The naira crashed against the dollar at both official and parallel foreign exchange markets to begin the week on a negative note. FMDQ data showed that the naira weakened to N1,675.62 per dollar on Monday from N1652.62 last Friday, indicating a N23 loss. Similarly, at the black market, the naira depreciated to N1,755 per dollar…
Building businesses that stand the test of time requires a blend of innovation, unwavering focus, and passion. This was the key takeaway from the latest edition of the United Bank for Africa (UBA) Business Series, hosted in Lagos. With the theme: “Profit with Purpose, Business Continuity,” the event which was held at the Tony Elumelu…
United Bank for Africa (UBA) Plc has appointed Henrietta Ugboh as an Independent Non-Executive Director. The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria. UBA’s Group Chairman, Tony Elumelu, commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will…
A lender, First City Monument Bank (FCMB), has expanded its energy finance loan to N30 million to support households and small businesses in the acquisition of solar panels, batteries, inverters, and other clean energy equipment. The bank explained that with a maximum three-year repayment schedule, this initiative, the bank said, aims to promote sustainable energy…
Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said the proposed amendment to value-added tax (VAT) distribution will create a fair system. In response to the recent rejection of the proposed tax amendment bill by the Northern States Governors Forum (NSGF), Oyedele said the current model for distributing VAT affects many…
The Bank of Industry (BoI) has opened its application portal for would be beneficiaries of the Federal Government’s N75billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund. This is even as the Nigerian Association of Small Scale Industrialists (NASSI) lauded the FG for the intervention programme, describing it as lifeline for Nigerian MSMEs. A representative…
Nigeria’s apex bank has advised Nigerians in diaspora to channel their remittances home towards investment rather than consumption. Deputy Governor (Financial System Stability) at the Central Bank of Nigeria (CBN), Mr. Philip Ikeazor, gave the advice during a forum that focused on: “Optimizing Remittances to Nigeria: A Vision for the Future,” held with the Nigerian…
THE Central Bank of Nigeria (CBN) has dismissed as baseless, reports that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The apex bank, in a statement endorsed by the Acting Director of Corporate Communications, Mrs. Sidi Ali, dismissed the suggestion, describing it as false and intended…
Chairman, Nigerian Insurance Association (NIA), Mr Kunle Ahmed, ha said the recent rise in Foreign Direct Investment (FDI) in Nigeria indicates renewed interest in the nation’s insurance sector. Ahmed, who emerged as the 26th Chairman of the NIA, said this at his re-investiture media parley in Lagos. The News Agency of Nigeria (NAN) reports that…
