Business

  Bank Directors Association of Nigeria says it is supportive of a directive by the Central Bank of Nigeria asking commercial banks to stop “hoarding’’ foreign currencies. The CBN had last week expressed concerns over the escalating foreign currency exposure ...

The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar   This is coming weeks after the rate was increased from N783/$ to N952/$.   In November, ...

The Naira appreciated on Monday at the official foreign exchange (FX) market, closing at N1,419.86 to the dollar as against N1,435.53 to the greenback which it closed on Friday, February 02, 2024, the Nigerian Autonomous Foreign Exchange Market (NAFEM), data ...

The federal government has banned alcoholic beverages produced in sachets less than 200ml The National Agency for Food and Drug Administration and Control (NAFDAC) Director-General, Prof Mojisola Adeyeye disclosed this on Monday while addressing the media over the development in Abuja. ...

CBN raises import duty rate by another 4.4% in 24 hours Barely 24 hours after it increased the Customs exchange rate to N1, 356.883 per dollar on Friday, the Central Bank of Nigeria, CBN, has Saturday morning once again jerked ...

  Airtel Africa has revealed plans for a $100m share buyback programme starting March 2024. This is as the company also reported a 99.6 per cent decline in its post-tax profit to $2m at the end of the nine months ended December 2023 from $523m ...

  Ahead of the midnight February 1, 2024 deadline given by the Central Bank of Nigeria to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their surplus dollar stocks. ...

  The First Bank of Nigeria Holdings has appointed Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors. Otedola, who recently expressed his excitement about his return to the Forbes African Billionaires list after a seven-year ...

  Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess ...

  Bureau De Change operators have announced shut down of operations in Abuja as a result of unavailability of dollars, reports the Daily Trust This was announced by the association’s Chairman, Abdulahi Dauran, on Wednesday. The naira closed at an ...

  Finance and economy analysts have shared perspectives on the relocation of some units and departments of the Central Bank of Nigeria to Lagos. The stakeholders spoke to PUNCH Online on Wednesday following the recent apex bank’s announcement directing the ...

Adron Homes Rewards Continental Business Challenge Winners To an All-Expense-Paid Holiday, Promises More Staff Welfare. To strengthen commitment by rewarding exceptional staff and also creating a more competitive working atmosphere, the management of Adron Homes and Properties has sponsored 10 staff ...

In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 ...

Ecobank Nigeria, a subsidiary of the Ecobank Group, the leading pan-African bank has launched an innovative training program targeted at empowering operators of small and medium enterprises (SMEs) in the country. Through the initiative, titled MySME Growth Series, the Bank ...

  Seven-Up Bottling Company in partnership with the United Nations Industrial Development Organisation and Zenith Bank has organised a bootcamp for about 80 Small and Medium Enterprises in Nigeria. In a statement from the company on Monday, the bootcamp themed ...

  Wema Bank grew profit by over 105 per cent to N23.36bn in 2023 from N11.35bn in the prior year. According to the lender’s unaudited financial statement filed with the Nigerian Exchange Limited on Tuesday, revenue rose by 61.36 per ...

At least 1,500 members of staff of the Central Bank of Nigeria will on Friday resume at its Lagos office following their redeployment from the headquarters, The PUNCH has learned. A source at the apex bank told our correspondent exclusively that the ...

  As part of its Corporate Social Responsibility (CSR) initiatives designed to empower Nigerian youths with quality education, leading financial institution, Fidelity Bank Plc, has launched a creative writing competition for secondary school students dubbed Read2Lead.   Themed Read2lead, the ...

  OPay, a Nigerian financial technology firm, has implemented various security measures to prevent financial fraud. The initiative was aimed at improving the platform’s security and protecting customers from fraudulent activities, the firm said in a statement. OPay said it ...

  The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according ...

  Signature Bank has announced the launch of two new branches in Umuahia and Aba in Abia State. According to a statement from the bank on Wednesday, the expansion marked a significant milestone for the bank, which is seeking to ...

  Non-interest banking services provider, TAJBank Limited, has collaborated with the Nigerian Postal Service on a new public-private partnership initiative on branch expansion. In a statement from the bank on Sunday, the partnership between the two organisations was formalised at ...

  The Central Bank of Nigeria says it has released $500m to various sectors in its determination to address the backlog of verified foreign exchange transactions. Its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement ...

  Disposable vapes are set to be banned as part of plans to tackle the rising number of young people taking up vaping, the government says. Measures will also be introduced to prevent vapes being marketed at children and to ...

  First Bank has won the 2023 Euromoney Awards for Excellence. Announcing the award via an email to TALKA G. BLOG, the bank enthused: “We are thrilled to announce that FirstBank has been recognized by the Euromoney Awards for Excellence ...