Nigerians may have to adapt to a more effective digital payment solution for all transactions in the face of the new Central Bank regulations. Lois Ogunniyi of GuardianTV spoke with Omoniyi Kolade, the founder of Seerbit, a digital payment solutions provider who gave insights into how the new policy works and more.
The operating environment for Nigerian banks has been a tough one this year and banks face foreign exchange risks that could impact their asset quality.
With Russia in retreat on the battlefield, Russian President Vladimir Putin raised the stakes on Wednesday with the announcement that Russian reservists would be mobilised and referendums held in areas of Ukraine on joining Russia, all while he made threats to the West.
In Lebanon, most depositors have been locked out of their savings since a financial crisis took hold three years ago. Now some of those customers are taking matters into their own hands by holding up bank branches.
13 Nov 2021
Almost three months after the Taliban swept to power in Afghanistan, the country's economy is imploding. Many NGOs and foreign companies have left, leaving thousands of Afghans suddenly unemployed. Some $9.5 billion of assets have been frozen abroad and banks are running out of money. The value of the local currency is plummeting and food prices have soared. This dire situation is pushing thousands of Afghans to flee the country. FRANCE 24's Catherine Norris-Trent and Roméo Langlois report.
5 Sep 2021
Afghans are struggling to get cash with banks still closed following the Taliban's takeover of the country. "I've been coming to the bank for four days now but I can't get my own money," says one resident.
30 Mar 2021
Several major banks are set to lose billions of dollars over links to the hedge fund Archegos, after financial troubles at the firm sparked a massive sell-off of shares. Nomura and Credit Suisse have said they will suffer significant losses, which caused their share prices to plunge on Wall Street on Monday. Archegos was backed by former star trader Bill Hwang. Also today, we look at how the wine industry in Argentina has seen rising sales during the pandemic.
26 Mar 2021
Despite a severe shortage of foreign exchange (forex), overseas education continues to drain the country’s resources, as Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, admitted $80 million weekly disbursements for personal travel allowances or payment of overseas school fees. The amount, which translates to $960 million yearly, is disbursed to banks to enable Nigerians to meet their forex responsibilities. This is after a recent report indicated that Nigerians spend £30 million (about N20 billion) yearly paying tuition in the United Kingdom alone while the country’s education system grapples with challenges of underfunding, poor remuneration, and obsolete teaching facilities.
17 Mar 2021
Lawmakers wade into Banks, Telecom. operators' feud
23 Dec 2020
Petrol Price now N170 as PPMC adjusts Ex-Depot fee, Nigeria to build new museum for looted art and more
13 Nov 2020
Here are a few reasons to pick up a copy of The Guardian on Saturday. Find these stories and much more when you grab a copy of The Guardian on Saturday.