CBN Launches BDC FX Tracker, Orders 24-Hour Resale of Unused Dollars
The Central Bank of Nigeria launches a BDC FX Tracker to monitor dollar sales, ordering BDCs to resell unused dollars within 24 hours to curb hoarding and stabilize the naira.
Category : Banking
FG to Auction N1.2 Trillion Bonds at N1,000 Per Unit
The DMO will auction N1.2 trillion in FGN bonds on July 20, 2026, with interest rates of 22.60%, 15.45%, and 16.249%, minimum subscription of N50 million, and tax benefits.
Top Nigerian Banks 2025: Performance by Key Financial Metrics
In 2025, Nigerian commercial banks showed mixed results. Access Holdings led in total assets, while GTCO had the highest profit margin. See full ranking.
CBN Repays N2.97 Trillion OMO Bills After N2.5 Trillion Auctions
The Central Bank of Nigeria repaid N2.97 trillion in OMO bills on July 14, 2026, following N2.5 trillion in auctions, signaling continued liquidity management.
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Palmpay Nigeria Appoints NIBSS Leader Samuel Oluyemi as COO
Palmpay Nigeria has appointed Samuel Oluyemi, a former NIBSS executive, as its new Chief Operating Officer to drive operational efficiency and growth.
Australia Raises Skilled Visa Salary Threshold for Nigerians
Australia increased the Core Skills Income Threshold to AUD 79,423 for skilled work visa nominations from July 2026, affecting Nigerians and other applicants.
US Halts EB-2 Visas for Indians After 2026 Cap Reached
The US has suspended EB-2 visa issuance for Indian nationals after the annual allocation for FY2026 was exhausted, affecting highly skilled professionals awaiting permanent residence.
CBN Releases Latest Lending Rates for Access, UBA, GTBank, Others
The Central Bank of Nigeria published updated prime and maximum lending rates for commercial and merchant banks, with GTBank offering the lowest prime rate at 21.00% and Stanbic IBTC posting the highest maximum rate at 60.00%.
Naira Exchange Rate: Dollar Hits N1,425 in Black Market
The Nigerian naira traded at N1,382.33 per dollar at the official NFEM on Monday, while the black market rate reached N1,425, highlighting persistent forex demand pressures.
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Nigerian Fintech Gigbanc Shuts Down, Sets Withdrawal Deadline
Nigerian fintech Gigbanc ceases operations after three years, citing funding challenges and rising costs. Customers must withdraw funds by July 31.
Before Moniepoint and OPay, This Fintech Came First
Discover the fintech that pioneered Nigeria's digital payments before Moniepoint and OPay, its role in the cashless policy, and the legacy that shaped today's giants.
International Breweries to clear N191bn losses via share reduction
International Breweries plans to eliminate negative retained earnings and return excess capital via a share capital reduction, pending shareholder approval at its AGM.
Ex-Warri Refinery MD Arraignment Stalls in Abuja Court
The arraignment of former Warri Refinery MD Jimoh Yisawu on money laundering charges stalled in Abuja as the judge was away. EFCC accuses him of diverting funds and purchasing treasury bills.
UAE Expands Visa-on-Arrival to 6 Countries, Excludes Nigeria
The UAE added six nationalities to its visa-on-arrival scheme from June 25, 2026, but Nigerians are excluded. Citizens of Philippines, Kenya, and others must hold a valid residence permit from nine approved tier-1 countries.
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US Lists 8 Green Card Eligibility Categories for Permanent Residency
USCIS outlines eight categories for Green Card eligibility, including family ties, employment, refugee status, and victim protections, offering a clear path to permanent residency.
CBN HoldCo Capital Rules May Cause Investor Fatigue
Shareholders warn that CBN's proposed HoldCo capital requirements could lead to investor fatigue, potentially stifling investment in Nigeria's banking sector.
UK Publishes Skilled Worker Visa Fees, Healthcare Surcharge
The UK government has outlined skilled worker visa application fees ranging from £819 to £1,865, plus a healthcare surcharge of £1,035, depending on application location and visa duration.
Banker Resigns After Less Than 2 Years, Joins New Bank
Aondoakura Christopher resigned from The Alternative Bank after 1 year 7 months and joined Globus Bank as a relationship manager, sharing his journey on LinkedIn.
CBN New Exchange Rates: Naira Hits N1,368/$1
The naira appreciated to N1,368.27/$1 in the official market, with gains also against the pound and euro, as Nigeria's external reserves hit $51.46 billion.
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Awabah and TeamApt Turn POS Terminals into Pension Offices
Awabah partners with TeamApt to enable pension contributions via POS terminals, targeting Nigeria's informal sector workers with accessible retirement savings.
Zedvance appoints Prof Olanrewaju as Board Chairman
Zedvance Finance Limited appoints Professor Pius 'Deji Olanrewaju as Chairman, effective July 1 subject to CBN approval, bolstering governance for growth.
Lady Gets N99k Interest on N1.3m Locked in PiggyVest
A Nigerian lady, @omaofweb3, earned N99,000 interest after locking N1.3 million in PiggyVest for six months, sparking online reactions.
Emmanuel Nnorom to Succeed Tony Elumelu as UBA Chairman
Emmanuel Nnorom has been named incoming chairman of UBA, succeeding Tony Elumelu after 21 years. The transition reflects UBA's governance renewal.
Tony Elumelu Retires as UBA Chairman, Nnorom Succeeds
Tony Elumelu has retired as Chairman of United Bank for Africa (UBA) after 27 years, with Emmanuel Nnorom appointed as his successor, effective July 2026.
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Zedvance Appoints Prof. Pius Deji Olanrewaju Chairman
Zedvance, a Nigerian fintech, has appointed Professor Pius Deji Olanrewaju as Chairman of the Board, effective immediately, to strengthen governance and strategic growth.
Tangerine Life Pays ₦9bn in 2025 Claims, 24-Hour Settlement
Tangerine Life Insurance paid over ₦9 billion in claims in 2025, maintaining its industry-first 24-hour settlement policy for verified claims, according to its Managing Director.
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Sycamore Reassures Customers After CBN Revokes MFB Licence
Sycamore assures customers that funds are safe and operations continue after CBN revoked the licence of its recently acquired microfinance bank in Kano.
NDIC pays insured deposits to customers of 46 failed MFBs
The NDIC has started paying insured deposits to customers of 46 microfinance banks whose licences were revoked by the CBN, effective 1 July, in line with BOFIA 2020 and NDIC Act 2023.
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Sycamore CEO Reacts After CBN Revokes Microfinance Bank License
Babatunde Akin-Moses, CEO of Sycamore, assures customers funds are safe after CBN revoked its microfinance bank license, stating core operations remain unaffected.
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