By JKNewsMedia CONFIRMATION OF full compliance with the country’s new banking capital requirement emerged as Access Bank Plc declared it had exceeded the Central Bank of Nigeria (CBN)’s N500 billion minimum thresholds, making it the first commercial bank with international authorisation to do so. Responding to the CBN’s recent directive halti...
By JKNewsMedia THE CENTRAL Bank of Nigeria (CBN) has strongly refuted misleading publications and social media reports concerning the operations of a regulated financial institution, reaffirming the strength and stability of the Nigerian banking sector. In a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi...
By Joke Kujenya CLOSING 2024 with a Balance of Payments (BOP) surplus of $6.83 billion, Nigeria records a dramatic reversal from consecutive deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The Central Bank of Nigeria (CBN) attributed this turnaround to a combination of bold macroeconomic reforms, stronger trade dynamics, and a re...
By Jemimah Wellington, JKNewsMedia Reporter THE NIGERIAN naira experienced a slight depreciation against the US dollar in the official foreign exchange market on Thursday, marking its third consecutive daily decline. According to data from the Central Bank of Nigeria (CBN), the naira weakened to ₦1,538.66 per dollar on March 27, down from ₦1,...
By JKNewsMedia STRONG INVESTOR demand has propelled Fidelity Bank Plc past expectations in its capital-raising drive, securing an overwhelming 237.92% oversubscription in its Public Offer. The equity capital raise, completed through a Public Offer and Rights Issue, attracted 107,588 valid applications for 23.77 billion ordinary shares, genera...
By Jemimah Wellington, JKNewsMedia Reporter THE EXCHANGE rate between the naira and the US dollar appeared steady mid-week, with the local currency trading at N1,605/$1 in the parallel market on February 5, 2025. Reports note that this followed a brief period of fluctuation earlier in the week, offering a glimpse of relative stability in the ...
By Jemimah Wellington, JKNewsMedia Reporter NIGERIA’s FOREIGN reserves fell below the critical $40 billion mark for the first time since June 2024, dropping to $39.991 billion on 23 January 2025. This marked a decrease from $40.035 billion recorded on 20 January 2025, according to data from the Central Bank of Nigeria (CBN). Economic analysts...
By Joke Kujenya CONCERNS ARE mounting across Nigerian households as rising costs of living push many to reconsider major purchases and cut back on spending. The latest Household Expectation Survey by the Central Bank of Nigeria (CBN) indicates a bleak economic outlook, with households forecasting increases in transportation, home purchase, veh...
By Joke Kujenya A SIGNIFICANT overhaul at the Central Bank of Nigeria (CBN) has resulted in the termination of approximately 200 staff members across several departments. Reports say key divisions impacted by this shake-up include Human Resources, Development Finance, Trade and Exchange, Financial Policy and Regulation, and Procurement and Sup...
By Joke Kujenya GODWIN EMEFIELE, the embattled former Governor of the Central Bank of Nigeria (CBN), faced the FCT High Court in Abuja on Wednesday, where he was arraigned by the Economic and Financial Crimes Commission (EFCC). Emefiele pleaded not guilty to a four-count charge involving allegations of financial impropriety, including approvin...
