When the management of the Nigerian Exchange Limited (NGX) announced last July that it was reclassifying Fidelity Bank Plc from small-price stock to medium-price stock, financial analysts concluded that the road to attaining Tier 1 status by the bank is closer than ever imagined. In full year 2022, the bank briefly fell into the Tier 1 category and saw the …

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the naira. Similarly, the Naira depreciated to N1,255 per dollar in …

The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each licensed Bureau De Change (BDC) operator nationwide. This marks the second such intervention this month by the apex bank. In a circular addressed to the President of the Association of Bureau De Change Operators (ABCON), the CBN outlined the details of the intervention. BDCs will be …

The Federal Ministry of Finance has recovered over N57 billion from the N5.2 trillion debts owed by ministries, departments and agencies (MDAs) to the Federal Government. The Director of Special Projects, Federal Ministry of Finance, Aisha Omar, disclosed this in Enugu on Tuesday, during a one-day workshop on the Federal Government Debt Recovery Drive, through the Project Lighthouse Programme for …

First Bank of Nigeria (FBN) has appointed Olusegun Alebiosu as its acting managing director (MD) with effect from April 2024. The Bank stated this in a release by its acting company secretary, Adewale Arogundade. Alebiosu takes over from Adesola Adeduntan, who gave up the role abruptly on Saturday even though he was due to complete his tenure in December 2024. …

Stanbic IBTC Bank recently announced 70 more customers as winners of ₦100,000 each in its Reward4Saving promo March draw. The promo was launched to encourage Nigerians to save and earn rewards for maintaining a consistent savings habit. The Reward4Saving 3.0 promo will continue to reward 70 customers who maintain at least N10,000.00 in their savings account for up to 30 days, …

PalmPay has announced the first set of winners in its ongoing Eid campaign tagged PalmPay Eid Bonanza, which kicked off on 10th April and will run until 30th April 2024. Since the start of the bonanza on 10th April, 5 lucky winners have been emerging daily simply by performing tasks on the PalmPay App such as transferring funds, airtime and …

Ecobank Transnational Incorporated (ETI) has repaid its $500 million five-year Eurobond, which was due today, 18th April. The bank stated this in a corporate filing with the Nigerian Exchange Limited, as obtained by  NEWSMEN on Thursday. ETI’s Group Chief Financial Officer, Mr. Ayo Adepoju said the bond represented ETI’s first Eurobond issuance in April 2019, noting that the repayment serves …

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions, unveiled its latest upgrade to its Stanbic IBTC Super App. This forward-looking application, tailor-made for business clients, promises to reinvent the way companies handle their financial transactions. The Super App offers a comprehensive financial solution by integrating Insurance, Pension, Stockbroking, Asset Management, and Banking Services. It is a one-stop platform for …

Nigeria’s foreign reserves fell to $32.29 billion on 15 April, the lowest in over six years. According to the latest data from the Central Bank of Nigeria (CBN), the reserves moved from $34.44 billion, the highest level in 2024, to $32.2 billion on 15 April. The foreign reserves dropped by $2.15 billion or 6.26 per cent. This brings to an …