Currency held outside the banking system by Nigerians rose by 103.8 per cent to N4.923 trillion in September 2026 from N2.416 trillion recorded in September 2023, highlighting the sustained demand for physical cash despite the growing adoption of electronic payment channels. Data from the Central Bank of Nigeria (CBN) Money and Credit Statistics showed that…
Fidelity Bank Plc has redeemed its $400 million five-year senior unsecured Eurobond at maturity, fulfilling its principal and interest obligations to investors and reinforcing its record in the international debt capital markets. The Eurobond, issued on October 28, 2021, matured on October 28, 2026, with an annual coupon rate of 7.625 per cent, payable semi-annually….
United Bank for Africa (UBA) Plc has become the first bank in Nigeria to enable Google Pay for eligible Visa and Mastercard users, as the lender steps up efforts to expand digital payment options for its customers. The development, which coincides with the launch of Google Pay in Nigeria on October 27, 2026, allows eligible…
United Bank for Africa (UBA) Plc has launched a Group-wide Climate Action Week to promote environmental awareness, encourage responsible practices and expand sustainable finance across its African and international operations. The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and seeks to integrate environmental responsibility into the…
Currency in circulation in Nigeria has risen by 81 per cent to N5.44 trillion in August 2026 from N3.01 trillion in August 2023, highlighting the persistent demand for physical cash despite the rapid expansion of electronic payment channels. Data from the Central Bank of Nigeria’s (CBN) Money and Credit Statistics show that currency in circulation…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has paid a cumulative N69.65 billion to insured depositors of failed financial institutions, reinforcing efforts to protect customers and sustain confidence in Nigeria’s banking system. The Director of Strategy Development at the NDIC, Gwa Uduak, disclosed this on Thursday during the opening of the corporation’s 2026…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has received the 2026 Pillar of Integrity in Public Service Award for its commitment to ethics, transparency and accountability in public service. The award was presented to the NDIC Managing Director/Chief Executive Officer, Mr. Thompson Oludare Sunday, who was represented by the Head of Communication and…
The naira recorded mixed fortunes in the foreign exchange market on Monday, appreciating to N1,357 per dollar in the parallel market from N1,362 at the weekend, while weakening slightly at the Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate at the NFEM rose to…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that its enhanced deposit insurance coverage now provides full protection for more than 98 per cent of depositors across insured financial institutions, as it urged Nigerians to keep their funds in licensed and regulated institutions. The Managing Director and Chief Executive of the NDIC,…
The Central Bank of Nigeria (CBN) has challenged commercial banks to translate the N4.65 trillion raised through the banking sector recapitalisation programme into increased lending to productive sectors of the economy. The CBN Deputy Governor, Corporate Services, Dr Muhammad Abdullahi, gave the charge on Tuesday at the 38th Seminar for Finance Correspondents and Business Editors…
