Connect with us

E-Financial

Reps Investigate Use of Dollars as Legal Tender in Nigeria

Published

on

Kindly share this post

House of Representatives yesterday mandated its Committee on Banking Regulation to investigate the use of the United States dollar and other foreign currencies as legal tender for domestic transactions in Nigeria.

Reps Investigate Use of Dollars as Legal Tender in Nigeria

The decision followed the adoption of a motion sponsored by Hon. Ismaila Haruna Dabo (PDP, Bauchi).

The House called on the Central Bank of Nigeria (CBN) to address the impact of the failing naira against the dollar and other currencies.

The House urged the CBN to implement monetary policy adjustments to stabilise the currency, address speculative activities in the forex market, and increase the withdrawal limit of the naira to reduce the pressure on dollars and other foreign currencies.

It also urged the Federal Government to formulate policies and structural reforms to reduce corruption and promote economic diversification within the nation’s economy.

The House further urged the Federal Government to promote exportation and reduce importation by enhancing foreign investors’ confidence in its fiscal and monetary policies.

It mandated the committees on Banking Regulations and National Security and Intelligence to interface with the CBN with the purpose of initiating compliance strategies.

Presenting the motion, Hon. Dabo said: “The House is worried about inflation and the cost of living, depreciating naira makes imported goods more expensive, leading to higher inflation rates. This increased cost of living disproportionately affects the most vulnerable citizens, as they struggle to afford basic necessities, which are now glaring across the country.

“The House is aware that a weaker and depreciating naira could increase Nigeria’s external debt servicing costs, potentially reducing government spending on critical sectors like healthcare and education.

“The House is also aware that the Central Bank of Nigeria (CBN) frequently uses its foreign reserves to stabilise the naira, but this can deplete its reserves, making the country vulnerable to economic shocks.”

He noted that in June 2023, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu through the Central Bank of Nigeria announced changes to the country’s foreign exchange market.

This, he said, was so that the foreign currencies can now be bought and sold at rates determined by the market and not by the CBN. He said the naira has lost a large per cent of its value against the dollar, falling from N778.602/$ as of September to nearly N1000/$ at the parallel market. According to him, this marks the first time Nigeria has liberalised its foreign exchange market.

The motion was unanimously adopted.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Published

on

Kindly share this post

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

FCMB, BHM Champion New Revenue Models for Media Sustainability

Published

on

Kindly share this post

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

FCMB, BHM Champion New Revenue Models for Media Sustainability

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.

The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.

Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.

Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.

Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”

Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”

The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.

The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.


Kindly share this post
Continue Reading

E-Financial

CRMI Backs CBN’s New Measures to Curb Fraud

Published

on

Kindly share this post

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

CRMI Backs CBN’s New Measures to Curb Fraud

Kevin Ugwuoke, president and chairman of Council,  in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.

He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.

“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.

The institute, however, stressed that the success of the measures would depend largely on effective implementation.

It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.

CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.

The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.

The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.

Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.

The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.

In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.

 


Kindly share this post
Continue Reading

Trending