United Bank for Africa (UBA) Plc has emerged as the Best Regional Bank – West Africa at the prestigious African Banker Awards 2024. The annual African Banker Awards, organised by the African Banker Magazine, took place at the JW Marriott Hotel in Nairobi, Kenya, on the side-lines of the African Development Bank Annual Meetings. The…
Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107 Central Bank of Nigeria (CBN) Anchor Borrowers’ Loan debt. Justice Chukwujekwu Aneke granted the bank an interim Global Standing Instruction (GSI) injunctive relief, following its application on May 27. The…
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. The award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides…
The Naira yesterday depreciated in the parallel market to N1,525 per dollar from N1,520 per dollar last weekend. However, the Naira appreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,339.33 per dollar from N1,482.81 per dollar last…
The Naira on Monday appreciated in the parallel market to N1,475 per dollar from N1,480 per dollar last weekend. Similarly, the Naira appreciated to N1,468.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,468.99 per dollar from N1,497.33 per dollar…
Customers of eight commercial banks paid N119.3 billion as service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24). People Talk: On sale of new Naira notes at Nigerian parties0:00 / 0:00 This represents a 65 percent year-on-year (YoY) increase when compared with N72.22 billion the customers paid in Q1’23. The…
The Executive Director and CEO, UBA Africa, Mrs. Abiola Bawuah, has emphasised the importance of securing funding and forging strategic partnerships Acknowledging the pivotal role that infrastructure plays in driving economic growth and enhancing livelihoods on the continent, she underscored the urgency for concerted efforts to address the continent’s infrastructure deficit. Speaking in a panel…
The Nigerian Exchange Limited (NGX) is gaining attention as banks prepare for possible capital raise in the market amid the latest recapitalisation exercise by the Central Bank of Nigeria (CBN). Stakeholders are concerned about the Exchange’s competence and preparedness to handle the possible influx of banks in a bid to meet up with CBN’s recapitalisation…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food inflation is higher still at 40 per cent. Cardoso,…
International Oil Companies (IOCs) operating in Nigeria could inject up to 50 per cent of their oil and gas export proceeds in the Nigerian foreign exchange (forex) market through direct sales and settlement of several domestic financial obligations. In an update to its forex management policies, the Central Bank of Nigeria (CBN) yesterday permitted IOCs…
