The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from … Read more
Adia Sowho has stepped down from her role as Chief Marketing Officer (CMO) of MTN Nigeria. Sowho, who made history in August 2021 by becoming the first female CMO at MTN Nigeria, has left under what sources suggest might be contentious circumstances. Sowho’s career began in 2001 after earning an engineering degree. She initially worked … Read more
The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
The Naira is projected to strengthen in the upcoming months after the Central Bank of Nigeria (CBN) settled over $1.3 billion in foreign exchange (forex) forwards contracts last week, according to analysts. Experts at Rand Merchant Bank in Lagos noted that following this settlement, the outstanding unpaid forex forwards contracts from now until December amount … Read more
In response to circulating online reports, the Central Bank of Nigeria (CBN) has firmly denied any plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. The CBN labeled these reports as false, clarifying on its social media channels, “The content is fake and not from the CBN.” This clarification follows recent … Read more
The naira depreciated to N1,510 per dollar in the parallel section of the foreign exchange (FX) market on Monday, marking a 1.34 percent decline from the N1,490/$ rate observed on May 31. Currency traders, commonly known as bureau de change (BDC) operators, reported buying the dollar at N1,490 and selling it at N1,510, resulting in … Read more
In a move to uphold Nigeria’s financial integrity, the Central Bank of Nigeria (CBN) has taken decisive action by revoking the license of Heritage Bank Plc under the powers vested in it by the Banks and Other Financial Act (BOFIA) 2020. This measure, effective immediately, comes as a response to the bank’s failure to comply … Read more
Kimberly-Clark, the American multinational corporation behind Huggies, has announced plans to cease its manufacturing and sales operations in Nigeria after nearly 15 years. In a statement released on Friday, the company attributed its decision to a shift in global corporate priorities and current economic conditions in Nigeria. “Kimberly-Clark has made the tough decision to withdraw … Read more
The Nigerian currency, naira, experienced contrasting trends in the foreign exchange markets on Thursday . While it continued its depreciation at the official window, marking the third consecutive day of decline, it managed to register gains at the parallel market, thereby narrowing the rate disparity. At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the … Read more
The Federal Government of Nigeria has successfully secured a $500 million loan from the World Bank aimed at enhancing the performance of electricity Distribution Companies (DisCos). This was disclosed in a press release from the Bureau of Public Enterprises (BPE) by Amina Othman, Head of Public Communication. Approved on February 4, 2021, by the World … Read more