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…
The gross earnings of Zenith Bank Plc rose by 189 per cent in the first quarter of the year; the bank has announced its unaudited results. The impressive triple-digit growth performance shot the bank’s earnings to N781 billion as against the N270 it reported in the first quarter of last year. According to the report,…
Access Bank Plc has championed the call for corporate organizations to leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations’ Sustainable Development Goals (SDGs). Group Head, Commercial Banking Division at Access Bank, Ralph Opara, made the call at the 2024 Medic West Africa Event, organised by ABCHealth in collaboration…
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,…
