The naira, on Tuesday, depreciated to N1,330/$ at the parallel section of the market. It fell by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1300 and the selling price at N1,330 … Read more
The Central Bank of Nigeria (CBN) has appointed new executives to oversee the operations of Union, Keystone, and Polaris banks, just hours after announcing the dissolution of their boards and managements on Wednesday. The apex bank took steps to ensure the stability and continuation of the affected institutions in the face of restructuring. It stated … Read more
The Central Bank of Nigeria, CBN, has suspended new applications of loans under the CBN development finance intervention funds programme, Access Bank Plc confirmed in a memo on Monday to its customers. The CBN existing development finance intervention funds program include Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), … Read more
The value of the naira had dropped to never-before-seen lows, affecting all aspects of life and driving inflation in the country to decades-high levels. The naira’s value has risen from N450 to the dollar at the official end and N750 to the dollar at the parallel market to selling at N1200 on the streets and … Read more