In continuation of its commitment to empower the girl child in select public secondary schools, Polaris Bank, Nigeria’s Best Digital Bank this week stormed the city of Kano, Abuja and Kogi to donate hundreds of school bags, uniforms, sandals, books and other educational items to indigent students. Over the course of five days, the bank’s officials visited the Government Girls …

The number of digital lenders licensed to operate in Nigeria has risen to 211 based on new data from the Federal Competition and Consumer Protection Commission (FCCPC). Of the 211 digital lenders, 172 have full approval, while 39 have conditional approvals. This is a slight increase from the 204 licensed digital lenders as of September. The FCCPC, under its ‘Limited …

The naira has appreciated to N970 per dollar on the black market, as the government’s plans to shore up dollar liquidity in the foreign exchange (FX) market, triggered positive sentiments. Street traders were already buying dollars at the rate of N950 at the weekend as against N1,130 bought on Thursday last week. Speculators who have been hoarding dollars for arbitrage …

The Nigerian Youth Parliament (NYP) has advocated for more budgetary allocation to the Federal Ministry of Youths to fund more youth development initiatives, especially at this time that the ministry was separated from Sports. The Speaker of the parliament, Azeezat Yishawu, made the call immediately after a meeting with the Minister, Dr. Jamila Ibrahim, and members of the NYP. According …

A report being syndicated by a section of online media with the title: ‘Polaris Bank loses N26b loans granted to 6 ex-directors without collaterals’, made several claims in figures, interpretations and practices. Claim 1. POLARIS Bank has lost N26.005 billion worth of loans granted to 6 ex-directors, mostly without collaterals This claim is untrue, founded primarily on lack of understanding …

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 …