Naira Exchange Rate Unification refers to the process of merging different exchange rates for the Nigerian currency, the Naira, into a single unified rate. Historically, Nigeria had multiple exchange rates, which led to various challenges and inefficiencies in the economy. But recently, the country’s President, Bola Tinubu issued a directive to the Central Bank of …
In keeping with his campaign promise, the president of the Federal Republic of Nigeria, Bola Ahmed Tinubu, on Monday, June 12 signed into law, the Student Loan Act. The Student Loan Act is a landmark piece of legislation that will make it easier for Nigerian students to access higher education. The act establishes the Nigerian …
Understanding the Student Loan Act, what it means for the Nigerian student
Are you passionate about photography, fashion, or simply sharing your creative side with the world? You should explore making money on Instagram, the booming social media platform that has become a goldmine for individuals and businesses alike. With over one billion active monthly users, Instagram offers a vast landscape of opportunities to not only showcase …
How to Make Money on Instagram in Nigeria: Compare Options & Choose Your Path
The recent removal of petrol subsidy in Nigeria has led to a significant increase in the price of fuel. This has put a strain on the budgets of many Nigerians, who rely on their cars to get to work or school. If you are one of these people, you may be wondering how you can …
How to Save Money on Commuting: Comparing fare rates and transport options
Saving up money to move out can be a daunting task, but it is definitely possible with a little planning and effort Moving out of the comfort and security of a family home or shared living arrangement can be an exciting leap toward personal growth, but it often requires careful financial planning and disciplined saving. …
In line with our commitment to providing you with valuable financial information, we are excited to introduce two new loan products on nairaCompare – Money in Minutes Business and WageX Remita Salary Advance. These loans are designed to empower businesses and salaried employees with quick and convenient access to funds, fostering financial growth and enabling …
The Central Bank of Nigeria, CBN, in line with the Banks and Other Financial Institutions Act (BOFIA), 2020, on Monday, May 22, ordered the revocation of the operating licences of over 100 microfinance banks and other financial institutions. Making the announcement, the CBN governor, Godwin Emefiele stated that the bank came to the decision because …
In a recent development, the Central Bank of Nigeria (CBN) revoked the licenses of 132 microfinance banks and other financial institutions. Read the full list here. In this blog post, we will delve into the implications of the license revocation for depositors and shed light on what it means for their overall financial stability. On …
CBN Revokes Licenses Of 132 Microfinance Banks: What this Means for Depositors
Money makes the world go round" is a phrase that we all have heard at least once in our lifetime. The importance of money in our daily lives is undeniable. However, financial literacy is not something that is widely taught in schools or even at home. In his best-selling book, "Rich Dad, Poor Dad," Robert …
If you are a bank account holder in Nigeria, you must have heard about the Bank Verification Number (BVN) system. The BVN is a unique 11-digit number that serves as a universal ID for all Nigerian bank account holders. It was introduced by the Central Bank of Nigeria (CBN) in 2014 to curb financial fraud, …
How to Check Your BVN Using MTN, Glo, 9Mobile and Airtel: A Guide
To save money fast, there are steps you must take to plug your money leakages. Saving money is all about making small changes and being consistent. Saving money in Nigeria is one of the most important things you can do for your financial stability. People tend to struggle to save money as their salaries have …
The 2023 International Women’s Day, IWD, is around the corner and there is no better time to highlight some of the money secrets to learn from Ibukun Awosika. One of Nigeria’s few female powerhouses, Mrs Awosika embodies the saying that women are the architect of the society. An accomplished entrepreneur, banker, philanthropist and motivational speaker, …
