Access Bank finalizes the acquisition of the African Banking Corporation of Tanzania (ABCT), signaling a significant expansion into Tanzania's banking sector. This strategic move aims to bolster Access Bank Tanzania's position and offer innovative banking solutions to customers.
Access Bank Plc...
Tolaram is acquiring Diageo's majority stake in Guinness Nigeria Plc, marking an exit strategy for Diageo from the Nigerian market. This landmark deal promises enhanced innovation and value delivery, underscoring Tolaram's commitment to Nigeria.
In a landmark deal set to reshape Nigeria's...
The Central Bank of Nigeria has confirmed there are no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks. The CBN reassures the public of the banking system's resilience and safety of deposits, despite recent rumors and the revocation of Heritage Bank's license.
The...
The naira appreciated to N1,480/$ in the parallel market on Monday, up 0.68% from June 7. However, it slightly depreciated to N1,483.62/$ at the FMDQ Exchange. The devaluation has boosted exports by making Nigerian goods cheaper for neighboring countries, according to the Nigeria Customs...
The Federation Account Allocation Committee (FAAC) announced that the three tiers of government shared N1.14 trillion in May, a decrease of N60 billion compared to April's N1.20 trillion allocation, driven by lower oil and non-oil revenues.
The Federation Account Allocation Committee (FAAC)...
Heritage Bank's 2,000 staff were left reeling after regulators suddenly revoked its license, leaving them jobless with no prior notice despite the bank's liquidity issues.
The sudden revocation of Heritage Bank's operating license on June 3 left nearly 2,000 employees jobless and in a state of...
Nigerian oil marketing companies argue petrol/gasoline pump prices cannot realistically fall to N300 per liter, contradicting claims that new domestic refineries could enable such low prices. Marketers cite crude costs, forex rates, taxes, and distribution costs as barriers.
Major oil marketing...
The declining value of Nigeria's currency against the U.S. dollar and other major currencies has emerged as an economic silver lining, providing an unexpected tailwind for Nigerian exporters according to customs officials at a major international border crossing.
"As the value of the naira...
The Nigerian Naira faces downward pressure against the US dollar, nearing the critical threshold of N1500/$ as the dollar index surges by 80 basis points.
As the trading week came to a close, the Nigerian Naira witnessed a notable decline against the US dollar, reaching N1495/$ in the parallel...
Nigeria concludes the sale of five power plants for $1 billion, aiming to boost revenue and efficiency. The bidding process, overseen by the Ministry of Power, involves assets jointly owned by the government.
In a landmark move, the Nigerian government has successfully concluded the sale of...
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