Banking & Finance

Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23.This represents a 7.16 per cent gain when compared to …

Susceptible to critique, accomplished banker-cum-administrator Bismarck Rewane was on Channels Television recently to analyse how the Central Bank of Nigeria’s Monetary Policy Committee hiked the Monetary Policy Rate (MPR) from 18.75 percent to 22.5 percent (400 basis points) will affect Nigerians. Elaborating on what he termed the audacity of the …

A forensic document examiner seconded to the Economic and Financial Crimes Commission, Bamaiyi Haruna on Thursday said the analysis conducted on the documents used to release $6.2m from the Central Bank of Nigeria in February 2023 showed that they were forged. The EFCC had alleged that on February 8, 2023, …

In the heart of Nigeria’s Ekiti State, a groundbreaking initiative is taking shape – the Ekiti Knowledge Zone (EKZ), a bold step to transform the region into a hub for digital innovation and knowledge economy. The African Development Bank has committed $80 million in loan financing for this state-led pioneering …

The board of Access Holdings Plc said an acting Group Chief Executive Officer will be announced soon to replace its late CEO, Herbert Wigwe.The company, in a statement signed by the Group Company Secretary, Sunday Ekwochi on Sunday, confirmed Wigwe’s death, as well as his wife and son in an …

The Nigerian National Petroleum Company (NNPC) Limited have collaborated with the Central Bank of Nigeria (CBN) to set limits for the management of the oil firm’s revenue. The limit was set following a meeting between the CBN Governor, Olayemi Cardoso and the NNPCL Group Chief Executive Officer, Mele Kyari, in …

The Nigerian economy is looking good in some sectors. This is not a harebrained assessment, despite the high inflation and the unstable exchange rate of the Naira. Those who doubt this don’t need to look far, for a reality check. The economic boom is happening at the Nigerian Exchange, where …

Chief Economist, Senior partner at SPM Professionals, Paul Alaje said Nigeria may have to borrow to service debt in 2025 if the federal government does not take serious precautionary measures. Alaje stated this during an interview with Arise Television on Monday. He said, “You look at the debt profile today …

The African Development Bank has decided to withdraw all its international staff from Ethiopia immediately. The office will remain open under an Officer-in-Charge. These measures will not affect nationally recruited staff from Ethiopia who will continue their work and remain in the full employment of the Bank. The Bank will …

The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has blamed panic withdrawals by bank customers, and activities of ignorant and unscrupulous persons hoarding the Naira Notes for unethical gains for the unending cash crunch across the country. In a statement titled “Scarcity of Naira notes”, President …