Latest News

CBN Directs OFIs to Enroll Customers for BVN

The absence of a unique identifier in the Nigerian banking industry has been a major challenge inhibiting the effectiveness of the Know Your Customer (KYC) principle.

CBN Suspends the Implementation of Interchange Regime Indefinitely

Kindly refer to the CBN Circular of November 1, 2016 referenced BPS/DIR/GEN/CIR/03/004 where the bank had communicated the discontinuance of the Merchant Service Charge (MSC) by May 1, 2017 and its subsequent replacement with the implementation of the interchange Regime.

3rd Singapore-Shanghai Financial Forum Takes Financial Collaboration To New Heights

The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Services Office (SFSO) held the 3rd Singapore-Shanghai Financial Forum (SSFF) in Singapore today.

We're Going To Eliminate Wasteful Regulations, Which We've Already Done - Trump

At the top of our agenda is the creation of great high-paying jobs for American workers. And we've made a lot of process. You see what's going on; you see the numbers.

11 Companies Default on the filing of 2016 Audited Financial Statements

The Nigerian Stock Exchange ("The Exchange") hereby informs the general public that the companies listed below have missed the deadline to file their Audited Financial Statements ("AFS") for the year ended 31 December 2016.

Main Takeaways of the FSB-IOSCO Roundtable on Compensation Practices in the Securities Sector

The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) jointly organized a Roundtable on Compensation Practices in the Securities Sector on 13 December 2016.

CBN Publishes 2016 Financial Stability Report

Output growth in the global economy remained slow in 2016 due to uncertainties in some advanced economies, several emerging markets and developing economies.

RECALL: Recent Changes of Guards At The Central Bank of Nigeria

The appointment of a new governor to lead the Central Bank of Nigeria (CBN) from June 2014 to June 2019 brings the number of persons so appointed since 29 May 1999 to four, although only the last two appointments were made after the 2007 CBN Act was signed into law on 28 May 2007.

CBN approves wholesale banking licence for DBN

THE Central Bank of Nigeria, CBN, has approved a wholesale development finance institution licence with national authorization for the Development Bank of Nigeria, DBN Plc, the Minister of Finance, Mrs. Kemi Adeosun, has confirmed.

The Scripless Securities Settlement System Business Rules and Guidelines

In furtherance of the principal objects of the Central Bank of Nigeria (CBN or the Bank) to ensure monetary and price stability, to promote a sound financial system and pursuant to the provisions of the CBN Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) LFN 2010, the CBN hereby issues the following guidelines for the operation of Scripless Securities Settlement System (S4.)

Federal Reserve Issues FOMC Statement

Information received since the Federal Open Market Committee met in February indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace.

SEC Proposes New Rule on Fixed Income and Equity Primary Issuance

The total cost of issue shall not exceed 3.17% for equity transactions and 3.9375% for bonds of the gross total proceeds, excluding indemnity fee, advertisement, printing and take on fees for registrars, from the issue or such percentage as the Commission may prescribe from time to time.

IOSCO Launches Its First Regional Capacity Building Hub In Malaysia

The International Organization of Securities Commissions (IOSCO) today unveiled the IOSCO Asia Pacific Hub in Kuala Lumpur, hosted by the Securities Commission (SC) Malaysia.

Meeting with CMOs on the SEC Risk-Based Supervision (RBS) Framework and Updated Reporting Template

Sequel to the migration to Risk-Based Supervision (RBS) framework, and the need to harmonize the Quarterly Reporting Templates of the Securities and Exchange Commission (SEC) with that of The Nigerian Stock Exchange (NSE)

Immediate Adoption of Examiners’ Recommended Provision and Audit Adjustments by the OFIs

Upon the receipt of the Routine Examination from the Central bank of Nigeria (CBN) or the Nigeria Deposit Insurance Corporation (NDIC) by the OFI, it is required that the board of each OFI deliberates upon the Report and give an undertaking that the recommendations therein will be implemented.

SEC Releases Communiqué Issued At The 2017 Budget Seminar

The Executive arm of Government in December 2016 submitted to the National Assembly for ratification the draft 2017 budget for the sum of N7.298 trillion.

U.S. SEC Approves Rules To Ease Investor Access To Exhibits In Company Filings

The Securities and Exchange Commission today voted to adopt rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings.

