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FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

The board of FCMB Group Plc, on Monday announced the appointment of Adam Nuru, formerly Executive Director, Business Development of its flagship First City Monument Bank Limited, as new chief executive. He replaces Ladi Balogun who steps down after a decade in the saddle in line with the directive of the Central Bank of Nigeria […]

Nigeria Centrabank To Sell Fx Weekly To Retail Users At 375 Naira

Nigeria Centrabank To Sell Fx Weekly To Retail Users At 375 Naira

Nigeria’s central bank plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of 375 naira to clear a backlog of demand and try to narrow the premium between the official and black market rates, traders said on Monday. Traders said commercial lenders have compiled a list of […]

Nigeria Naira Hits New Black Market

Nigeria Naira Hits New Black Market

Nigeria naira hit a fresh low of 520 on the black market on Monday, as retail currency traders tried to digest a new central bank decision to sell dollars to retail users through commercial lenders, one retail trader said.   The central bank plans to sell $1 million weekly to each of the country’s 21 […]

5 Firms, 17 Stockbrokers Probed By SEC Over Shares Fraud & Impersonation

5 Firms, 17 Stockbrokers Probed By SEC Over Shares Fraud & Impersonation

In its bid to sanitise the capital market, the Security and Exchange Commission (SEC) has probed a total of six dealing member firms and 17 stockbrokers over unauthorised sales of investors’ shares and impersonation between January, 2016 and February, 2017. SEC had turned the heat on some operators in the capital market with a view […]

Diamond Bank Rewards Customers With N4m

Diamond Bank Rewards Customers With N4m

Two lucky customers of Diamond Bank have been rewarded with N2 million each for emerging the two millionth customers to open a Diamond Y’ello account and download, register and carry out financial transaction with its digital financial platform, Diamond Mobile app. A tailor, Tasiu Mansur, who emerged the two millionth Diamond Y’ello active account holder […]

Experts Insist CBN Must Float Naira

Experts Insist CBN Must Float Naira

Economic experts yesterday in Lagos insisted that the Central Bank of Nigeria (CBN) must float the naira to deliver the nation from the current economic quagmire, noting that the current policy of the apex bank on forex lack direction and does not boost confidence of investors. The experts, who gathered at a breakfast meeting organised […]

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance […]

Banks Partnership With Fintech Is Key To Drive Financial Inclusion

Banks Partnership With Fintech Is Key To Drive Financial Inclusion

As financial technology (FinTech) gradually seeps into the growth strategies of traditional banks, expert have expressed concern that the two components would need to work together in order to drive financial inclusion in the sector. The basis for this concern is stemmed from the global best practices where Fintech, the term coined for financial services […]

Naira Crashes Further To 516

Naira Crashes Further To 516

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday. The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday. Currency dealers on the streets of Lagos Island sold the greenback at […]

FG To Inject N127bn Into Sovereign Wealth Fund

FG To Inject N127bn Into Sovereign Wealth Fund

The federal government hinted yesterday that it will inject fresh $250 million sourced from the excess crude account (ECA) into the Sovereign Wealth Fund (SWF). This is coming just as the National Economic Council (NEC) has expressed concern over the current situation of the exchange rate, saying there is need for an urgent review of […]

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