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Depository banks (DMBs) have significantly increased their placements at the Central Bank’s Standing Deposit Facility (SDF) window, reaching N6 trillion as of Thursday. According to several industry reports, the increase in non-performing loans in the banking sector exceeded prudential guidelines in the fourth quarter. This was linked to a higher default rate as the apex bank withdrew forbearance. On Friday, …

Nigeria’s currency, the naira, continued to slide against the American dollar at the official window on Thursday. Officially, Central Bank of Nigeria (CBN) foreign exchange data shows that the naira closed at N1,393.25/$1, compared with N1,387.44/$1 on Thursday. This represents a loss of N5.81 for the local currency against the dollar. On the black market, the naira closed flat against …

The Managing Director and Chief Executive Officer of Nilayo Sports Management Limited, Mrs. Yetunde Olopade, has been honored with the prestigious Newstap/SWAN 5-Star Awards in recognition of her outstanding contributions to sports marketing and sports event management in Nigeria. Ms. Olopade’s award is a reflection of the remarkable transformation she has brought to the sports landscape through her leadership at …

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President Bola Tinubu has formed an 11-member committee to oversee the operations of the newly approved Grid Asset Management Company Limited (GAMCO). GAMCO is a Federal Government initiative designed to address the persistent electricity transmission challenges in Nigeria. The inauguration, which was carried out on Friday by the President’s Chief of Staff, Femi Gbajabiamila, follows the Federal Executive Council’s approval …