Business

CBN Gives Update On Keystone Bank

Published

9 months ago

February 14, 2025

The Central Bank of Nigeria has assured the public of Keystone Bank’s stability amid the recent court judgement, which ordered the forfeiture of the bank’s shares to the federal government.

The apex bank spokesperson, Hakama Sidi Ali, gave this assurance in a statement on Friday.

She acknowledged concerns over Keystone Bank’s share forfeiture but maintained that there was no cause for alarm.

According to her, the stability of the banking sector and the safety of depositors’ funds remain the regulator’s top priorities.

“For clarity, the court order merely reaffirmed the Central Bank of Nigeria’s prior decision to take over the management of Keystone Bank Limited in January 2024, following a change in its leadership,” the statement read.

CBN noted that it had been monitoring the bank’s operations to ensure compliance with regulatory standards and operational transparency while safeguarding depositors’ funds.

“Since then, the CBN has closely monitored the bank’s operations to ensure they are in full compliance with regulatory standards, operational transparency, and the interests of depositors.

“As part of our commitment to safeguarding the financial system and building public trust, we shall continue to monitor the bank’s performance. We will take all necessary steps to protect the interests of depositors, staff, and stakeholders,” the apex bank stated.

Keystone Bank previously announced that it is now fully owned by the federal government of Nigeria following the court’s dissolution of its former shareholder, Sigma Golf Nigeria Limited.

This comes after Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja on Tuesday, 11 February 2025, delivered a judgement against Sigma Golf Nigeria Limited in a case instituted by the Economic and Financial Crimes Commission.

In September last year, the CBN reconstituted the board of directors for Keystone Bank.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

2 days ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

3 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

3 days ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.