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The Central Bank of Nigeria (CBN) has initiated a reverse foreign exchange intervention to moderate the rapid appreciation of the local currency, purchasing $72 million from the official market to maintain stability. The move came after the Naira surged to an intra-week low of ₦1,358 per dollar, representing an ₦87 gain since late December. Following ...
The Nigerian Naira extended its winning streak against the US Dollar on Wednesday, reaching a significant multi-period high of ₦1,358.28 in the official market. This 1.08% appreciation reflects a substantial influx of dollar liquidity at the Central Bank’s FX window, which effectively met international payment demands and bolstered confidence in the local currency. This positive ...
The Nigerian Exchange (NGX) witnessed a significant bullish reversal on Wednesday, with market capitalization expanding by ₦1.37 trillion as investors capitalized on recently devalued stocks. The 1.28% surge, which pushed the All-Share Index (ASI) to 168,030.18 points, was primarily fueled by bargain-hunting activities across key sectors as market participants reacted to fresh corporate earnings announcements. ...
In a decisive move to sharpen its corporate identity and accelerate its long-term growth trajectory, FBNQuest Merchant Bank has officially rebranded as Quest Merchant Bank Limited. The transition, which follows the successful acquisition of all requisite corporate and regulatory approvals, represents a new chapter for the institution as it seeks to reinforce its independent market ...
The Nigerian Naira continued its upward trajectory in the official foreign exchange market on Tuesday, strengthening to close at N1372 against the US Dollar. The local currency’s appreciation comes on the heels of a significant intraday rally, signaling a cooling of the intense liquidity pressures that have historically plagued the Nigerian Autonomous Foreign Exchange Market ...
Ripple’s native token, XRP, faced a sharp decline on Tuesday, sliding to $1.59 and significantly underperforming the broader cryptocurrency market. While the total crypto market capitalization saw a modest 0.92% dip, XRP’s losses were nearly three times steeper, driven by a combination of technical breakdowns and a massive capital rotation into Bitcoin. This downward spiral ...
Nigeria’s banking sector is preparing for a transformative year in 2026 as tighter regulatory oversight, increased capital requirements, and a shift in interest rate dynamics converge to test the industry’s fortitude. According to the latest Nigerian Banking Outlook 2026 by S&P Global, while these headwinds will likely compress profit margins and challenge asset quality, the ...
Transactions on the Nigerian Exchange Limited (NGX) declined by 22.5 per cent in the week ended January 31, 2026, as investor activity slowed across the market. A total of 3.087 billion shares worth ₦81.51 billion were traded in 222,185 deals during the week, compared with 3.748 billion shares valued at ₦99.87 billion exchanged in 237,179 ...
Stanbic IBTC Holdings Plc has reported a pre-tax profit of ₦552 billion for the year ended December 31, 2025, representing an 81.6 per cent increase from the ₦303.8 billion recorded in 2024. The bank disclosed this in its unaudited financial statements, released on January 31, 2026, attributing the strong performance to higher interest income, growing ...
..says earnings drop reflects balance-sheet reset, not weak operations By Sodiq Adelakun Chairman of First HoldCo Plc, Mr Femi Otedola, has explained that the group’s sharp profit decline in 2025 was caused by a deliberate one-off impairment of ₦748 billion, taken to wipe out legacy bad loans and strengthen the bank’s balance sheet. Otedola made ...
Presco Plc has reported a profit before tax of ₦178.56 billion for the financial year ended December 31, 2025, marking a 57.3 per cent increase from the ₦113.53 billion recorded in 2024. The results were contained in the company’s unaudited financial statements submitted to the Nigerian Exchange on January 30, 2026. The agro-industrial firm said ...
Trading on the Nigerian Exchange Ltd. (NGX) closed mixed on Friday, as market capitalisation rose by N184 billion in spite of a slight decline in the All-Share Index. Market capitalisation increased by 0.17 per cent to N106.153 trillion from N105.969 trillion recorded in the previous trading session. The gain was driven by Presco’s additional listing ...
The Naira on Friday closed the week stronger further appreciating against the U.S. dollar at the official market to trade at N1,386.55. According to data released on the official website of the Central Bank of Nigeria (CBN), the Naira gained N10.43. This represents a 0.7 per cent gain when compared to Thursday when it traded ...
…urges Banks–FinTech collaboration to reduce cash outside the banking system By Sodiq Adelakun The Central Bank of Nigeria (CBN) has upgraded the operating licences of several leading FinTech firms and Microfinance Banks (MFBs), including Opay, Moniepoint and Kuda Bank, granting them national status in recognition of their nationwide footprint. The development was disclosed by Mr ...
The Nigerian naira appreciated to N1,418 per dollar at the official Nigerian Foreign Exchange Market (NAFEM) window on Monday, supported by strong exporter activity and non-bank corporate inflows. The move comes as the U.S. dollar index (DXY) weakens amid geopolitical tensions and broad market shifts. Data from the Central Bank of Nigeria (CBN) showed the ...
In a major move to fortify Nigeria’s financial system, the Central Bank of Nigeria (CBN) has announced that Nigerian banks have committed to a strict timeline of under 30 minutes for responding to fraud alerts. This decisive measure is expected to drastically improve fund recovery rates and mitigate systemic risks across the banking sector. The ...
The Nigerian naira recorded a marginal decline against the US dollar in trading on Wednesday, January 21, 2026, as both the official and parallel markets reflected modest fluctuations amidst evolving economic activity. At the official Nigerian Foreign Exchange Market (NAFEM), the currency traded around ₦1,420 to the dollar, a slight depreciation from the ₦1,417 recorded ...
The Central Bank of Nigeria (CBN) is set to conduct its second Treasury Bills (T-Bills) auction for January 2026 today, offering a total of ₦1.15 trillion across standard maturities. This move comes as recent Open Market Operations (OMO) continue to reshape liquidity conditions and influence yield expectations in the fixed-income market. According to the CBN’s ...
The Nigerian naira showed signs of stability in currency markets today, Tuesday, January 20, 2026, recording modest gains in the official foreign exchange market and a relatively steady performance in the parallel market. In the official Nigerian Foreign Exchange Market (NFEM), the naira opened trading at approximately ₦1,419.37 to the US dollar and strengthened slightly ...
The Federal Government of Nigeria plans to raise ₦900 billion in its upcoming January 2026 bond auction through the reopening of three federal government securities, the Debt Management Office (DMO) has announced. According to a circular issued by the DMO, the auction is scheduled for January 26, 2026, with settlement set for January 28, 2026. ...
Nigeria’s retail lender, Unity Bank Plc, has launched an upgraded version of its mobile banking platform, Unifi, as part of efforts to improve customer experience and reinforce its e-business proposition. The latest update, Unifi version 2.3, introduces a suite of features designed to enhance usability, security, and convenience. Key upgrades include enhanced security protocols, expanded ...
Banks in Nigeria recorded a notable increase in loan defaults among both households and corporate borrowers in the fourth quarter of 2025, reflecting mounting repayment pressures amid challenging economic conditions. The Central Bank of Nigeria (CBN) disclosed this trend in its Credit Conditions Survey (CCS) Report for Q4 2025. The report highlighted higher default rates ...
Nigeria’s non-oil exports climbed to a historic high of $6.1 billion in 2025, representing an 11.5 per cent increase from the $5.4 billion recorded in 2024, the Nigerian Export Promotion Council (NEPC) has said, in a development seen as a major boost to the country’s economic diversification drive away from crude oil dependence. Nonye Ayeni, ...
