Banking Foreign Exchange (Forex) Latest News Planning & Economic Development

Naira Depreciates, Exchanges At N722/$1 At Parallel Market

The Naira depreciated further early Tuesday morning at the parallel market, exchanging at  N722/$1, representing a depreciation of 1.26% from N713/$1 it traded on Monday. Information obtained from black market traders on the trading trend by our correspondent,  indicated that the Nigerian currency, however, recorded an appreciation of 0.84% at the cryptocurrency peer-to-peer (P2P) FX […]

Banking Budgeting Latest News Planning & Economic Development

CBN Raises Monetary Policy Rate To 15.5% As Inflation Surges

The Central Bank of Nigeria’s (CBN’s) Monetary Policy Committee members on Tuesday unanimously voted to increase the benchmark interest rate (Monetary Policy Rate) by 150 basis points from 14% to 15.5%. The 15.5% benchmark rate set by the committee, which ostensibly was informed by the apex bank’s sustained measures to tackle the rising inflation in […]

Banking Foreign Exchange (Forex) Investments/Capital Market Latest News Planning & Economic Development

Naira Depreciates At Parallel Market, Trades At N713/$

The Naira sustained its sluggish trend against the US dollar in the parallel market in the early hours of Monday and traded at N713/$, a 0.14% depreciation from N712/$1 recorded on Friday, last week. Information obtained from the parallel market operators by our correspondent in the early trading hours of yesterday showed that the Naira […]

Banking Economy News Extra Insurance & Pension Investments/Capital Market Latest News Planning & Economic Development

First Pension Custodian Completes Acquisition Of Access Pension Fund Custodian

FBN Holdings Plc has announced the completion of the acquisition of 100% of the share capital of Access Pension Fund Custodian Limited, a subsidiary of Access Bank Plc by First Pension Custodian Nigeria Limited, a subsidiary of First Bank Nigeria Limited. The Group’s Company Secretary, Barrister Adewale Arogundade, made this disclosure in a statement sourced […]

Banking Budgeting Infrastructure & Capital Projects Latest News Planning & Economic Development Power/Electricity Technology

AfDB Approves $20Mn For Covid-19 Off-Grid Recovery Platform

The Board of Directors of the African Development Bank Group (AfDB) has approved a $20 million concessional investment to support the second phase of the Covid-19 Off-Grid Recovery Platform (CRP). The CRP is a blended finance initiative to unlock private capital for energy access companies to mitigate the negative impacts of the pandemic while advancing […]

Banking E-Payment Tech & Solutions Latest News Planning & Economic Development Technology Telecomms

Nigeria Tops Africa’s Crypto Adoption Ranking Chart

The latest report from Chainalysis, a Blockchain data platform helping helps government agencies, cryptocurrency businesses, and financial institutions engage confidently with cryptocurrency, has indicated that Nigeria topped the adoption chart in the African continent, ranking #11 in the world with an adoption score of 0.521. The report showed that Kenya, which topped the ranking chart […]

Banking Foreign Exchange (Forex) Latest News Planning & Economic Development

Naira Depreciates To N708/$1 At Parallel Market

The Naira exchanged at N708/$1 at the parallel market on Monday, representing a 0.43% fall compared to N705/$1 recorded as of the close of trade last week Friday. According to information for black market traders, the Naira also depreciated at the cryptocurrency peer-to-peer (P2P) FX market, trading at a minimum of N713.67/$1 on Monday morning. […]

Banking Environment Latest News Planning & Economic Development Technology

Analysts Rate FCMB Group High On Clean Energy Investments

Proshare Limited, one of Nigeria’s leading investment consulting firms, has described the sustained investments by FCMB Group in renewable energy as vital to the current drive by the Federal Government to achieve net zero carbon emissions in the country by year 2060. In a Note issued on Monday, the firm’s analysts noted that the group […]

Banking E-Payment Tech & Solutions Economy News Extra Latest News Planning & Economic Development Technology

Flutterwave Creates eNaira Collections Platform For Businesses In Nigeria

Flutterwave, one of Africa’s leading payments technology start-ups, has announced that merchants can now accept eNaira payments from their customers on their platform apart from its other existing payment methods including cards, bank transfer, Barter by Flutterwave, amongst others. The eNaira is a digital currency issued and regulated by the Central Bank of Nigeria as […]