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FCCPC delists 18 more digital money lenders

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Federal Competition and Consumer Protection Commission (FCCPC)

 

The Federal Competition and Consumer Protection Commission (FCCPC) has delisted another 18 Digital Money Lenders (DMLs) for operating without regulatory approval.

A statement by Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said this on Wednesday in Abuja.

Irukera said the DMLs were operating in violation of the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022.

He said the commission had entered an order to Google to remove the applications from the Playstore.

Irukera said the order was also to prohibit payment gateways or services from providing or continuing services to the affected businesses.

He listed the delisted DMLs to include Getloan, Joy Cash-Loan Up to 1,000,000, Camelloan, Cashlawn, Nairaloan, Eaglecash Moneytreefinance Made Easy and Luckyloan.

Others are Personal Loan, Cashme, Easynaira Swiftcash, Crediting, Swiftkash, Hen Credit loan, Nut loan, Cash door, Cashpal and Nairaeasy gist loan.

He said the commission would continue to engage Google to clarify how and why apps that had not received relevant regulatory approvals were available on its platform (Play store).

”DMLs are reminded that infractions or infringements may lead to permanent delisting and prohibition, as well as law enforcement action, including prosecution,” he said.

Irukera reiterated the commission’s commitment to ensuring legal and ethical operations in digital money lending.

He called on consumers to patronise only approved DMLs.

 

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Naira Appreciates To ₦‎1,280/$ At Parallel Market

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The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

 

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

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Inflation To Fall In 2024 — CBN

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The Central Bank of Nigeria’s governor Yemi Cardoso expects headline inflation to fall to 21.4 per cent in 2024.

The apex bank’s governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024.

He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”

 

According to him, the inflation targeting will help the government in its battle against inflation which hit 28.9 per cent in December. Lower rates will ultimately affect businesses, he alluded.

“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities,” Cardoso said.

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