The exchange rate between the naira and dollar closed in the month of July at N756.94/$1 representing a 1.6% gain from the N769.25 it closed in the month of June. This is according to end-of-month data from the FMDQ which…
A new study from the National Bureau of Statistics and the Financial Access Initiative research center of New York University has revealed many small businesses earn N223,250 in monthly revenue. According to the study, Nigerian firms earn less than firms…
By Sodiq Adelakun States and local governments got N2.59tn from the federation account in the first six months of 2023 amid worsening economic hardship in their respective states. This is a 27.62 per cent increase from the N2.03tn that was…
The CEO of Ecobank Group, Jeremy Awori, has attributed the group’s profitability in the second quarter of 2023 to its strategic roadmap which demonstrated the benefits of its diversified business model, resilient balance sheet and commitment to serving its customers.…
By Sodiq Adelakun Amid the economic downturn, Nigeria’s external reserves lost $167.2million in July as the Naira fell further to the dollar. Figures obtained from the Central Bank of Nigeria on movement of external reserves showed that the reserves which…
The Central Bank of Nigeria has exempted Primary Mortgage Banks and Microfinance Banks that provide banking services to the poor from its cash withdrawal limit. It gave this directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049,’ released on Monday to banks and…
Nigeria’s rising inflation and the recent harmonisation of the foreign exchange rates have been identified as factors that have eroded the capital base of banks in the country. This was disclosed in different interviews, as two financial institutions also announced…
By Sodiq Adelakun The latest figures from the Central Bank of Nigeria revealed that currency outside banks rose to N2.26trillion at the end of June 2023. According to figures obtained from CBN, the currency outside banks rose by 185.68 per…
Wema Bank said its profit after tax rose by 97 per cent in the first half of 2023 financial period to N10.48bn from N5.30bn in H1, 2022. It disclosed this in its unaudited financial statements for the period ended June…
Declining liquidity crunch is conspiring with activities of speculators to undermine the efforts of the President Tinubu-led Federal Government to achieve stability in the nation’s foreign exchange market contrary to the intent of the forex reform. This has seen the…
