The Naira yesterday depreciated to N1,640 per dollar in the parallel market from N1,620 per dollar on Wednesday. Similarly, the Naira depreciated to N1,639.41 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,639.41 per dollar from N1,625.88 per dollar on Wednesday, indicating N13.53 depreciation for …

Empire Trust Microfinance Bank Limited has relocated to a state-of-the-art office building at Oba Akran Avenue, in the heart of Ikeja, Lagos. According to the bank, the strategic move represents a significant advancement in its journey towards achieving greater success and enhancing its service delivery. The new facility, standing tall for the micro banking sector, is set to strengthen Empire …

The Naira depreciated to N1,625.88 per dollar yesterday in the Nigerian Autonomous Foreign Exchange Market, (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,625.88 per dollar from N1,611.34 per dollar on Tuesday, indicating N14.54 depreciation for the naira. The volume of dollars traded (turnover) in the market declined by 1.8 per cent to $205.76 …

The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation. The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP). The Director …

Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of 30 June 2024, marking a significant increase in the country’s borrowing from the institution. This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu. According to the World Bank’s latest financial statements, Nigeria’s exposure to …

The Naira yesterday depreciated to N1,635 per dollar in the parallel market from N1,625 per dollar last weekend. The Naira yesterday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,585.77 per dollar from N1,598.56 per dollar last weekend, indicating N12.79 appreciation for …

The stark reality of financial exclusion in Africa has been laid bare by the Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba. According to him, a staggering 80% of Africans remain outside the formal financial system, lacking access to essential financial services. At a reception honouring the 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria …

The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). The decision, approved by CBN Governor Mr. Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since he assumed office last year. The sacked NIRSAL executive directors are …

The Naira yesterday appreciated to N1,615 per dollar in the parallel market from N1,620 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,593.93 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,593.93 per dollar from N1,606.56 per dollar on Wednesday, indicating N12.66 appreciation …

The Naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,615 per dollar on Tuesday. Similarly, the Naira yesterday depreciated to N1,606.56 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,606.59 per dollar from N1,594.27 per dollar on Tuesday, indicating N12.32 depreciation …