Business

CBN Reviews Operations Of NIBBS Instant Payments System, Others

Published

4 years ago

June 3, 2022

The CBN has reviewed upwards, the operations of the Nigeria Inter-Bank Settlement System (NIBSS) and other electronic payment operations.

This is contained in a circular by Musa Jimoh, Director, Payments System Management Department of the bank.

Jimoh stated that the review was in furtherance of a 2014 circular on the subject.

“Banks are hereby required to comply with the following:

“Accept indemnity from customers for highly secured online funds transfer above N1 million Naira for individual customers and N10 million for corporate customers subject to a maximum of N25 million (Individual) and N250 million (Corporate);

“Provide customers with the option of electronic or paper indemnity based on customer’s preference;

“Implement electronic indemnity with stricter controls requiring biometric verification of identity,’’ he stated.

He added that banks should adhere to Multiple Factor Authentication for “highly secured’’ online funds transfer.

“They should inform and educate customers on the use of indemnity to increase transaction limits where applicable,’’ he stated.

(NAN)

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

18 hours ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

4 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

4 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.