Nigeria’s Interbank Rate Drops to 12%

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya Three companies wreaked havoc on the NASD Over-the-Counter (OTC) Securities Exchange in the third trading week of this year, landing the bourse in the negative territory. The trio of Nipco Plc, Central Securities Clearing Systems (CSCS) Plc, and Niger Delta Exploration and Production (NDEP) Plc depleted the exchange by 0.73 per cent week-on-week, according to data. This means that the NASD Unlisted Securities Index (NSI) slid by 5.48 points to wrap the week at 744.54 points compared with 750.02 points recorded at the previous week, while the market capitalisation declined by N4.64 billion to close at N630.46

By Modupe Gbadeyanka Minister of State for Agriculture and Rural Development, Mr Heineken Lokpkobiri, has disclosed that the Federal Government was improving aquaculture in order to create economic wealth and job opportunities across the country. Mr Lokpobiri made this known when he attended a high level meeting of key leaders and Ministers of Fisheries and Global Seafood Sectors in Iceland. The concept of the meeting in Iceland is to further enhance the blue Bio-economy, with the aim of optimizing economic use of our oceans and aquatic resources. The theme of the meeting was ‘Promoting the Blue Bio-economy, making best use

By Adedapo Adesanya Brent crude continued its ascent on Thursday, reaching $111 per barrel after it gained 0.74 per cent or 82 cents as plans emerged that the United States will purchase 60 million barrels of crude in the third quarter of the year in an effort to replace volumes in the country’s strategic petroleum for the first time in nearly 20 years. Also, the West Texas Intermediate (WTI) crude rose by 0.46 per cent or 50 cents to trade at $108.3 per barrel during the session. Citing an unnamed Energy Department official, CNN reported that President Joe Biden is

By Nneka Okumazie The optics of a Pastor, preaching genuine repentance and holiness, seen with a political leader seems inappropriate to some critics. The expectation that a Pastor, with mission of Christ – for salvation, healing and deliverance, should abandon all and become a political activist is common. The elevated status of a Pastor, to some people, should be the springboard to lob critics at government. But what many often miss is that government that isn’t responsive to criticism would hardly budge – if another voice is added. And while it is possible to advise generally and make suggestions for

By Modupe Gbadeyanka The Lagos State Signage and Advertisements Agency (LASAA) has warned political parties and politicians against the unregulated display of political campaign materials in any part of the state, stressing that it would not hesitate to take action where necessary. The Managing Director of LASAA, Mr Adedamola Docemo, said the agency was ready to assist and work with all political parties, politicians and campaigners in ensuring that they enjoy visibility in the state in line with its enabling law to control and regulate advert displays in Lagos state. Nigeria prepares to head to the polls in 2023, and

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN), in a circular dated Wednesday, April 5, 2017, released guidelines for the regulation of Non-Interest (Islamic) Microfinance Bank (NIMFBs) in the country. The circular, signed by the apex bank’s Director in charge of Financial Policy and Regulation Department, Mr Kelvin Amugo, categorised the NIMFB into unit, state and national licence with minimum paid-up capital of N20 million, N100 million and N2 billion respectively. He further stated that the minimum standard operating procedures, prudential ratios and other regulatory requirements that operators of NIMFBs are expected to comply with were specified in the

By Modupe Gbadeyanka Managing Director of Fidelity Bank Plc, Mr Nnamdi Okonkwo, has expressed the bank’s intention to acquire some other financial institutions in the future as part of its determination to attain the tier-1 status. Addressing some financial reporters in Lagos on Thursday, the bank chief said whenever an opportunity opens for such acquisition, the bank would grab it without hesitation. At the moment, Fidelity Bank is in the tier-2 group. There are five banks in the tier-1 category in Nigeria and they are First Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), Access Bank and Zenith

By Benson Uche Egbuchiwe Incidences of coup d’état within the West African subregion have yet again brought a new dimension to the question of democratic stability on the African continent. Recently, I had the opportunity to participate in a Zoom debate organized by my Law school classmates and the topic of discussion was coup d’états in Africa and its impact on democracy within Africa. Participants took turns to share opinions on this worrisome issue of military incursions and the obvious consequences. Interestingly, this topic aligned perfectly with my university project from over 25 years ago. For my undergraduate studies at