The naira depreciated to N1,520 per dollar at the parallel section of the foreign exchange (FX) market on Monday.

This signifies a 3.4 percent decline from the N1,470/$ traded on May 10.

The bureau de change (BDC) operators, popularly known as street traders, put the buying price of the dollar at N1,490 and the selling price at N1,520 — leaving a profit margin of N30.

At the official window, the local currency depreciated by 0.80 percent against the dollar to close at N1,478.11 on Monday — from the N1,466.31 traded on May 10.

According to FMDQ Securities Exchange, a platform that oversees official FX trading in Nigeria, an exchange rate of N1,490 to the dollar was the highest rate recorded during trading and the lowest rate was N1,322/$.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on Monday, said the apex bank had been “reoriented” to focus on price and monetary stability.

Cardoso said the official FX market has been stabilised.

According to the governor, investors previously had a “tendency to head for the window” in response to currency fluctuations, however, there has been a “fundamental shift”.

Cardoso said investors are getting more comfortable with the official window.

Access Bank Sierra Leone Limited has announced the appointment of Maurice Nathaniel Cole and four other non-executive directors.

According to a press statement made available to Nairametrics by Access Holdings Plc, the new executives to its Board of Directors will further strengthen its leadership team and advance the implementation of its growth and transformation strategy.

It added that the appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The group noted that the appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance.

Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”

He noted that Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter.

According to him, the Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

Workers have stormed various offices of electricity distribution companies to protest over the Band A tariff hike.

The workers, under the aegis of the Nigerian Labour Congress and the Trade Union Congress, thronged the offices of the DisCos on Monday, preventing workers from resuming work for the day.

In Lagos, the workers were sighted at the corporate headquarters of the Ikeja Electricity Distribution Company, singing and calling for the reversal of the Band A tariff.

In Oyo, protesters stormed the office of the Ibadan Electricity Distribution Company, picketing the same.

It was gathered that policemen were in attendance to forestall any breakdown of law and order.

The NLC and TUC gave the Nigerian Electricity Regulatory Commission a seven-day ultimatum to reverse the revised tariff.

However, the Federal Government said a reversal of the tariff would spell doom for the power sector, urging Nigerians to bear the temporary pains.

Amid this, the International Monetary Fund has advised the Federal Government to remove electricity subsidies in other bands to save the economy.