Business

Expert Speaks On Shonubi As Acting CBN Gov

Published

2 years ago

June 10, 2023

A financial expert, Mr. Okechukwu Unegbu, has commended President Bola Tinubu for his choice of Folashodun Shonubi as acting Governor of the Central Bank of Nigeria.

The erstwhile CBN governor, Godwin Emefiele, whose suspension was announced on Friday, had been directed to hand over the affairs of his office to Shonubi, CBN’s Deputy Governor, Operations Directorate.

According to Unegbu, Shonubi is an experienced banker and a good public finance specialist who will competently hold the fort until the issues around Emefiele are resolved or a substantive governor is appointed for the apex bank.

He commended Tinubu for the economic decisions he had taken since he assumed office while urging him not to rush.

“The president is doing some good work, and he is taking actions that are sympathetic to the Nigerian public.

“But what I will suggest is for the president to take things easy. He should not be in a rush.

“Nigeria is such a complex country and a lot of things have gone wrong over the years. If the president wants to rush things, he might get into trouble,” he said.

Shonubi was born on March 7, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.

He further obtained a Master of Science in Mechanical Engineering in 1985 with a bias in Production Engineering from the same university.

From 1988 to 1989, he shifted his focus to finance and obtained a Masters’ in Business Administration specialising in finance.

He moved to Citibank Nigeria Ltd. as Head, Treasury Operations from 1990 to 1993, and joined Agusto & Co. Ltd. as a Supervising Consultant from 1993 to 1996.

Shonubi later moved to MBC International Limited as Deputy General Manager, Banking Operations and Information Technology.

He joined First City Monument Bank Ltd. as Vice-President, Operations & Information Technology and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations and Information Technology and in 2007, he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited.

He was recruited by Union Bank of Nigeria Ltd. as an Executive Director, Operations, Technology and Services, from September 2009 to April 2012.

He became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018.

He became the Deputy Governor, Operations, of the CBN in October 2018, representing the Governor of the CBN on the board of FIRS since December 2019.
NAN

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.