Femi Otedola appointed as new chairman of FBN Holdings
FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors. This appointment, effective January 31, 2024, follows a recent meeting of the…
CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks
The Central Bank of Nigeria (CBN) Wednesday expressed concern over the growth in foreign currency exposures of banks through their Net Open Position (NOP). The central bank disclosed this in a circular to all banks dated January 31, 2024 and…
CBN Injects Fresh $500m Into Forex Market
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling…
Dangote refinery registers 75% of oil marketers for product distribution
Dangote Refinery has officially registered three major oil marketers accounting for approximately 75% of the overall market, to handle the distribution of its refined products. The Dangote Group, in a statement on Tuesday, disclosed the marketers include the Petroleum Products…
Marketers will pay naira for Dangote fuel, says IPMAN
Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated…
FG issues N2b savings bonds in 2024’s maiden issuance
The Federal Government has raised about N2 billion from the latest issuance of the monthly retail savings bonds as investors continued to show strong appetite for sovereign securities.The January 2024 tranches of the monthly retail bond issuance, otherwise known as…
CBN holds MPC meeting February 26
The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th. This is according to a tentative MPC meeting calendar posted on the website of the apex…
CBN Pays $2bn To Clear FX Backlog, To Sanction Defaulters
The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared…
Glo Denies Owing MTN N1.6bn
Nigerian telecommunications company, Globacom Ltd has denied the claim regarding unpaid connection charges owed to MTN. News Agency of Nigeria quotes a reliable source in Globacom as saying that the N1.6 billion in question had previously been paid without any…
CBN disburses $61 million to settle foreign airlines’ trapped fund
The Central Bank of Nigeria said it has disbursed $61.64 million to foreign airlines through deposit money banks. According to a statement by its Acting Director, Corporate Communications, Hakama Sidi-Ali, in Abuja on Sunday, the disbursement is in fulfilment of…