The hottest Nigeria Substack posts right now

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World roundup: February 3-4 2024

Foreign Exchanges • 786 implied HN points • 05 Feb 24
🌍 World Politics Nigeria
  1. The United States conducted airstrikes on Iranian-linked targets in Iraq and Syria, resulting in casualties and tension with the governments of those countries.
  2. In the Israel-Palestine conflict, Hamas is considering a ceasefire proposal while the Israeli military expands its operations in Gaza.
  3. President Macky Sall of Senegal postponed the country's presidential election, sparking protests and concerns about a potential self coup.

Nigeria and Shell

Life in the 21st Century • 157 implied HN points • 16 Jan 24
🌍 World Politics Nigeria
  1. Shell is exiting Nigeria after more than 60 years due to difficulties operating in a region hit by corruption and violence.
  2. Shell's actions in Nigeria funded brutal military rule and had a terrible environmental record in the Delta.
  3. Nigerian oil exports have impacted the US, and oil has been a curse for Nigeria.
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Afridigest Fintech Review: Killing crypto in Nigeria

Afridigest • 3 implied HN points • 03 Mar 24
💰 Finance Nigeria
  1. The Nigerian authorities took aggressive steps against Binance in response to the country's currency depreciation.
  2. The Fintech Review highlighted two fintech financing transactions and one fintech M&A deal.
  3. Notable companies and executives mentioned in the Fintech Review include Binance, Strike, MTN, Mastercard, and others.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/016/027

RegAlert • 0 implied HN points • 03 Feb 24
💰 Finance Nigeria
  1. Central Bank of Nigeria is updating the Cash Reserve Requirement (CRR) mechanism for banks, with changes like no longer having daily CRR debits and specific ratios for different types of banks.
  2. Commercial banks will have a 32.5% ratio and merchant banks 10% applied to increases in their weekly average adjusted deposits.
  3. Banks not meeting the minimum Loan to Deposit Ratio (LDR) will face a 50% CRR levy on the lending shortfall.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/053

RegAlert • 0 implied HN points • 01 Dec 23
💰 Finance Nigeria
  1. Financial institutions in Nigeria must ensure all Tier-I bank accounts and wallets have a BVN or NIN for individual customers.
  2. The BVN or NIN requirement extends to Tier 2 & 3 accounts and wallets for individual customers.
  3. Opening accounts should involve electronically retrieving BVN or NIN information from relevant databases.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/010

RegAlert • 0 implied HN points • 06 Oct 23
💰 Finance Nigeria
  1. The Central Bank of Nigeria has appointed three additional designated banks for the collection of fees under the Nigerian Export Supervision Scheme (NESS). Authorized dealers are instructed to inform their exporting customers about this change.
  2. The appointment of designated banks signifies a shift in the process for collection of fees under the NESS, bringing more clarity and convenience for exporting customers.
  3. This circular, TED/FEM/PUB/FPC/001/010, outlines an important update regarding the collection of fees, emphasizing the need for all involved parties to be informed and compliant with the changes.

Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 31 Jul 23
💰 Finance Nigeria
  1. Microfinance banks and primary mortgage banks in Nigeria are exempted from paying processing fees for withdrawals above cash withdrawal limits from correspondent banks.
  2. The exemption is meant to support these banks in providing specialized retail banking services to the economically active poor.
  3. While exempt from processing fees, these banks still need to comply with the cash withdrawal limits set in an earlier circular by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular CCD 21b Dec 2022

RegAlert • 0 implied HN points • 21 Dec 22
💰 Finance Nigeria
  1. The Central Bank of Nigeria has revised the cash withdrawal limits for individuals and corporate organizations.
  2. Financial institutions need to obtain customer information and written approval for withdrawals above the set limits.
  3. Third-party cheques above N100,000 will not be eligible for payment over the counter.

Alert: Central Bank of Nigeria Circular OFI/DOA/CON/ACT/004/155

RegAlert • 0 implied HN points • 29 Jun 22
💰 Finance Nigeria
  1. The Central Bank of Nigeria issued a circular requiring other financial institutions in Nigeria to enhance their cybersecurity defenses and adhere to the provided Risk-Based Cybersecurity Framework and Guidelines by January 1, 2023.
  2. This circular emphasizes the importance of strengthening cyber defenses in financial institutions to mitigate risks and ensure a more secure environment against cyber threats.
  3. Compliance with the Risk-Based Cybersecurity Framework and Guidelines is crucial for OFIs in Nigeria to safeguard their systems and data from cyber vulnerabilities.

Alert: Central Bank of Nigeria Circular COD/BNCH

RegAlert • 0 implied HN points • 02 Jun 22
💰 Finance Nigeria
  1. The circular provides guidelines for setting up Bank Neutral Cash Hubs (BNCH) in Nigeria.
  2. It details the requirements and procedures for financial institutions to establish and operate BNCHs.
  3. The document can be accessed for download from the Central Bank of Nigeria's website.

