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Finance
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FCMB Launches ₦20 Billion Fund to Support Nigerian Healthcare Sector
FCMB has introduced a ₦20 billion financing initiative to bolster private healthcare businesses in Nigeria, providing essential capital for equipment, infrastructure, and operational expansion.
NDIC Begins Reimbursing Depositors of 46 Closed Microfinance Banks
The NDIC has officially begun paying depositors of 46 microfinance banks following the recent revocation of their operating licenses by the Central Bank of Nigeria.
August 6, 2026: Naira Exchange Rates Against the US Dollar
The naira held steady at ₦1,362.55 in the official market on August 6, 2026, while the gap with the parallel market rate widened to ₦62.
Naira experiences decline against dollar in both official and parallel markets
The Naira weakened to N1,410 per dollar in the parallel market and reached N1,368.5 in the official market, widening the spread between the two rates.
Naira experiences slight drop against US dollar on August 5, 2026
The Nigerian naira faced a minor official devaluation on Wednesday, halting a two-day rally, while the parallel market saw a slight recovery.
NDIC Begins Reimbursements for Customers of 46 Closed Microfinance Banks
The NDIC has commenced payouts to depositors of 46 microfinance banks following their license revocation by the CBN, utilizing automated payment systems to expedite the process.
Legislators and NDIC Collaborate to Enhance Bank Depositor Protections
The NDIC and the House of Representatives are enhancing Nigeria’s financial safety net to protect depositors following the recent banking sector recapitalization exercise.
Zenith Bank Clients Advised to Verify Account Balances Following Cyber Attack
Dr. Uju Ogunbunka of the Bank Consumers Association of Nigeria is urging Zenith Bank customers to verify their account balances after a confirmed data breach.
Bank bad loan ratios exceed CBN threshold following end of pandemic relief
Non-performing loans in Nigeria's banking sector surged to 9.94 percent in Q1 2026 after the Central Bank of Nigeria ended COVID-19 era regulatory relief measures.
Nigerian Naira Exchange Update for August 5, 2026
The Nigerian naira holds steady at ₦1,362.55 in the official market while maintaining a price of ₦1,415 in the parallel market this August 5, 2026.