By Seun Ibiyemi The naira recorded a largely stable performance on Thursday, trading within a narrow range against the United States dollar across official and parallel foreign exchange markets. At the official window, the local currency hovered around the ₦1,350 mark to the dollar, reflecting relative calm in the Nigerian Foreign Exchange Market. Market participants…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it is currently managing assets of nearly 600 failed banks and intensifying efforts to recover outstanding loans to enable payment of depositors’ uninsured funds. The Director of the Asset Management Department of the corporation, Mrs. Patricia Okosun made the disclosure on Thursday in…
By Seun Ibiyemi The Nigerian naira witnessed mixed performance in the foreign exchange market on Wednesday, with the local currency slightly weakening in the official window even as it showed strength in the parallel market amid continued policy interventions. According to data from the official foreign exchange segment, the naira depreciated modestly, trading around ₦1,359…
By Seun Ibiyemi President Bola Tinubu on Tuesday expressed optimism that the Naira would soon appreciate to N1,000 against the United States dollar, declaring that the target could be achieved “in a matter of weeks.” The President made the assertion while addressing participants at the Renewed Hope Ambassadors Summit held at the Presidential Villa, Abuja.Naira…
…Says rate cut signals economic recovery … Investors lose N1.14trn as NGX reacts to MPC decision By Seun Ibiyemi Stakeholders in Nigeria’s financial and real sectors have expressed support for the decision of the Central Bank of Nigeria (CBN) to reduce the benchmark interest rate to 26.50 per cent, describing the move as timely and…
By Seun Ibiyemi The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has disclosed that 13 banks are yet to meet the new minimum capital requirement under the ongoing bank recapitalisation programme. Cardoso made this known on Tuesday in Abuja while presenting the communiqué from the 304th meeting of the apex bank’s…
By Seun Ibiyemi The Nigerian naira maintained a relatively stable performance against the United States dollar in trading on Tuesday as sustained interventions by the Central Bank of Nigeria (CBN) continued to support liquidity and narrow the gap between official and informal market exchange rates. Data from the Nigerian Foreign Exchange Market (NFEM) showed that…
By Seun Ibiyemi The Federal Government of Nigeria is taking steps to make foreign-currency savings and investments more accessible to ordinary Nigerians, including those living in the diaspora, in a bid to deepen financial inclusion and strengthen domestic capital markets. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, recently…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points, lowering the benchmark interest rate from 27 per cent to 26.5 per cent in what analysts describe as a significant shift in monetary strategy. The decision was taken at the 304th meeting of the apex…
By Seun Ibiyemi United Bank for Africa Plc (UBA) has approved its Group Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, alongside a final dividend payment, subject to regulatory approval. In a corporate disclosure referencing its earlier announcement of January 2, 2026, the bank informed Nigerian Exchange Limited and the…
