, the team moved towards the described location and intercepted a fibre boat fitted with a 200Horse Power Yamaha engine, carrying the suspected items. He reported that the smugglers abandoned their goods immediately after sighting the…

An investment bank predicted Africa’s remittance market to soar to $500 billon in 2025. The total value of remittances across the continent reached nearly $100 billion in 2022 − $20 billion of which was intra-African flows. Remittances has a significant portion of African Gross Domestic Product (GDP), Managing Director and Head of Africa at DAI Magister, Risana Zitha, said increased competition, stakeholder collaboration and investment in financial infrastructure will contribute to lower remittance fees. Despite the importance of remittances to the African economy, the cost of sending money to the continent remains very high. “The remittance fees should be less…

Fitch Rating has projected Naira to be ₦1,450 to a US dollar at the end of 2024 l. This is the opposite of Goldman Sachs prediction on the value of Naira at the end of the year. The Director at Fitch Ratings, Gaimin Nonyane, disclosed this on Tuesday during a sovereign rating webinar focused on Nigeria and Egypt. The prediction is as a result of Nigeria decision to float the local currency as Naira is still finding its feet. It is still in price discovery mode. So a lot of volatility in the near term should be expected. Gaimin said…

Nigeria oil revenue has experienced a decline of ₦148.8 billion. This occured as a result of the nationwide strike embarked upon by the Organized Labour on Monday. According to Nigerian Upstream Petroleum Regulatory Commission, Nigeria produces 1,281,478 barrel of crude oil daily which is traded at $78.27 per barrel. The Petroleum and Natural Gas Senior Staff Association of Nigeria and their counterpart in the Nigeria Union of Petroleum and Natural Gas Workers joined the strike and couldn’t produce for the day. “Of course, there was significant compliance by members across many stations today and this is to send a message…