The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … Read more
The First Bank Board of Directors has named Segun Alebiosu, Executive Director and Chief Risk Officer, as the bank’s acting Managing Director and Chief Executive, succeeding Adesola Kazeem Adeduntan, who quit abruptly. He is anticipated to take the role on an interim basis until cleared by the Central Bank of Nigeria (CBN). In a released … Read more
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open … Read more