Finance Archives - Page 16 of 16

Bitcoin plunges as major crypto lender halts operations

The price of bitcoin and other cryptocurrencies crumbled Monday, after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform, citing “extreme market conditions.” It’s the latest high-profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors’ assets and spurred urgent calls […]

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CBN Begins Cash Hubs, urges banks to accept indemnity from customers

Finance / Consumertrics

The Central Bank of Nigeria (CBN) says it is setting up cash hubs for safe handling of money in areas where heavy commercial activities take place. This is contained in a circular it issued on Thursday. The apex bank sets out the mode of the cash of the hubs in the circular titled, ‘Guidelines for

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What Bank Customers Need To Know About Wrong Fund Transfer:

Finance / Consumertrics

Cases relating to bank customers making instant (inter-bank) electronic fund transfers to wrong accounts, but not being able to get it resolved satisfyingly, abound within the Nigerian banking space. With weak regulations and bureaucratic challenges, consumers of banking services do not often get redress and, thus, helplessly resign to their fates. Below is what the

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AfDB Designing Youth Entrepreneurship bank in Nigeria, Other countries

Finance / Consumertrics

The African Development Bank (AfDB) says it is designing youth entrepreneurship investment banks in Nigeria and 12 other African countries to create wealth. “We are designing renewed financial institutions that will invest into the business of the youths, and Ghana is one of the benefitting countries. “We have 13 countries, and we expect to finish

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CBN jacks up interest rate to 13.5 per cent

Finance / Consumertrics

The Central Bank of Nigeria (CBN) has raised interest rate from 11.5 per cent to 13.5 per cent. CBN Governor, Godwin Emefiele, announced this on Tuesday while addressing the reporters after the Monetary Policy Committee meeting in Abuja. Emefiele said this while reading the 285th communiqué issued at the end of the apex bank’s Monetary Policy

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EFG Hermes Consumer Unit Enters $10m Deal With Amazon

Finance / Consumertrics

EFG Hermes Holdings, through its subsidiary valU Consumer Finance, has entered a $10million deal with Amazon. valU will serve as a payment method forAmazon’s customers, who will have the chance to split the total cost of purchases into multiple payments using the platform The company, in a statement, said, “Amazon agreed to acquire $10 million

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Exchange rate closes at N418.25/$1

Finance / Consumertrics

The exchange rate between the naira and the US dollar closed at N418.25/$1 at the official Investors and Exporters (I&E) window. The exchange rate at the official window grew slightly stronger against the US dollar on Tuesday to close at N418.25/$1 from N419/$1 recorded in the previous trading session. Also, forex liquidity at the market

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New Naira Notes Trafficking And Consumers’ Plight

Finance / Consumertrics

The selling of mint Naira notes and deluge of bad notes in circulation affect consumers.

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