Category: News
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List Of Levies And How Much Nigerians Pay For Electronic Transactions On Their Accounts
The Central Bank of Nigeria (CBN) on Monday, issued a new directive to all financial institutions, including commercial, merchant, non-interest banks, payment service banks, and mobile money operators in the country, mandating the implementation of a 0.5% cybersecurity levy on all electronic transactions.The fresh charge is in addition to other existing levies Nigerians pay for…
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Naira Depreciates at Parallel, Official Market Against U.S Dollar
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday,…
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FULL LIST: CBN Publishes List of Licensed Deposit Money Banks
Punch Newspaper The Central Bank of Nigeria, CBN, released comprehensive list of licensed Deposit Money Banks operating within the country. The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria. Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument…
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Banks Issues Directive To Banks Over Cash Deposits
The Central Bank of Nigeria has directed commercial banks to stop charges on cash deposits until September 30, 2024. The apex bank disclosed this in a circular dated May 6, 2024, signed by its Director of Banking Supervision, Adetona Adedeji. Customers of some of the Deposit Money Banks raised concerns that the banks have begun…
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LASU Law Students Defeat UI, EKSU, FUNAAB, Others To Emerge Winner in National Competition
Law students from the Lagos State University, LASU, have defeated their counterparts in other higher institutions to emerge winners of the National Inter Faculty Competition. The competition which attracted participants from universities across the country, was organised by the Redeemers University in Osun State. This was revealed by the LASU handle on X on May…
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CBN Directs Banks To Start Charging Customers Cyber Security Levy, Exempts 16 Transactions
The Central Bank of Nigeria, on Monday, directed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. PUNCH Online reports that, according to the circular, the implementation of the levy would start in two weeks. The circular read in part, “Following the enactment of the Cybercrime (Prohibition, Prevention, etc)…
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JAMB Introduces New Channel To Accept or Reject Admission Offer
In a practical move to stop the tide of abuses associated with the process of accepting admission by candidates through which some elements of no commercial values exploit helpless candidates, the Joint Admissions and Matriculation Board (JAMB)has introduced a new channel for accessing this service. The Board stated this in its weekly bulletin sighted by…
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NERC Approves Reduction of Electricity Tariff For Band ‘A’ Customers
The Ikeja Electricity Distribution Company has reduced the electricity tariff payable by its Band A customers to N206.80 per kilowatt-hour from the N225/kWh approved by the Nigerian Electricity Regulatory Commission (NERC). Olufadeke Omo-Omorodion, the spokesperson for the IKEDC, disclosed this to our correspondent in a notice on Monday. According to the notice, the downward tariff…
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Naira Depreciates by N130 Against Dollar in 24 hours
The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this in an interview. He noted that Naira dropped to N1,420 per dollar from N1,290 in less than 48 hours at the parallel market. “The Naira depreciated to N1,420…
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2024 UTME: Pure Water Hawker Scores 309, Bags Scholarship
A pure water hawker identified as Ugwu Augustus, has reportedly scored 309 and secured a full scholarship into the university after scoring 309 in the 2024 Unified Tertiary Matriculation Examination. Alex Onyia, the founder of Educare, an organisation that prepares candidates for UTME, revealed that Augustus left school two years ago. He added that he…