Business

Many Nigerian Adults Have No Access To Financial Services – CBN

Published

4 years ago

October 6, 2021

The Central Bank of Nigeria (CBN) has said about 36% of Nigerian adults have access to financial services, despite the rate at which innovations occur in the nation’s payment system.

The apex bank has driven innovations in the banking industry and payment system, introducing technologies that have aided financial services which are backed by regulations.

The innovations which have birthed financial products and services have encouraged investment in fintech, competition among financial institutions and more risks for consumers.

But the Deputy Governor, Corporate Services of the CBN, Mr Edward Lamtek Adamu says the bank is working to keep up with all trends and fill financial gaps using enhanced regulations.

He gave the assurance at a seminar on Trends in the Nigerian Payment System: Regulating the FinTech Digital Playing Field”

The CBN boss called for increased regulatory scrutiny to ensure the continuous safety of the financial ecosystem and drive inclusion for all and sundry.

He said the apex bank would continue to improve access to finance for individuals and businesses through digital channels to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to businesses.

“The high level of confidence in our payment system, between 2015 and 2020, has attracted the investment of about $500m in firms run by Nigerian founders,” he said.

“It is therefore imperative that Regulators must keep pace with these exponential developments and leverage new knowledge and technology tools such as Regtech and Suptech to enhance the efficiency and effectiveness of their mandate.”

The CBN boss also revealed that it is deploying its e-Naira project to ensure that all Nigerians are included and benefit from Fintech payment systems.

“With the deployment of the eNaira, Nigerians in remote areas can conduct financial activities using digital as well as features on their phone devices, partnering with our stakeholders in the financial industry, I believe that more Nigerians will be financially included.”

(DAILY POST)

Business

Naira Rises In Parallel Market

Published

23 hours ago

July 15, 2025

Editor

The naira today appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar last weekend.
Likewise, the Naira appreciated to N1,528.65 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,528.65 per dollar from N1,532 per dollar last week Friday, indicating N3.35 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N16.35 per dollar from N18 per dollar last weekend.

Business

SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors

Published

23 hours ago

July 15, 2025

Editor

The Securities and Exchange Commission, SEC, yesterday, has warned the investing public over the activities of Forsman & Bodenforms Limited, saying the firm is not registered to operate in the capital market or to solicit for funds from the public.

The SEC, disclosed this on its website, stressing that its attention has been drawn to the activities of Forsman & Bodenforms Limited, which has been promoting its services in the social media.

The commission said: “The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent. The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”

The commission noted that preliminary investigations reveal that Forsman & Bodenfors Ltd has been actively promoted on social media platforms and online forums, adding that its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme.

“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.

“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.

Business

Naira Depreciates Against Dollar

Published

2 weeks ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.