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Wema Bank Plc has released its unaudited half-year financial results, revealing that its pre-tax profit has increased to N4.3 billion. Mr. Ademola Adebise, the company’s Managing Director, stated of the results, “We are pleased to release our results for the first half of the year.” Our performance reflects the organization’s attitude of resilience, as we have successfully recovered from the covid-impacted performance of the same period in 2020. “We expect a stronger performance for the full year of 2021 as the economy fully opens up. The bank will maintain its strong focus on the digital business in the second half […]
Even as they indicated their preparedness to sell foreign exchange to the general public as mandated by the Central Bank of Nigeria, bank CEOs warned against using fake documents to obtain foreign money (CBN). This follows the CBN’s decision to stop selling foreign exchange to bureaux de change (BDCs) and instead direct clients to their banks for authorized transactions. During a virtual news briefing hosted by the Body of Bank Chief Executives, the CEOs of the banks stated that anyone attempting to purchase foreign exchange with fake documents will be reported to the CBN and the police for possible punishment. […]
On the parallel market on Thursday, the naira strengthened to N520 per dollar, higher than the previous day’s close of N525 per dollar. Chief Executive Officers (CEOs) of banks pledged to support the Central Bank of Nigeria’s (CBN) new foreign exchange (FX) measures and the regulator’s efforts to achieve FX stability. The naira closed at N411.67 to the dollar on the Investors and Exporters (I & E) FX window yesterday. The CBN also announced that it will begin refunding capital deposits and licensing costs to Bureau De Change (BDC) promoters who had outstanding license applications prior to Tuesday’s announcement of […]
The Central Bank of Nigeria (CBN) has announced that it will immediately cease selling foreign exchange to Nigerian Bureau De Change (BDC) operators. The Central Bank claims to have evidence that the BDCs were engaging in rent-seeking when it came to dollar sales. The remark was made by CBN governor Godwin Emefiele during a virtual press briefing on Tuesday to mark the end of the apex bank’s Monetary Policy Meeting (MPM). Emefiele also stated that the MPC has maintained all monetary policy parameters at the 11.5 percent Monetary Policy Rate. As a result, he stated that the CBN will no […]
SystemSpecs has partnered with the Federal Inland Revenue Service (FIRS) to boost tax administration through its Remita Payment Gateway, which powers payments on TaxPro-Max, a newly developed solution for submitting tax returns, as part of efforts to further simplify tax remittances in Nigeria. The Remita Payment Gateway platform for private sector and government payments has been integrated with the FIRS’s new TaxPro Max e-filling platform to automate tax filing, enable hassle-free registration, ease tax payments, and provide a single-view of transaction records, according to the company in a statement. Taxpayers can now register for TaxPro Max online or at a […]
Stanbic IBTC Bank Plc has reaffirmed its commitment to supporting Nigeria’s small and medium company (SME) sector. The bank recently held a webinar titled “Scaling Your Business in Challenging Economic Times,” which was well-attended by eager entrepreneurs hoping to overcome the economic issues that their businesses are now facing. The COVID-19 pandemic, a lack of innovative solutions, and a lack of access to adequate business finance, according to Wole Adeniyi, CEO of Stanbic IBTC Bank, are among the difficulties that have bedeviled Nigeria’s SME sector in recent years. “As a business entity, Stanbic IBTC understands that running a business is […]