The number of commercial banks in Nigeria is set to reduce following the Central Bank of Nigeria drive to ensure banks meet its capital requirements before 2026.
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Recapitalisation: Zenith, Access, Other Banks That Have Moved to Raise Capital Ahead of CBN Deadline
To meet the new capital requirements set by the Central Bank of Nigeria (CBN), big banks have sprung into action by looking to raise their capital base.
FG again rush to CBN for money, borrows over N3 trillion in six months
The administration of President Bola Tinubu has also approached the Central Bank of Nigeria for loans as it tries to meet its budget deficit in the early months.
Naira value rises in black markets, falls in official market against US dollar
The Nigerian currency, the naira, continues to perform poorly against the US dollar in the official foreign exchange market, but hope rises in the black markets.
Access, UBA, 3 other leading Nigerian banks made record over N2.7trn profits
In the 2023 financial year, five tier-1 banks, including Access, Zenith, UBA, GTB and First Bank, collectively amassed revenues amounting to N9.51 trillion.
Expert speaks on solutions to naira volatility as local currency loses ground to dollar
Economist Muda Yusuf has argued in favour of lowering market volatility because he believes it will promote speculation and create unpredictability.
EFCC takes down 34 suspects allegedly sabotaging naira-dollar exchange rate
Nigeria's EFCC has reported the apprehension of 34 suspects engaging in foreign exchange (FX) manipulation that is sabotaging the naira against the US dollar.
Naira vs Dollar: Factors influencing Nigerian currency rate
Barrister Titilope Anifowoshe has explained the factors responsible for the performance of the naira against the dollar while urging the CBN to sustain the momentum.
Canada to impose tougher sanctions on employers hiring Nigerians, others for temporary jobs
The Canadian government has said it would apply tougher measures against employers offering temporary work permits to foreigners as it prioritises its citizens.
Access, UBA, GTB, other banks, traders sell dollar at new exchange rate as naira falls again
Nigerian currency, the naira recorded a woeful performance against the US dollar in the official and unofficial foreign exchange markets despite CBN recent efforts.
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