E-Financial
Naira Hits N400/Dollar as Forex Scarcity Worsens
The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country, according to the Punch.
The local currency had closed at 390 against the greenback on Wednesday.
The shortage of forex at the interbank and the black market has continued to weigh on the value of the naira.
After closing at around 378 against the dollar for most part of last week, the naira dropped to 380 on Friday before falling to 382 on Monday.
The currency closed at 315.06 to the United States dollar at the interbank market on Thursday.
The Punch reported that economic and financial analysts have linked the wide depreciation in the value of the naira against the dollar at the parallel market to huge demand for forex by holidaymakers seeking to travel abroad.
However, some experts said the huge demand for forex at the parallel market was beyond the normal summer rush.
They linked the development to the activities of speculators and significant demand by manufacturers and importers whose demand was not being met at the interbank market.
Mr. Kunle Ezun, currency analyst at Ecobank Nigeria, said, “The issue still has to do with inadequate forex supply. As far as you continue to have some 41 items banned from the interbank market, importers and manufacturers of those items will continue to seek for forex at the parallel market.
“This is part of the reason you are having pressure at the parallel market.”
According to Ezun, the global plunge in oil prices has affected the capacity of the Central Bank of Nigeria to defend the naira.
“If the price of oil should go up, more forex will come in and you will see that things will change,” he added.
Sherrifdeen Tella, Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, said the huge demand for dollars could be due to the activities of genuine manufacturers and importers seeking forex for production and business purposes, or corrupt people who had stolen state funds.
Tella said, “The naira is falling at the parallel market because there is scarcity at the interbank market. This fall could be due to the activities of genuine manufacturers or some people you cannot identify. These are people who have stored naira somewhere and are seeking to convert them to dollars. They use every chance they have to buy dollars. What the CBN may need to do is to neutralise that money by changing the colour of the N500 and N1,000 notes.
“If the naira keeps falling at the parallel market, then we should prepare for further increase in the prices of goods and services. And this will continue to give us more trouble as a nation.”
Alhaji Aminu Gwadabe, president, Association of Bureau De Change Operators, said the fall in the naira value could be linked to the activities of speculators.
He said the demand was spurious, saying it was not coming from genuine sources.
“The demand is spurious; the challenge is that there is no liquidity in the market. If you ask any of the parallel market operators calling N400 per dollar to bring the dollar that you want to buy it, they don’t have,” Ezun said.
Mr. Johnson Chukwu, chief executive officer, Cowry Asset Management Limited, said that if the naira continued to fall at the parallel market, the country would need to brace for higher rate of inflation and further contraction in economic growth.
It was learnt on Thursday that the Deposit Money Banks had started selling forex to the Bureau De Change operators in line with the CBN directive.
Banking sources confirmed that the sale begun on Thursday.
The ABCON president, Gwadabe, also confirmed the development.
“The banks started selling to us today, we will be debited tomorrow and then receive the forex. We thank the CBN and the banks. This move will help to close the gap between the exchange rates at the parallel market and interbank market,” he stated.
E-Financial
Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc
With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.
This a crucial evidence for investors that the bank is solution driven.
For instance, at the capital market, the bank was the toast of investors as its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.
Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.
Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.
Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.
Despite the immense responsibility and intense pressure, especially during turbulent times, Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.
Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as reputation.
She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.
The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.
This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.
Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.
By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.
Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.
Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.
A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.
Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.
Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).
The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).
Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution upward trajectory will be indelible.
She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.
E-Financial
FCMB, BHM Champion New Revenue Models for Media Sustainability

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.
The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.
Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.
Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.
Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”
Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”
The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.
The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.
E-Financial
CRMI Backs CBN’s New Measures to Curb Fraud

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

Kevin Ugwuoke, president and chairman of Council, in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.
“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.
The institute, however, stressed that the success of the measures would depend largely on effective implementation.
It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.
The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.
The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.
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