Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer. In a statement released to the Nigerian Exchange (NGX) Group on Sunday, January 26, 2025, the Bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the…
There can be no better time than now for the take-off of the National Single Window initiative aimed at eliminating bureaucratic delays in export and import processes to boost trade efficiency and enhance economic growth. This was the consensus of stakeholders and industry experts at the opening of a three-day workshop on the presidential initiative…
The Nigerian naira experienced a substantial appreciation against the dollar in both the parallel and official foreign exchange markets on Tuesday. In the black market, the naira strengthened against the dollar, closing at N1,625 on Tuesday, down from N1,650 on Monday, marking a N25 improvement. “We are buying at N1,620 and selling at N1,625 today,”…
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has asserted that achieving a 15 percent inflation rate in Nigeria is feasible, contingent upon the continued stabilization of the country’s exchange rate. Oyedele made this statement during a panel discussion at the PwC Economic Outlook for 2025. He indicated that Nigeria’s…
The Central Bank of Nigeria (CBN) has given the green light for the release of the Nigerian Foreign Exchange (FX) Code. The central bank stated that this code will serve as a framework for the banking sector, aimed at fostering ethical practices among authorized dealers in the nation’s FX market. Additionally, the CBN announced that…
The World Bank Group has clarified the reasons behind its decision to impose a 30-month debarment on two Nigerian firms, Viva Atlantic Limited and Technology House Limited. In a statement released on Monday, the Washington-based institution also noted that the ban extends to their Managing Director and CEO, Mr. Norman Didam. The World Bank indicated…
The Securities and Exchange Commission (SEC) has urged Capital Market Operators (CMOs) to renew their registrations by January 31, 2025. A circular from the commission outlines that the annual registration renewal period will run from January 1 to January 31, 2025. This initiative is designed to ensure that only qualified individuals operate within the Nigerian…
First City Monument Bank (FCMB) is excited to announce the appointment of Felicia Obozuwa as the Executive Director of Corporate Services and Service Management, following the approval from the Central Bank of Nigeria (CBN). With nearly 30 years of experience and a strong track record of success, Felicia is set to make significant contributions in…
The Central Bank of Nigeria (CBN) has penalized at least nine Deposit Money Banks for their inability to provide sufficient cash at automated teller machines (ATMs) during the holiday season. Each bank has been fined N150 million, resulting in a total penalty of N1.35 billion. The banks were found to be in violation of the…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, announced that the agency generated N6.1 trillion in revenue for 2024, marking a remarkable 90.4% increase from the N3.2 trillion collected in 2023. This information was shared during a press conference held in Abuja on Tuesday. Adeniyi highlighted that the service exceeded its 2024 revenue…
