Barely 48 hours after restating the need to increase the capital base of Deposit Money Banks (DMBs) for improved productivity, the Central Bank of Nigeria (CBN) has announced new guidelines on its recapitalisation policy for banks in the country. The new guidelines were disclosed in a statement by its Acting Director, Corporate Communications, Sidi Ali, in Abuja on Thursday. She …

The naira yesterday appreciated to N1,350 per dollar in the parallel market from N1,430 per dollar on Monday. Similarly, the naira yesterday appreciated to N1,382.95 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on Monday, indicating N25.09 appreciation for …

The Monetary Policy Committee (MCP) of the Central Bank of Nigeria (CBN) on Tuesday concluded its two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN. The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points. The Committee voted …

Foreign airline operators in Nigeria have challenged the announcement by the Central Bank of Nigeria (CBN) that it has cleared all valid foreign exchange backlogs. Speaking through the President of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), Kingsley Nwokeoma, the operators challenged the federal government to provide evidence of payment. “If they’ve paid, they should let us …

The Presidency has warned forex speculators to discard their United States dollars, saying that the Naira would soon appreciate. President Bola Tinubu’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, made this call in a statement via his X handle on Thursday. The presidential aide urged speculators to quickly dump their dollars to avoid “tears”. He wrote: “With backlog …

With billionaire Femi Otedola in the saddle as its new Chairman, First Bank of Nigeria Holdings Plc, on Wednesday, appointed two new non-executive directors for the holding company and three new non-executive directors for the First Bank. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade announced the appointment of Olusola Adeeyo and …

The Central Bank of Nigeria (CBN) has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, the Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had employed Deloitte Consulting, an independent auditing …

Access Bank will acquire the National Bank of Kenya from the KCB Group, its second acquisition of a Kenyan bank in under five years. After purchasing Transnational Bank Limited. in 2019, this is the Nigerian lender’s second acquisition in Kenya. In a statement filed on the Nigerian Exchange Limited on Wednesday, Access Holdings’ Secretary, Sunday Ekwochi announced that the deal’s …

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has unveiled an enhanced version of its mobile app, optimized specifically for businesses. The updated app offers a range of new features designed to streamline and simplify digital banking for business owners. The enhanced mobile app for businesses provides a comprehensive suite of tools to manage finances efficiently. With an intuitive …

Zenith Bank Plc has appointed Dr. Adaora Umeoji as its new Group Managing Director, effective 1st June 2024. This was disclosed in a statement by the Company Secretary, Michael Otu, which was filed with the Nigerian Exchange Limited on Tuesday. Umeoji will take over from Dr. Ebenezer Onyeagwu, whose time in office expires May 31. “Dame (Dr.) Adaora Umeoji is …