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The Naira dropped against the US Dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday due to increased demand for foreign payments. While sharp FX interventions have slowed, leading to local currency fluctuations, market analysts maintain a positive exchange rate outlook for the year. The Apex Bank defended the Naira with $150 million in ...
The naira opened the week on a positive note, appreciating to N1,365.24 against the U.S. dollar at the official market. Data from the Central Bank of Nigeria showed that the local currency gained N9.69. This represents 0.7 per cent increase compared with N1,374.94 recorded on Thursday, April 30.
The Nigerian Naira maintained a position of relative stability in the official foreign exchange market today, May 4, 2026, as the Central Bank of Nigeria (CBN) provided its latest update on the nation's currency pegs. According to the apex bank’s official data, the exchange rate is positioned at ₦1,374.94 to the US Dollar, a figure ...
By Damilare Adeleye The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for sweeping reforms to streamline Nigeria’s investment processes against bureaucratic bottlenecks to enhance Nigeria’s attractiveness to both domestic and foreign investors. This call was made during a courtesy visit by a delegation by the RMAFC led by Enefe Ekene, Chairman of the ...
Nigeria’s sovereign Eurobonds maintained a positive trajectory through the final week of April and the start of May 2026, as buying interest across the curve drove prices upward and compressed yields. Data from the Debt Management Office (DMO) indicates that investor appetite remained robust for mid-to-long-tenored instruments, reflecting growing international confidence in Nigeria’s fiscal reforms ...
The Nigerian Exchange (NGX) reached an unprecedented peak this past week, with the All-Share Index (ASI) shattering the 228,000-point threshold. Following a midweek rally led by heavyweights in the industrial and consumer goods sectors, the benchmark index settled at 228,740.19 points, marking a massive 2.30% gain in a single trading session on Tuesday. This surge ...
By Damilare Adeleye Fidelity Bank Plc has announced the retirement of Mrs. Morohunke Bammeke as an Independent Non-Executive Director following the successful completion of her tenure on the bank’s board. In a press release issued on Thursday, the Company Secretary, Ezinwa Unuigboje, formally notified NGX Regulation Limited and the investing public of the transition. The ...
The Nigerian Naira concluded the month of April 2026 on a bullish note, gaining value against the U.S. Dollar in the official Nigerian Foreign Exchange Market (NFEM). According to the latest data from the Central Bank of Nigeria (CBN), the Naira strengthened to an official rate of ₦1,374.94/US$1, up from the ₦1,379.46/US$1 recorded during the ...
United Bank for Africa Plc (UBA) has reinforced its commitment to deepening collaboration between banks and fintechs across Africa, following the successful hosting of its inaugural Fintech Conference themed “Navigating Regulatory Milestones: The Future of Bank–Fintech Partnerships.” The conference convened more than 20 leading fintechs and ecosystem stakeholders, including PalmPay, OPay, PayAza, Mastercard, Visa, Nigeria ...
By Damilare Adeleye Abbey Mortgage Bank PLC has announced plans to pay shareholders a final dividend of 12 Kobo for every 50 Kobo share held for the financial year ended December 31, 2025. The bank announced this Thursday in a Corporate actions notice signed by Company Secretary, Geoff Amaghereonu, and obtained on the Nigerian Exchange ...
Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements as of March 31, 2026, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group posted Profit Before Tax of ₦302.9billion on the back of strong performance posted on the core earnings lines of interest income and ...
The Nigerian equities market closed the final trading session of April on a strong bullish note, extending the upward momentum that has persisted since Q1 2026. The benchmark NGX All-Share Index (ASI) advanced by 2.14% to close at a new all-time high of 242,277.81 points, up from 237,205.59 points in the previous session. Market capitalization ...
The Nigerian financial markets witnessed a significant boost in banking system liquidity on Wednesday, with available funds jumping by 40.38% to settle at ₦6.35 trillion. This substantial increase from the previous day's ₦4.52 trillion exerted downward pressure on the interbank market, forcing the Overnight Rate to dip by 4bps to 22.11%. Despite this volatility in ...
...posts N67.07bn revenue Customer deposits in Wema Bank have surged to N3.29 trillion for the first quarter ended March 31, 2026. This is as the Bank sustained its upward trajectory reporting a significant expansion in its bottom line for the first quarter ended March 31, 2026. Building on a record-breaking 2025 performance, the bank's latest financial statements reveal a ...
Bayelsa State has been ranked among four states in Nigeria with the least level of indebtedness.This news according to a statement from the State Government is a confirmation of the prudent management of resources and accountability by the current Government of Assured Prosperity under Governor Douye Diri.Accordingly, Bayelsa has shown strong fiscal management, with 2025 ...
Osun State has secured a 100% fiscal transparency rating in the Q3 2025 report released by BudgIT, placing the state among the top tier for financial accountability in Nigeria. The ranking was highlighted in a statement by the Imole Campaign Council (TICC) on Tuesday, which described the achievement as an independent validation of Governor Ademola ...
By Damilare Adeleye Nigeria’s exchange rate dynamics reflected a mix of mild stability and persistent pressure on Tuesday, as the naira closed at N1,380.71 per dollar at the Nigerian Foreign Exchange Market (NFEM). According to official figures for April 28, 2026, the currency traded within a band of N1,367.50 to N1,385.00 during the session, before ...
By Damilare Adeleye Ecobank Group has posted $195 million in profit before tax for the first quarter of 2026, up 21% compared to the preceding year. The pan-African bank disclosed this in its unaudited Q1 2026 results obtained on Monday on the Nigerian Exchange Limited. According to the results, attributable profit to shareholders of ETI ...
By Damilare Adeleye The Joint Revenue Board (JRB) has called for the accelerated harmonization of taxes across Nigeria, warning that fragmented systems are undermining efficiency and constraining revenue mobilization across all tiers of government. This call was detailed in a communiqué issued at the conclusion of the Board’s 159th meeting, held from April 20 to ...
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy. The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the ...
OPay, a leading financial technology company in Nigeria, took center stage as the Headline Sponsor of the inaugural BusinessDay Fintech Summit held on Wednesday, April 22, 2026, at the Oriental Hotel, Lagos. The summit, themed “The Next Financial Frontier: Intelligence, Infrastructure & Inclusion in Africa’s Digital Money Economy,” brought together key players across the financial ...
The Chairman of the Ecobank Alumni Association, Mr Olugbenga Adimula, on Friday said the group had introduced a welfare scheme to support members and strengthen professional networking. Adimula said this in Lagos during the association’s 2026 reunion, noting that the initiative included a welfare fund and a group life assurance package for members. He explained ...
