Naira appreciated further against the United States (US) dollar to close at N1,455 on Thursday, October 2, reaching its highest appreciation since the beginning of this year. It closed on Tuesday, September 30, at ₦1,475 as there was no official trading on Wednesday, October 1, because of the public holiday to mark Nigeria’s 65th Independence …
The Central Bank of Nigeria (CBN) has hinted at a plans to take full control of the fixed income market with effect from November 2025. CBN made this known in a statement signed by its Acting Director of the Financial Markets Department, Okey Umeano. The apex bank said it will start a phased operational overhaul …
The Central Bank of Nigeria (CBN) has been indicted by the Office of the Auditor-General for the Federation (OAuGF) for failing to remit over ₦4.304 trillion to the Federation Account. According to the 2022 audit report by the OAuGF, the apex bank was listed alongside the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Nigeria …
As Nigeria’s financial landscape continues to evolve, Union Bank finds itself at the centre of controversy, raising questions about its future as the country moves closer to its recapitalisation deadline. The bank, once a trusted household name in Nigeria's banking sector, is now embroiled in a web of financial and regulatory uncertainties following the takeover …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, will be delivering a series of national lectures to champion next-generation leadership. The first of its kind is set to be held at the Lagos Business School on Friday, October 3, 2025, according to a statement seen by Pinnacle Daily on Tuesday, September 30. …
The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion from ₦2 billion. It said the revised capital requirements are to take effect immediately for new licences, while existing operators have until December 31, 2026, to comply. The commission announced the …
TAJBank, a non-interest bank, said it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. Its Managing Director, Hamid Joda, confirmed this in a statement on Friday, September 26. “I am happy to report that through the leadership of our bank’s board and support of our valued shareholders …
Shareholders have approved the merger of Unity Bank Plc with Providus Bank Limited. They gave their consent at a court-ordered Extraordinary General Meeting (EGM) on Friday, September 26. The approval, expected to enable the banks to consolidate their assets as well as liabilities, represents a major step toward building a larger, more competitive financial institution …
Jaiz Bank Plc has received a national scale long-term issuer rating from BBB-(NG) to BBB(NG), with the outlook revised from positive to stable. The Nigerian pioneer non-interest bank was upgraded by GCR Ratings, a leading rating agency in Africa. In a statement on Wednesday, September 24, the Managing Director/Chief Executive Officer, Haruna Musa, reaffirmed the …
Global stocks fell on Wednesday as the dollar strengthened, following Federal Reserve Chair Jerome Powell’s cautious remarks on U.S. interest rates. Powell avoided committing to the sharp rate cuts investors expect in the coming months, dampening market sentiment. Traders still see a 92% chance of an October cut, according to CME FedWatch, but Powell stressed …
