By Seun Ibiyemi The naira weakened across both the parallel and Nigerian Foreign Exchange Market (NFEM) segments on Monday, while foreign exchange market turnover recorded a sharp decline. In the parallel market, the naira depreciated to N1,382 per dollar from N1,378 recorded last weekend. Similarly, the currency weakened in the NFEM, with the indicative exchange…
By Seun Ibiyemi Guaranty Trust Holding Company Plc (GTCO) recorded N603.03 billion profit before tax (PBT) in the first half of 2026, representing a marginal 0.35 per cent increase from the N600.90 billion reported in the corresponding period of 2025. The group’s unaudited financial statements showed that gross earnings increased 3.25 per cent to N1.11…
The naira strengthened across Nigeria’s foreign exchange markets on Wednesday, as increased trading activity in the official market and rising external reserves continued to support the local currency. In the parallel market, the naira appreciated to N1,375 per dollar from N1,383 on Tuesday, gaining N8. Similarly, the local currency strengthened in the Nigerian Foreign Exchange…
…Move could boost economy – CPPE By Seun Ibiyemi The Central Bank of Nigeria (CBN) has cut its benchmark interest rate by 350 basis points, reducing the Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent, as the apex bank announced that the country’s foreign reserves had risen to $55 billion. The…
By Seun Ibiyemi Access Bank Plc has fully redeemed its $500 million Senior Unsecured Eurobond, which matured on September 21, 2026, bringing to a close the bank’s five-year international debt issuance launched in 2021. The development was disclosed in a statement signed by the Company Secretary of Access Holdings Plc, Sunday Ekwochi. The Eurobond was…
Nigeria’s distributable revenue fell sharply in August, as gross statutory collections dropped by N1.508 trillion compared with the previous month, reducing the amount available for sharing among the Federal Government, states and local governments. The Federation Account Allocation Committee (FAAC), at its meeting in Abuja, approved a total of N2.338 trillion for distribution to the…
By David Oluwatosin FCMB Group Chief Executive Officer, Ladi Balogun, has described the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering (IPO) as a rare opportunity for ordinary Nigerians to participate in the ownership of a large-scale industrial business. Balogun said the offering, which provides 4.1 billion ordinary shares at ₦525 per share, with…
The Managing Director of First Bank of Nigeria Limited, Olusegun Alebiosu, has said artificial intelligence (AI) will provide more efficiency and opportunities than threats to the banking sector, provided its associated risks are properly managed. Alebiosu stated this on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference…
The naira strengthened against the US dollar across both the parallel and official foreign exchange markets on Tuesday, as the exchange-rate gap between the two segments narrowed. In the parallel market, the naira appreciated to N1,387 per dollar, from N1,390/$1 recorded on Monday. Similarly, the local currency appreciated in the Nigerian Foreign Exchange Market (NFEM),…
The Central Bank of Nigeria (CBN) has assured Nigerians that improvements recorded in the country’s macroeconomic indicators will increasingly translate into better living conditions for households and businesses as ongoing fiscal and monetary reforms take effect. The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of…
