Fidelity Bank has officially introduced a new physical facility designed specifically for small and medium-sized enterprises (SMEs) and entrepreneurs in the creative industry. In a statement released on Wednesday, the bank announced that the facility, named the Fidelity SME Hub, will include training halls, meeting rooms, networking areas, and podcast studios, along with dedicated spaces…
Nigeria’s external reserves have experienced a notable decline of approximately $1.19 billion over the past three weeks. This information comes from the Central Bank of Nigeria (CBN), which has released data on gross external reserves. As of January 31, 2025, the reserves stood at $39.723 billion, down from $40.877 billion at the end of December…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the recent reduction in ex-depot prices of premium motor spirit by Dangote Refinery will help alleviate the hardships faced by Nigerians and positively influence the nation’s economy. Joseph Obele, the spokesperson for PETROAN, shared this information in a statement on Saturday, responding…
Access Holdings Plc has officially appointed Uche Orji as an Independent Non-Executive Director of its subsidiary, Access Bank Plc. In a statement released by the bank on Saturday evening, it was announced that the appointment became effective on January 7, following approval from the Central Bank of Nigeria (CBN). The statement emphasized that this appointment…
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…
