The naira has risen to N1,120 against the dollar as the foreign exchange market reacted to news that the Central Bank of Nigeria (CBN) has begun to clear some of its FX backlog on Thursday. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux …

The Central Bank of Nigeria (CBN) has refuted claims of cash scarcity at banks, automated teller machines, Points of Sale, and Bureaux de Change in various major cities nationwide. In an official statement by the Director of Corporate Communications, Isa AbdulMumin, shared on their X account on Thursday, the apex bank clarified the situation. CBN refutes cash scarcity reports, assures …

Share prices at the Nigerian stock market rallied to their highest level yesterday. Positive sentiment on ongoing economic reforms and corporate earnings drove the pricing gauge for the Nigerian market to a new threshold. The All-Share Index (ASI) – the benchmark index that measures pricing trends in the stock market, crossed the 70,000 mark to close yesterday at 70,581.76 points. …

The Central Bank of Nigeria (CBN) has said that it has no plan to redenominate or restructure the naira notes in 2024. In a statement on Tuesday on its X handle, apex bank’s Director of Corporate Communications, Isa AbdulMumini urged Nigerians to disregard the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal …

Fidelity Bank Plc’s leadership in the exports space has once again been reaffirmed with the bank’s emergence as the Export Finance Bank of the Year at the BusinessDay and Other Financial Institutions’(BAFI) Awards 2023. The bank was presented the award at a prestigious dinner last Saturday at Lagos Continental Hotel, Victoria Island, Lagos. A statement by BusinessDay Media Limited, the …

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will reflect the true value of the naira. He also said the plan which would include a crackdown on illicit currency trading, would result in naira closing its gap …

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, has unveiled the highly anticipated second season of its transformative and creative initiative – the FUZE Talent Show. Building on the success of the inaugural season, FUZE Talent Show 2.0 is set once again to ignite the talents and aspirations of Nigerian youths. The FUZE Talent Show initiative is evidence …

Polaris Bank shone brightest over the weekend as its bespoke home-grown digital bank, VULTe won for the third time, Nigeria’s ‘Best Digital Bank of the Year’ prize at the prestigious BusinessDay’s Banks And Other Financial Institutions (BAFI) Awards. Polaris Bank also scooped ‘Best MSME Bank of the Year’ award at the same event. VULTe, is a digital banking platform designed …

Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele was released from the custody of the Department of State Services (DSS) on Thursday and reportedly subsequently picked up by the Economic and Financial Crimes Commission (EFCC). However, when newsmen contacted the spokesperson for the EFCC, Dele Oyewale, on Friday concerning the development, he simply said “I am …

The Akwa Ibom State Internal Revenue Service has shut down three banks for their alleged failure to remit outstanding tax liabilities of N228.6 million to the state government. The banks were shut down on Thursday during an exercise conducted by the board’s Enforcement and Recovery Department, following an order of Notice of Distrain from the Akwa Ibom State High Court, …