By Sodiq Adelakun The Central Bank of Nigeria (CBN) has decided to indefinitely extend the validity of the old N200, N500, and N1,000 banknotes. The CBN had previously introduced redesigned N200, N500, and N1,000 denominations in October 2022, with specific…
During the unveiling of the Nigerian banking sector report by Afrinvest West Africa in Lagos, Wale Edun, the Minister of Finance and Coordinating Minister of Economy, announced that the Federal Government aims to raise the revenue to Gross Domestic Product…
The World Bank has recently disbursed $299.99 million to Nigeria as part of the approved $800 million loan for the National Social Safety Net Program-Scale Up, a source within the World Bank confirmed the information. The disbursement represents 37.5 percent…
In the face of a challenging economic situation, Nigeria has witnessed a surge in its citizens’ indebtedness, with individuals borrowing approximately N290bn from banks in just three months. This revelation comes from the recently released Economic Report for the Second…
FCMB Group Plc has successfully completed the issuance of a N26,000,000,000 Perpetual 16 percent Fixed Rate Resettable NC5.25 Additional Tier I Subordinated Bonds (Series 2 Bond” or “the AT1”) under the N300,000,000,000 Debt Issuance Programme. The offer was well received…
By Sodiq Adelakun The foreign exchange market (FX) kicked off the week with the Nigerian naira losing ground against the US dollar on the black market, also known as the parallel market. This depreciation comes after the naira had appreciated…
Zenith Bank, one of Nigeria’s leading financial institutions, has reported impressive financial results for the first nine months of 2023. The bank recorded a remarkable pre-tax profit growth of 149.05 percent year-over-year, reaching a total of N505.036 billion. This figure…
By Matthew Denis All hope is not lost despite the persistent rise of the dollar against the Naira ranging between N1000 to N1,200 though the country is gradually taking advantage of the current crisis in the Middle East with high…
In partnership with the Office of the Vice-President (OVP), Access Bank Plc has pledged to provide N30 billion to support four million Micro, Small and Medium Enterprises (MSMEs), women and youths businesses in Nigeria. The Group Managing Director of the…
…As speculators take wait-and-see approach By Sodiq Adelakun The Nigerian Naira experienced a significant surge of 1.75 percent on the parallel market, commonly known as the black market, on Thursday. This sudden increase in value can be attributed to the…
