Banking & Finance

Yemi Cardoso , CBN Governor Mr. Olayemi Cardoso Governor, Central Bank of Nigeria, in this maiden address to banking and finance industry stakeholders delivered at the Chartered Institute of Bankers of Nigeria (CIBN) 58th Annual Bankers’ Dinner last weekend in Lagos, outlined the basic policy fundamentals to be pursued by …

The naira fell, on Thursday, to N956/$ on the official Investor and Exporter forex window as dollar supply declined by 46.77 per cent. This is a 13.78 per cent decline from the N840.53/$ the naira closed trading on Wednesday according to data from the FMDQ Securities Exchange. Also, the turnover …

The Nigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market. The …

Seven newly elected Nigerian State Governors visited the African Development Bank Group in Abidjan to strengthen cooperation and unlock the country’s vast agricultural potential. The delegation, meeting with Bank President Dr Akinwumi Adesina, was led by Katsina State Governor Mallam Dikko Umar Radda, and included Governors Dr Nasiru Idris of …

The Central Bank of Nigeria has said there is no deadline for the recognition of old naira notes as legal tender in the country. In March, the apex bank under the leadership of its then-Governor, Godwin Emefiele said the old N200, N500, and N1,000 bank notes would remain legal tender …

Disclosing that it anticipated the steady rise in the value of the Naira as witnessed in the past few days, the Presidency has assured that the policies being worked on by the President Bola Tinubu administration will further strengthen the Naira that it will soon exchange for N500 to one …

The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth forecast for the year 2023 to 2.9%. This is against its forecast for 2022 which stood at  3.3 %. The latest forecasts were contained in the IMF’s World Economic Outlook report, October 2023 released on the sidelines of the ongoing …

The African Development Bank Group and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a dual currency line of credit comprising $50 million and €50 million to support local agricultural businesses in West Africa.Dr. George Agyekum Donkor, President and Chairman of the Board of Directors …

Nigeria and other countries in the Sub-Saharan Africa (SSA) region have the highest rates of self-employment and unpaid family employment in the world, according to the World Bank. In its latest Africa’s Pulse report, the multilateral lender said this ranking is leading to depressed worker productivity and limiting workers’ earnings …

The World Bank has said the Nigerian naira is among the worst-performing currencies in the African continent.According to the global bank, the naira weakened by nearly 40 per cent against the United States dollar since it was devalued in June. It made this known in its report titled, ‘Africa’s Pulse: …