The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday. Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for …

The Monetary Policy Committee of the Central Bank of Nigeria has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from 27.25 per cent in September 2024. The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 298th MPC meeting in Abuja. “The Committee was unanimous in its …

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria is projected to maintain its inflation-tightening stance at its last meeting of the year in the face of rising inflation. At its September meeting, the Committee raised the Monetary Policy Rate by 50bps to 27.25 per cent, emphasising concerns over core inflation, money supply growth, fiscal deficits, and food …

The Naira today depreciated to N1,750 per dollar in the parallel market from N1,745 per dollar on Thursday. But the Naira appreciated to N1,652.62 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,652.62 per dollar from N1,658.67 per dollar on Thursday, indicating N6.05 appreciation for …

Leading financial institution, Fidelity Bank Plc, has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo. Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank Plc and the Promo Committee …

Polaris Bank concluded its nationwide financial literacy initiative with an impactful session at the MD/CEO’s designated school, Government Day Secondary School, Pantami, Gombe State, marking the culmination of its activities to commemorate World Savings Day 2024. Through the programme, aimed at promoting a culture of saving and financial responsibility among young Nigerians, the bank’s team reached out to schools across …

Depositors of the recently liquidated Heritage Bank have appealed to President Bola Tinubu over the non-payment of their deposits since the Central Bank of Nigeria (CBN) revoked the bank’s license on  3 June 2024. The depositors, many of whom are facing severe economic hardship, lament that more than 200 of their members have died from hunger and heart attacks, while …

The federal government spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal government debt service increased by 39.7 percent from the $2.56 billion spent during the same period in 2023. The data showed that the highest …

Stanbic IBTC Holdings has reaffirmed its market leadership by securing multiple prestigious awards at the 2024 FMDQ Gold Awards. Recognised for its excellence, resilience, and innovation, Stanbic IBTC Bank received top honours FMDQ FX Market Liquidity Provider, FMDQ Dealing Member of the Year, and FMDQ Fixed Income Market Liquidity Provider categories, while Stanbic IBTC Asset Management was honoured as the …

The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,681.42 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,681.42 per dollar from N1,678.87 per dollar last Friday indicating N2.55 depreciation for …