The Central Bank of Nigeria (CBN) is not defending the naira with foreign reserves, its Governor Olayemi Cardoso, said yesterday at the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC. Cardoso said: “Defending the naira seems to be a prevalent theme. Let me be very clear: it is not our intention to defend the naira”. …

The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, ‘Educate and Skill Africa for the 21st Century’. Managing Director of The Alternative Bank, Hassan Yusuf unveiled the plan …

The Chief Executive of Stanbic IBTC Bank, Dr. Demola Sogunle said that Stanbic IBTC is the largest FX liquidity provider outside CBN. Sogunle said this in his welcome address at the Energy and Infrastructure Breakfast Session, held at Eko Hotel & suites, Victoria Island, Lagos, on Tuesday. He explained: “Stanbic IBTC operates with 11 subsidiaries and as a group, Stanbic IBTC …

Leading financial institution, Fidelity Bank Plc has released its 2023 full year Audited Financial Statements, reporting a 131.5 per cent growth in Profit Before Tax to N 124,26 billion. According to the results, which was issued to the Nigerian Exchange (NGX) on Tuesday, the bank grew Gross Earnings by 64.9 per cent YoY to N555.83 billion, driven by 81.6 per …

The Naira, yesterday, appreciated to N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,136.04 per dollar from N1,143.38 per dollar last week Friday, indicating N7.34 appreciation for the naira. …

Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has been released after meeting the bail conditions granted him by the court. Emefiele, who arrived at the Lagos High Court, Ikeja in custody of operatives of the Economic and Financial Crimes Commission (EFCC) on Friday, left for his home after the court proceedings. Justice Rahman Oshodi, who …

The Association of Bureaux de Change Operators of Nigeria (ABCON) has expressed support for the Central Bank of Nigeria’s directive to banks to stop the use of domiciliary accounts as collateral for naira loans. President of ABCON, Aminu Gwadabe, revealed the association’s stance in a statement on Thursday, pointing out that the directive would not only boost liquidity in the …

Tensions are escalating between the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) over the determination of foreign exchange (FX) rates used in calculating import duties. The CBN has doubled down on its position, underlining that the FX rate at the close of business on the date an importer submits Form M, a crucial document for importation, …

The Central Bank of Nigeria (CBN) has directed all banks in the country to stop the use of foreign currency-denominated collaterals for Naira loans. In a circular to the banks on Monday, CBN’s acting Director of the Banking Supervision department, Mr. Adetona Adedeji said that the regulatory observed the use of foreign currency by bank customers as collateral for Naira …

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the  Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members. ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade & Exchange Department, obtained by The PUNCH. The appeal comes when …