The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) has successfully cleared $831 million of foreign airlines’ trapped funds from June last year to date. This significant development has reduced the global total of such trapped funds to approximately $1.8 billion. At its peak in June 2023, Nigeria had … Read more
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank Plc’s banking license, the Nigeria Deposit Insurance Corporation (NDIC) has initiated the bank’s liquidation. The NDIC announced on Monday that it has started the immediate verification and payment of insured deposits to the bank’s depositors. In compliance with Section 12(2) of the Banks and … Read more
In response to the Nigerian government’s crackdown on cryptocurrency platforms, KuCoin, a major cryptocurrency exchange, has taken significant action. The platform has deactivated its peer-to-peer (P2P) function for Nigerian users and delisted the Nigerian naira from its services. The P2P function, which enables direct trading between buyers and sellers without third-party intervention, has been temporarily … Read more
The National Bureau of Statistics (NBS) has released its latest data, revealing that Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March 2024. This 0.49% increase marks a continued upward trend in the country’s inflation rate. The NBS report, titled “Consumer Price Index April 2024,” highlights that the year-on-year headline … Read more
The foreign currency (FX) market began on Monday, with the naira exchanging for $1,430 on the parallel market, also known as the black market. This is a 5.49 percent depreciation against the dollar, compared to the black market closing price of N1,350 per dollar on Friday. Traders attributed the naira weakness to increased demand for … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more
Access Holdings Plc has stated that the appointment of Ms. Bolaji Agbede as Acting Group Chief Executive Officer was consistent with the company’s succession planning practices. In a report to the Nigerian Exchange Group, NGX, the company’s Chairman, Abubakar Jimoh, commented on the appointment, stating that Ms. Agbede is the company’s most Senior Executive with … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ recorded at the close of trading last Friday. According to data on FMDQ Exchange, a platform that oversees official FX trading in Nigeria, … Read more
The First Bank of Nigeria (FBN) Holdings has appointed billionaire businessman Femi Otedola as the new chairman of its board of directors. He succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development. READ … Read more