Modernizing & Updating Disclosure Rules - Use of Hyperlinks and HTML

Next, we will consider and vote on a recommendation from the Division of Corporation Finance to issue an adopting release that will modernize and update our disclosure rules. Today's action will bring the Commission further into the 21st Century by harnessing technology to improve the manner in which investors can access public company disclosure

Remembering The Forgotten Investor - Remarks At The "SEC Speaks" Conference 2017

Thank you very much, Stephanie [Avakian] and Dave [Grim], for your kind introduction.

IOSCO report shows progress made in implementation of Benchmark Principles

The Board of the International Organization of Securities Commissions (IOSCO) today published the Second Review of the Implementation of IOSCO's Principles for Financial Benchmarks in respect of the WM/Reuters 4 p.m. Closing Spot Rate.

The Rate of Naira Counterfeiting Is Less Than One Per Cent - CBN

The attention of the Central Bank of Nigeria (CBN) has been drawn to certain spurious and grossly uninformed claims suggesting that about 20 per cent of the Naira currency notes in circulation are counterfeited.

Application of International Standard on Auditing (ISA) 701 in the Banking Sector

The attention of all banks and their external auditors is hereby drawn to the Rule 9 (Application of International Standard on Auditing (ISA) 701 - Communicating Key Audit Matters in the Independent Auditor’s Report) of the Financial Reporting Council of Nigeria (FRCN)

CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines

With reference to section 10.1 of the S4 Business Rules and Guidelines, which states inter alia

Exposure of Proposed New Rule and Sundry Amendments to the Rules and Regulations of SEC Nigeria

This Rule is proposed to create a robust framework for the regulation and supervision of Capital Market Holding Companies (CMHC).

SEC Reorganizes for Efficiency

The Securities and Exchange Commission (SEC) wishes to draw the attention of all capital market operators to the following reorganization exercise recently approved by the Commission

Speech Given By Mark Carney, Governor Of The Bank Of England, At The London School Of Economics

His insights are also relevant to social choices about macroeconomic stabilisation, including inflation control, and what society is prepared to do to achieve it

Benefits of Credit Bureau Systems

Any economy, especially a developing economy, requires credible and stable Data Credit Reporting Systems to encourage businesses, lenders and providers of services to more willingly extend Credit and Services to Consumers. This is especially with reoccurring financial crisis, lack of collateral and the erosion of capital in the global world economy.

Promoting Higher Quality And Lower Cost In Financial Regulatory Reporting

The OFR posted yesterday a blog by Director Richard Berner, entitled, “Promoting Higher Quality and Lower Cost in Financial Regulatory Reporting.

SEC Publishes Rules on Capital Market Holding Companies, Others for Exposure

The following are proposed rules/amendments for exposure to stakeholders/general public for comments and input.

Central Banks Loosening Their Grip on Markets

In 2017, tightening monetary policy and brighter economic fundamentals could ease markets from the grip of the central banks whose policy in recent years has dominated trading in bonds, shares and other assets.

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More, Not Fewer Exchange Rates
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Nigeria in 1min: Economic, Business & Financial Headlines – 260417
NSITF and NECA Agreement: What Implications for Non-NECA Members?
CADBURY Declares N92.95 million PAT in Q1'17 Result,(SP:N9.30k)
Low Level of Pension Penetration in Nigeria
NZD and CAD Approaching the 0.9630-0.9560 Resistance Area
Cadbury Nigeria Q1 2017 Results Review - PBT and PAT Both Down by 86.2% YoY
Diamond Bank Plc - Weak YoY Performance Beat Estimates
Equities Market Maintains Uptrend as NSEASI Inches Up Further by +0.28%
Ease Of Doing Business in Nigeria: PEBEC Completes 31 Reforms in 60 Days
NB Plc Q1-2017: Price Hike; Good Start to the Year
Lafarge Africa Plc - Q1-17 PAT; Strong Delivery, As Expected
Who is the Presidency? Interrogating The Anagnorisis Moment
NFIU, FIRS Host International Tax Conference in Abuja on April 26-28, 2017
CBN Directs OFIs to Enroll Customers for BVN
Ample Scope to Boost Remittances
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