The currency is also trading at N2,015/GBP, N1,720/EUR, and N1,130/CAD.

At the Central Bank of Nigeria’s (CBN) official exchange window, the local currency closed on Tuesday, January 20, 2026, at N1,419.35 against the US Dollar, N1,907.64 per Pound Sterling, and N1,666.31 per Euro.

As of filing this report, the Apex Bank has not updated today’s rates.

On the Naira Daily FX rate for international transactions via Naira Card Windows, GT Bank closed at N1,429/$, while Standard Chartered Bank recorded N1,438/$, N1,941/GBP, N1,693/EUR, and N1,041/CAD.

The CBN recently withdrew N2.64 trillion in excess liquidity through its Open Market Operations (OMO) auction on January 20, 2026.

The bank also reopened N900 billion in FGN Bond offers via the Debt Management Office (DMO) as part of efforts to stabilise the Naira, control money supply, and tackle inflation, especially given the surge in liquidity during the yuletide season.

Additionally, the Apex Bank auctioned N1.15 trillion in Treasury Bills across 91-day, 182-day, and 364-day maturities to manage system liquidity and reduce inflationary pressures.

Key Takeaways

The Naira weakened further in the parallel market to N1,490/$, widening the gap with the official rate of N1,419.35/$. This reflects persistent forex demand in the open market amid limited supply.

The CBN continues to absorb excess liquidity to curb inflation and stabilise the currency after the holiday period.

Analysts say that sustained tight monetary policy combined with improved foreign exchange inflows could help narrow the gap between parallel and official rates in the coming months.

The post Naira Trades at N1,490/$ in Parallel Market appeared first on Tech | Business | Economy.

The report on Nigeria’s capital importation for the first quarter of 2024 showed that the banking sector was the leading recipient of foreign capital, attracting $2,067.44 million. This represents 61.24% of the total capital imported into the country during this period. 

Several banks stood out as top performers in capital importation for Q1 2024, with the list led by Stanbic IBTC Bank Plc, which received the highest capital importation among Nigerian banks.

The Bank secured $1,257.38 million, accounting for 37.24% of the total capital imported into Nigeria, highlighting Stanbic IBTC’s strong position and appeal to foreign investors.

Following Stanbic IBTC, Citibank Nigeria Limited attracted $547.71 million, making up 16.22% of the total capital importation, while Rand Merchant Bank received $528.73 million, which represents 15.66% of the total capital imported. 

Standard Chartered brought in $399.41 million, showcasing its continued influence and trustworthiness in the eyes of global investors, as Access Bank received $278.18 million, rounding out the list of top-performing banks in terms of capital importation for the quarter.

Other banks, including First Bank and Zenith Bank, had $98.71 million and $96.98 million respectively.

The solid performance of these banks is a positive indicator for Nigeria’s economic stability and growth prospects. 

The capital inflows into the banking sector show that foreign investors are optimistic about the country’s financial institutions and their ability to manage and grow investments effectively.

NBS’ data emphasizes the indispensable role of the banking sector in driving Nigeria’s economic development. The inflows into banks are likely to facilitate increased lending, support business expansions, and stimulate economic activities across various sectors.

The post Stanbic IBTC Tops Performing Banks in Capital Importation for Q1 2024 – NBS appeared first on Tech | Business | Economy.

This announcement was made by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, following a meeting with the bank’s global Chief Executive Officer and President Bola Tinubu at the State House in Abuja.

Edun commended Standard Chartered Bank as a valuable partner to Nigeria, emphasizing its important contributions to financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently. “They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings,” he stated.

Edun also highlighted the recent positive outlook rating from Moody’s, which followed the announcement of a $2.25 billion financing package from the World Bank for Nigeria.

This rating reflects the positive trajectory of the current administration’s economic reforms. “I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,” Edun added.

President Bola Tinubu reaffirmed Nigeria’s commitment to a balanced energy transition approach, stressing the need for substantial investments in the oil and gas sector to meet the country’s energy demands and economic needs.

He emphasized the importance of a just energy transition that supports vulnerable communities nationwide, balancing the shift to green industrial growth with the immediate energy needs of Nigerians.

“As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximizing the present,” President Tinubu stated, pointing to the need for continued investment in Nigeria’s oil and gas sector while planning for a sustainable energy future.

The post Standard Chartered to Invest $3 Billion in NLNG, Expresses Interest in Funding Lagos-Calabar Highway appeared first on Tech | Business | Economy.

