The Naira on Tuesday appreciated by N73.39 at the official market, trading at N1,561.76 to the dollar. Data from the official trading platform of the FMDQ Exchange revealed this. This represents a 4.48 per cent gain when compared to the previous trading date on Monday when it exchanged at N1,635.15 to a dollar. Also, the total daily turnover increased to …

The Redeemer’s University, Ede, Osun, on Tuesday, inaugurated its microfinance bank – RUN Microfinance Bank Ltd. The bank is located within premises of the university. At the inauguration, the Vice-Chancellor of the university, Prof. Shadrach Akindele, said that setting up the bank was part of the university’s commitment to financial inclusion and empowerment. Represented by his Deputy, Prof. Ahmed Yerima, …

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. This is according to a press statement from the apex bank on Sunday. Speaking during an address at …

The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange rate closer to market reality. About three CBN Governors before Cardoso had toyed with the floatation option when they faced constant excess …

MThe Central Bank of Nigeria (CBN) sold a total of $543.5 million to authorised dealers at the Nigerian Foreign Exchange Market (NFEM) in September 2024. The bank’s Director of the Financial Markets Department, Dr. Omolara Duke, disclosed this in a Summary of September Spot Sales in Abuja on Friday. According to the director, the sales were through two-way quotes and …

A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022. Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor …

United Bank for Africa (UBA) has posted a 40 per cent growth in gross earnings to N1.37 trillion in the first half of 2024 from N981.77 billion in the prior period of last year. The pan-African banking group declared an interim dividend of N2 per share for, a 300 per cent increase from the N0.50 declared in the same period …

An aide of former President Mohammed Buhari has refuted the claim of the Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the nation’s economy between 2015 and 2023. Buhari was President in those years. Buhari’s aide, who spoke on the condition of anonymity …

The Central Bank of Nigeria has extended the suspension of cash deposit processing fees until 31 March 2025, from the previous 30 September 2024, deadline. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by its Director of Banking Supervision, Adetona Adedeji, on Friday in Abuja. It also directed the suspension of …

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …