Nigerian commercial banks closed at least 2 million bank accounts in the first quarter of 2024, Q1’24. The move was aimed at eradicating questionable accounts, particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN. Theadvocate.ng recalls that the Central Bank of Nigeria,…
FCMB Group Plc grew deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard. The Group recorded a profit before tax of ₦104.4 billion, a 186% year-on-year (YoY) increase compared to ₦36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6%, Consumer Finance 67.3%,…
The Naira on Tuesday appreciated to N1,320 per dollar in the parallel market, from N1,340 per dollar on Monday. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,390.96 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,390.96 per dollar from N1,419.11 per dollar on…
The Senate Committee on Finance has expressed worry over, “the instability and continuous depreciation of the naira.” In a statement, the Chairman of the Committee, Senator Mohammed Sani Musa, said the committee is monitoring the situation and is committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue. He…
Shareholders of Zenith Bank Plc have unanimously approved the restructuring of the bank to a holding company. The approval was secured during a court-ordered Extraordinary General Meeting (EGM). The meeting held virtually at the weekend from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos. In accordance with the Scheme of Arrangement, dated March 28, pursuant…
Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN). This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow. The sector on…
A financial data and media company, Bloomberg, has ranked the Dangote Refinery above the top 10 biggest refineries in Europe According to data compiled by the business news platform, the refinery has more capacity than many European ones. The $20bn-worth refinery located in Lekki-Epe Expressway, Lagos State, can refine 650,000 barrels of petroleum products per…
Northern coalition condemns high cost of goods, Naira official window For the sixth consecutive day, Nigerian currency Naira continued its fall against the American dollar at the official window as the domestic currency traded at N1,309.88/$1. This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM), it was gathered. At the…
The Association of Bureau De Change Operators of Nigeria, ABCON, has blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market. The National President of ABCON, Aminu Gwadabe, disclosed this in an interview with NAN on Wednesday. He stated that as long as Binance…
The Naira has depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, the Naira depreciated…
