Banking and Finance

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications,…

Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive. Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank. “She takes over from Dr. Ebenezer Onyeagwu, whose…

Nineteen directors at the Central Bank of Nigeria (CBN) are set to be dismissed in the coming days, following the recent termination of seven directors last Friday. While two of the terminated directors have accepted their fate, the other five are planning to…

The Central Bank of Nigeria has said that it has not introduced a new intervention as a result of the fertiliser it donated to farmers recently. The CBN donated the fertilisers through the Ministry of Agriculture and Food Security. The apex bank disclosed this in a…

Access Holdings Plc has announced the appointment and return of Mr. Aigboje Aig-Imoukhuede as its non-executive chairman. Aig-Imoukhuede replaces Mr. Abubakar Jimoh, the erstwhile chairman of the HoldCo, who remains on the Board as an independent non-executive director. Access Holdings said that “this visionary…

The Central Bank of Nigeria has allocated N100bn and 2.15 million bags of fertilisers to the Ministry of Agriculture, to cushion the effects of high prices of food in the country. Governor of the apex bank, Olayemi Cardoso disclosed this during a meeting…

The Securities and Exchange Commission (SEC) says it has developed new guidelines for licensing, registration and screening of digital and virtual assets service providers (VASPs). SEC had submitted the new guideline to the heads of government agencies anti money laundering committee. The new measures…

The Central Bank of Nigeria (CBN) has again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent after a few days of stability. The Customs duty rate was reviewed upwards from N1, 544.081/$ to N1, 560.511/$ on…

The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns. This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks. In a press release issued on its…

Cryptocurrency exchange, Binance, has announced plans to discontinue all services related to the Nigerian naira. Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism…