Banks don’t require licences for agency banking, says CBN

Naira closes at 367/US dollar: The naira recorded a marginal gain on Wednesday, closing at 367 per US dollar, up from 368 on Tuesday. The local currency has been hovering between 363/US dollar and 370/US dollar as the Central Bank of Nigeria continues to supply foreign exchange into the market. (Source: Punch)

CBN pumps fresh US$195m into forex market: The Central Bank of Nigeria (CBN) on Wednesday intervened in various segments of the inter-bank market to the tune of US$195m. A breakdown of the intervention revealed that authorised dealers in the wholesale window segment received a US$100m offer from the bank, while the Small and Medium Enterprises (SMEs) and invisibles windows were allocated the sums of US$50m and US$45m respectively. (Source: Thisday)

Banks don’t require licences for agency banking, says CBN: The Central Bank of Nigeria (CBN) has said that banks do not need licences to operate agency banking. This was made known by CBN Head, Financial Inclusion, Temitope Akin-Fadeyi. (Source: Thisday)

Etisalat-Mubadala directors resign: The directors of Etisalat Nigeria, save for its chairman, Hakeem Belo-Osagie, have resigned from the seven-man board of the network operator in an attempt to absolve themselves of criminal and civil liability for the non-payment of a US$1.2bn loan taken from 13 Nigerianbanks. According to sources close to Etisalat, the six Mubadala and Etisalat Group-appointed non-executive directors, all nationals of the United Arab Emirates, resigned last week following Emirates Telecoms Group Company’s (Etisalat Group) reporting disclosure on the Abu Dhabi Stock Exchange that it was transferring 45% of its stake and 25% of its preference shares in its Nigerian subsidiary to United Capital Trustees Limited, the legal representative of the lending banks. (Source: Thisday)

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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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