Business
Naira strengthens to N1400/$ on the parallel market as speculators sell
Parallel market operators are quoting a buy price of N1400/$1 for holders of dollars looking to sell marking a significant strengthening on the naira.
Checks by newsmen indicate the exchange rate has been gaining lately as speculators start to dump their hoard of dollars following waning demand.
Multiple sources who operate in the parallel market revealed that the naira has risen from around N1600/$ which it closed yesterday to N1500/$ (some quoted N1550/$1) if they are to sell to you.
However, they buy at N1400/$1 allowing them to make a spread of N100/$1.
A trader by the name of Musa who spoke to Nairametrics expressed happiness with the development stating that a stronger Naira was also good for their business.
Meanwhile, the exchange rate on the official market fell to N1,560/$1 on Tuesday the strongest the naira has traded since the 4th of March when it closed at N1534/$1.
Business
‘7 international, 15 national’ — CBN updates list of licenced banks
The Central Bank of Nigeria (CBN) has updated the list of deposit money banks operating in the country.
This was disclosed in a circular published on May 7 on its website and titled ‘List of Deposit Money Banks and Other Financial Institutions as of 26th April 2024’.
Newsmen observed the number of deposit money banks moved from 34 in 2020 to 44 in the latest list.
Also, the CBN disclosed Union Bank‘s licence was downgraded from international to national.
Globus Bank, Premium Trust Bank, and Optimus Bank upgraded their licence to the national category.
A further breakdown of the latest list of DMBs by the CBN shows seven banks are under the commercial banking category with international licences, 15 banks with commercial banking licences are under the national category, and four are authorised for regional operations.
Also on the list are four non-interest banks with national licences and six banks with merchant banking licences with national authorisation.
CBN disclosed Nigeria has seven financial holdings companies (HoldCo), while the country has one representative office called the Mauritius Commercial Bank Representative Office (Nigeria) Limited.
Full list of banks and their categories
International Lenders
- Zenith Bank
- Guaranty Trust Bank
- First City Monument Bank (FCMB )
- Access Bank
- United Bank of Africa (UBA)
- Fidelity Bank
- First Bank of Nigeria (FBN)
National Licenced
- Citibank Nigeria
- Ecobank Nigeria
- Heritage Bank
- Globus Bank
- Keystone Bank
- Polaris Bank
- Stanbic IBTC Bank
- Standard Chartered Bank
- Sterling Bank
- Titan Trust Bank
- Union Bank
- Unity Bank
- Wema Bank
- Premium Trust Bank
- Optimus Bank
Regional Licenced
- Providus Bank
- Parallax Bank
- Suntrust Bank
- Signature Bank
Non-Interest Lenders
- Jaiz Bank
- Taj Bank
- Lotus Bank
- Alternative Bank
Merchant Licenced
- Coronation Merchant Bank
- FBN Merchant Bank
- FSDH Merchant Bank
- Greenwich Merchant Bank
- Nova Merchant Bank
- Rand Merchant Bank
Financial Holding Companies
- Access Holdings
- FBN Holdings
- Guaranty Trust Holdings
- FCMB Holdings
- FSDH Holdings
- Stanbic IBTC Holdings
- Sterling Financial Holdings
Representative Office
- The Mauritius Commercial Bank Representative Office (Nigeria) Limited.
On March 29, CBN announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks.
The apex bank said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.
CBN advised banks unable to meet the required capital base to downgrade their licence.
Business
FG debunks officials demanded $150m bribe from Binance
The federal government has accused Binance of blackmail after the company alleged officials demanded $150 million in cryptocurrency payments as bribe to settle the prosecution of its executives in Nigeria.
On Tuesday, Richard Teng, Binance’s chief executive officer (CEO), said some unknown persons in Nigeria demanded huge payments in digital currency to make their problems in the country “go away”.
Business
Naira depreciates again at official market, trades at ₦1,416 to dollar
The naira on Tuesday depreciated at the official market, trading at ₦1,416.57 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost ₦62.36.
This represents a 4.60% loss when compared to the previous trading date on Monday when it exchanged at ₦1,354.21 to a dollar.
However, the total daily turnover increased to 160.77 on Tuesday, up from $84.83 million recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445 and ₦1,301 against the dollar.
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