Ode to Nigeria: Naija on Gbanjo

libraryofthought • 0 implied HN points • 27 Dec 23
📚 Literature Nigeria
  1. The poem reflects on the challenges faced by Nigeria from the perspective of Nigerian Pidgin Poetry.
  2. It discusses themes of struggle, hope, coping with difficulties, and the concept of 'blessing the hustle'.
  3. The poem highlights the issues of poverty, political corruption, and the longing for a better future for Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/024

RegAlert • 0 implied HN points • 13 Oct 21
💰 Finance Nigeria
  1. The Central Bank of Nigeria issued guidelines on the disposal of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) in Nigeria.
  2. All NIHs in Nigeria are required to comply with the guidelines set forth by the Central Bank on the disposal of Non-Permissible Income (NPI).
  3. These guidelines for disposing of Non-Permissible Income (NPI) by Non-Interest Financial Institutions (NIHs) are effective from October 13, 2021, and are accessible on the Central Bank's website.

Alert: Central Bank of Nigeria Circular OFI/DOA/LTT/CON/002/138

RegAlert • 0 implied HN points • 08 Oct 21
💰 Finance Nigeria
  1. All Other Financial Institutions in Nigeria must prepare their annual financial statements according to International Financial Reporting Standards (IFRS) starting from the 2021 financial year.
  2. The Central Bank of Nigeria will no longer accept financial statements that do not comply with IFRS, and non-compliance will lead to penalties.
  3. OFIs adopting IFRS for the first time must follow IFRS 1 for first-time adopters to ensure compliance.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/026

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Nigeria
  1. Financial institutions should take note of the list of deposit money banks provided in the circular, categorized by their banking licenses and addresses.
  2. The circular from the Central Bank of Nigeria includes information on international, national, and regional deposit money banks as of September 30, 2021.
  3. The circular can be downloaded from the Central Bank of Nigeria website for further reference.

Alert: Central Bank of Nigeria Circular FPR/LAD/INT/BDC/01/095

RegAlert • 0 implied HN points • 29 Jul 21
💰 Finance Nigeria
  1. Financial institutions in Nigeria are required to refund capital deposits and licensing fees to promoters with pending Bureaux de Change (BDC) license applications.
  2. BDC promoters must provide written requests along with necessary documents for the refund, including the telex copy of the capital deposit, account details, and bank draft/telex for licensing fees.
  3. Deposit Money Banks in Nigeria should cease accepting instructions to transfer capital deposits for BDC license applications as per the recent directive from the Central Bank of Nigeria (CBN).

Alert: Central Bank of Nigeria Circular PSM/DIR/CON/INM/011/008

RegAlert • 0 implied HN points • 28 May 21
💰 Finance Nigeria
  1. The Central Bank of Nigeria has released a Regulatory Framework for Non-Bank Merchant Acquiring in Nigeria, setting rules and standards for services.
  2. Various stakeholders, including banks and financial institutions, must adhere to this framework and other related regulations.
  3. Continuous monitoring and guidance will be provided by the Central Bank to ensure compliance.

Alert: Central Bank of Nigeria Circular FPRD/DIR/PUB/CIR/01/002

RegAlert • 0 implied HN points • 09 Apr 21
💰 Finance Nigeria
  1. Financial institutions in Nigeria must enroll in the CRMS and report credit facilities monthly, tagging credit files of borrowers with BVN and TIN by May 14, 2021. Non-compliance could lead to sanctions.
  2. Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Finance Companies (FCs) are among the institutions required to enroll in the CRMS.
  3. The Circular FPRD/DIR/PUB/CIR/01/002 issued by the Central Bank of Nigeria provides details on the enrollment process and requirements for financial institutions.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/008

RegAlert • 0 implied HN points • 31 Mar 21
💰 Finance Nigeria
  1. The circular lists licensed microfinance banks in Nigeria as of March 31, 2021, categorized by tiers such as national, state, tier 1, and tier 2.
  2. The circular does not specify the issuing institution for the list of microfinance banks in Nigeria.
  3. The list includes various microfinance banks located in different states across Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/010

RegAlert • 0 implied HN points • 31 Mar 21
💰 Finance Nigeria
  1. The circular provides a list of 28 Primary Mortgage Banks (PMBs) in Nigeria, with their names and addresses, as of March 31, 2021.
  2. The PMBs are located in various states across Nigeria, including Lagos, Abuja, Akwa Ibom, Delta, and Jigawa.
  3. You can access the full circular with the list of PMBs at the Central Bank of Nigeria's website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/042

RegAlert • 0 implied HN points • 28 Mar 22
💰 Finance Nigeria
  1. The Central Bank of Nigeria has developed guidelines to regulate credit guarantee companies in Nigeria to promote lending to Micro, Small, and Medium Enterprises (MSMEs).
  2. The guidelines specify the minimum licensing, governance, and prudential requirements for credit guarantee companies operating in Nigeria.
  3. These guidelines aim to encourage the operation of credit guarantee companies in Nigeria while ensuring adherence to regulatory expectations.