The Federation Account Allocation Committee (FAAC) has distributed the sum of N1.578 trillion, being March 2025 Federation Account Revenue to the three tiers of government. The Office of the Accountant-General of the Federation (AGF) said last night that the money came from the Federation revenue in the month of March. The total distributable revenue of N1.578 trillion comprised statutory revenue …

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the alleged N1.3 trillion frauds perpetrated through a digital investment platform, CryptoBank Exchange (CBEX). CBEX, operated by a group of foreign nationals in collaboration with their Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds. The EFCC spokesman, Dele Oyewale, …

The Central Bank of Nigeria (CBN) has said that Nigeria would need strong, resilient and stable banks in its quest to achieve the $1 trillion economy target set by President Bola Tinubu against 2030 timeline. In an address at the 36th CBN Seminar for Finance Correspondents and Business Editors, in Abuja, yesterday, the Deputy Governor, Corporate Services of the bank, …

Access Bank has received final regulatory approvals to acquire 100% of National Bank of Kenya Limited (NBK) from KCB Group Plc. The Central Bank of Kenya (CBK) made the announcement in a statement posted on its X page on Monday. The development comes more than one year after Access Bank announced an agreement to acquire NBK from KCB Group Plc. …

The naira yesterday depreciated to N1,620 per dollar in the parallel market from N1,575 per dollar on Tuesday. But the Naira appreciated to N1,611.55 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by FMDQ, showed that the indicative exchange rate for the naira fell to N1,611.55 per dollar from N1,612.24 per dollar on Tuesday, indicating 69 kobo …

The naira depreciated by 2.4 per cent and 2.6 per cent in March at both the Nigerian Autonomous Foreign Exchange Market window and the parallel market compared to the previous month. According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira dropped to N1,536.82/$ and N1,530.00/1.00 at the NAFEM window and …

The Naira yesterday depreciated to N1,629 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira rose to N1,629 per dollar from N1,600 per dollar last week Friday, indicating N29 depreciation for the naira. Likewise, the naira depreciated to N1, 570 per dollar …

The Central Bank of Nigeria (CBN) injected $197.71 million into the foreign exchange market last Friday, as part of its commitment to ensuring adequate liquidity and maintaining orderly market functioning. This was disclosed in a statement on Saturday by the Director of the Financial Markets Department, Dr Omolara Omotunde-Duke, reiterating the bank’s stance on maintaining market integrity and operational transparency. …

The Naira yesterday appreciated to N1, 590 per dollar in the parallel market from N1,600 per dollar last weekend. The Naira depreciated to N1,549 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira rose to N1,549 per dollar from N1,548 per dollar …

Nigerian naira has slumped massively against the dollar across parallel and official foreign exchange markets. At the black market, the Naira depreciated to N1,580 per dollar on Thursday from N1,525 traded on Wednesday. This means in a single day, the Naira lost N55 against the dollar compared to the N1,525 per dollar exchange rate on Wednesday. A Bureau de Change …