Red Flags That Signal Scams
You think it could never happen to you until it does. And when it finally happens, the warning signs were usually right in front of you. Scammers are skilled at making their schemes look completely legitimate. This is why knowing how to spot red flags early is one of the best ways to protect your money and personal information.
1. Unsolicited requests for personal or financial information
If someone you do not know reaches out through a call, SMS, email or social media message and asks for sensitive details, slow down. Banks do not request your PIN, password or OTP through these channels. Any attempt to make you act immediately is a clear warning sign.
2. Inconsistencies in communication or branding
Look closely for poor grammar, unfamiliar links, slightly altered logos or strange URLs. These small inconsistencies often reveal a phishing attempt pretending to be a trusted institution. Always cross-check the source before responding.
3. Pressure to keep the conversation secret
Scammers often create a sense of urgency or exclusivity while discouraging you from speaking to anyone. This tactic is meant to stop you from seeking advice or noticing the deception.
4. Unrealistic promises
Any offer that claims high profit with little or no risk is most likely fraudulent. Legitimate investments do not guarantee instant returns. Always research the opportunity and question anything that sounds too perfect.
5. Fake testimonials and proof
Do not rely on glowing reviews, screenshots or social media posts. Scammers create fake testimonials to appear credible. Always verify claims on your own.
Finally, trust your instincts. If something feels off, always verify before acting.
As we mark International Fraud Awareness Week, the main message is simple. Stay alert, check links before clicking, question offers that sound too good to be true and protect your personal information with intention.
NOW TO THE NEWS
Vale Finance Launches Business Finance App to Simplify Business Banking for SMEs
Vale Finance, a Nigeria Fintech Company, has unveiled its new business finance app, “Vale Business”, designed to help small and medium-sized enterprises (SMEs) and corporate users manage their business money more efficiently and effectively
The fintech company, says the platform is designed to combine everyday banking needs with growth-focused tools.
The app offers several features to help businesses manage and grow their funds. The “Vault” feature allows businesses to set aside funds while earning profits, while “Flex Biz” provides a flexible account for daily transactions with 10% annual interest paid daily. Businesses can also access quick loans through the app to support expansion and cover operational needs.
Vale Finance explained that the app was developed to address common pain points such as cash flow management, limited access to financing, and underutilized savings options. By integrating multiple services into one platform, the company aims to give business owners a clearer view of their finances and more opportunities to grow.
The app is now available for download on the Google Play Store and Apple App Store for both new and existing users.
Naira ends week on weak note, closing at N1,444/$1
The Nigerian Naira closed the week weaker in the official foreign exchange market, ending at N1,444/$1 on Friday, according to data from the Central Bank of Nigeria (CBN). This marks a decline from the previous week’s closing rate of N1,438.5/$1, highlighting a mild but noticeable depreciation.
Throughout the week, the Naira faced persistent pressure, opening at N1,437.50/$1 on Monday and gradually weakening to N1,444.85/$1 by Wednesday before slightly recovering to N1,441/$1 on Thursday, then closing at N1,444/$1 on Friday. The trend reflects ongoing challenges in maintaining currency stability despite a steady rise in Nigeria’s foreign reserves.
Week-on-week comparisons show increased volatility in the FX market, with the Naira experiencing sharper swings compared to the previous week. Analysts attribute the weakening trend to sustained demand pressure, lower foreign exchange liquidity, and speculative activities impacting the currency’s performance.
T+2 migration will Improve market liquidity, reduce Risks – SEC
Nigeria’s Securities and Exchange Commission (SEC) has announced that the country’s capital market will transition from a T+3 to a T+2 settlement cycle for equities, effective 28 November 2025. This means that trades will now settle two business days after execution instead of three. The move is aimed at improving market liquidity, reducing counterparty risk, and aligning Nigeria’s market practices with international standards.
According to SEC, the transition has been thoroughly prepared, with extensive testing conducted by the Central Securities Clearing System (CSCS) Plc and market participants. The regulator confirmed that no issues were reported during the testing phase, signaling strong confidence in the market’s readiness for the change. Under the new system, trades executed on Friday, 28 November 2025, will settle on Tuesday, 2 December 2025, while transactions executed before that date will follow the existing T+3 schedule.
The SEC emphasized that this initiative would allow investors quicker access to funds, foster a more stable and resilient market, and strengthen Nigeria’s position as an attractive investment destination. The Commission also reiterated its commitment to modernizing the capital market through continuous engagement with stakeholders and further improvements to market efficiency and transparency.
FATF Grey List Exit Boosts Naira, Reserves Top $43bn – CBN
Nigeria’s financial markets have responded positively following the country’s removal from the Financial Action Task Force (FATF) grey list, which flagged nations with money laundering and terrorist financing risks.
The milestone has strengthened investor confidence, improved foreign reserves, and driven the naira to a 10-month high of N1,444.42 per US dollar in official markets, while parallel market rates have also appreciated to N1,465 per dollar.
The gains of the naira are attributed to reforms led by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso. Policies aimed at reducing forex speculation, boosting market liquidity, and narrowing the gap between official and parallel rates have supported the currency’s appreciation. The introduction of the Nigeria Foreign Exchange (FX) Code has further strengthened transparency, compliance, and accountability, discouraged speculative trading and improved confidence in the domestic currency.
The FATF delisting reflects Nigeria’s compliance with 40 international recommendations to combat money laundering and terrorist financing. This achievement not only restores confidence in the financial system but also opens the country to increased investment inflows, eases payment hurdles for businesses, and enhances the naira’s competitiveness in global markets. Other countries recently removed from the grey list include South Africa, Mozambique, and Burkina Faso.
Improved macroeconomic indicators are also contributing to the naira’s rally. Gross external reserves reached $43.10 billion, while the second-quarter 2025 current account recorded a surplus of $5.28 billion. Analysts highlight that stronger reserves, coupled with declining speculative activity and inflows from foreign portfolio investors and international oil companies, provide a solid foundation for the currency’s appreciation.
Experts caution, however, that sustaining this momentum will require continued macroeconomic discipline, diversification of export earnings, and maintaining investor confidence. The CBN’s interventions, including the unification of exchange rates, electronic FX matching system, and adherence to the FX Code principles, are central to stabilizing the naira and ensuring long-term integrity, transparency, and efficiency in Nigeria’s foreign exchange market.
