Business

US Assures Edo Of Benefiting From Trade With Nigeria

Published

3 years ago

June 19, 2022

Miami Trade Missionaries from District 2, Miami Florida, at the weekend, said Edo State would benefit from the $3.2bn worth of investment annually from the United States of America and Nigeria’s bilateral trade relations.

The Miami Commissioner, Jean Monestime, led a 40-man delegation to Edo State on bilateral trade relations.

He said the Federal Capital Territory, Abuja, as well as Lagos and Edo states would benefit from aviation, tourism, and cultural investments to build on the US and Nigeria’s existing trade relationships.

He said, “The United States and Nigeria currently trade more than $3.2 billion. I do not think that this pie is big enough for Edo State to receive its fair share of trade and Commerce with Miami Dade County.

“I have learnt a little about the rich culture that you have here. So, we look forward to you bringing your delegation to Miami.

“So, you can basically share with us your thoughts about how you desire to promote this great state – Edo, and how the exchanges may continue between Miami Dade and Edo State.

“We have amongst us, different business owners. We are not here to transact ourselves, but to transact business and tell you about the values that we have that you can take advantage of which will be beneficial to your state, Nigeria, and the United States.”

Continuing, the commissioner said, “Honourable guests, we are here (Edo) on a business development mission. We have a diverse workforce and more than 52 per cent of our workforce residents are foreign.

Responding, the Edo State Governor, Mr. Godwin Obaseki, expressed gratitude to the delegation for the trade mission and gave a brief history of how the talk between the state and Miami Dade County began towards diversifying the economy of the state.

He highlighted the huge potential of the state and the steps that the government had taken toward the reduction of unemployment.

The governor noted that his administration had built infrastructure and raised youths in line with his campaign promises to the electorate.

“We are looking inward to galvanise opportunities, exchange, and look out to our brothers in America. For us, culture is powerful. Our dream is to make Edo State the Culture Capital of Africa. Rabat in Morocco is the beginning of the journey, Ghana is the gateway and Nigeria is the destination.”

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.