Ajene takes over from Lamin Manjang, the vice chairman Africa and Acting CEO who will be retiring from the bank after 25 years of service, having reached the mandatory retirement age.

Who is Dalu Ajene?

Dalu has an extensive background in the banking and finance, and will be bringing to bear his wealth of experience and expertise to lead Standard Charted Bank operations in Nigeria.

He started his career in the banking sector as an Investment Banking Analyst, with Bear Streams &Co, Greater New York City Area- 2000-2002, where he put in 2years of quality works.

He, thus, moved to African Capital Alliance, Nigeria, as a Private Equity Associate, Africa between 2002- 2004.

Ajene also worked as an Investment Banking Associate, with the Bank of America Merrill Lynch: 2006- 2008.

Thereafter, he was at the Prudential Capital Group, 2008- 2009, as an Investment Officer.

Greater responsibilities beckon on Dalu Ajene, which positioned him, as the BDD and Head of Corporate Finance, Rand Merchant Bank, Lagos, Nigeria, 2009-2014.

He was also the managing director, Corporate and Investment Banking Head Anglophone Africa, BNP Paribas, Bahrai, Africa, between October 2014 and September 2016.

Between October 2016 and October 2018, Dalu worked as the managing director, Africa, Credit Suisse, Dubai, United Emirates 2-years 1 month.

Later on, he worked as the deputy chief executive officer, and head, investment Banking West Africa, between October 2018 and January-2020.

He was also, the group head of Coverage, RMB between January 2020 and November 2022, where he used 2-years.

Until his recent appointment, as the chief executive officer of Standard Bank Nigeria, in April 2024, Dalu Ajene was the chief executive officer, RMB Lagos, Nigeria.

Academic Profile

Dalu Ajene, attended Dartmouth College, where bagged a Bachelor of Arts (B.A), in Economics, 1996-2000.

He also holds a Master Degree in Administration, (MBA), in Finance, (2004-2006), from the the prestigious Harvard Business School.

The post Meet Dalu Ajene Standard Chartered Bank New CEO appeared first on Tech | Business | Economy.

This is your chance to take your tech-driven startup to the next level with support from experts in the field.

Partnering with the Enterprise Development Centre, Pan-Atlantic University, Standard Chartered Bank offers an incubation program designed to address the challenges faced by female entrepreneurs, providing support in areas of capacity building and business management.

The outcome of the program include training, mentorship and an opportunity to qualify for grant support for 5 founders.

Program highlights:

• Expert-led sessions on business and leadership skills
• Personalized business advisory sessions
• Network meetings
• Grant funding opportunities

Don’t Miss Out!

Applications to Standard Chartered Women in Technology Incubator (WITI) 5th Cycle close on April 14th, 2024. Let your business attain global scale, register today at bit.ly/scwiti5.

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The post APPLY – Standard Chartered Women in Technology Incubator (WITI) 5th Cycle appeared first on Tech | Business | Economy.

opined that for Nigeria to have a stable economy and prevent a bankruptcy situation, it will need to borrow in the region of N21 trillion in 2024.

He said despite the low optimism in the country, the economy is going to ex­perience a turnaround if the necessary steps are taken.

He added that the major challenge facing the country is the lack of interest in the economy by foreign inves­tors and that with all measures currently being put in place, these investors will come naturally.

Foreign portfolio investors are likely to get interested in Nigeria and this is based on seeing that our position is good enough and we can raise money through the Euro bond.

He said, “To foreign portfolio investors, the biggest worry is the lack of ease of entry and exit. And that is because the price in the market does not necessarily tell us why the prices should be traded.

“So, recently we’ve seen the FMDQ begin to publish prices that are fairly reflective of where parallel market rates are.

“What this does is to open the doors for foreign portfolio in­vestors to bring in their money, because they are likely to have market rate.

“It is not going to happen as quickly as we want it to happen. But this is a good development, in which case there is a likelihood that we’ll begin to see a few of them coming.

“The moment the market con­tinues to adjust and it is perceived to be positive, it begins to open the door for us to go do a Euro bond issuance and I say this because we need to then connect the dots.

“The monetary policy at this current time is trying to make sure they’re doing everything possible in the orthodox way.

“So they want to be able to mop up liquidity the way they should. They want to ensure banks are capitalised properly.

“They want to have a trans­parent forex market, clear the backlog of foreign exchange and in doing what is right based on what we have spoken about, in 2024 N21 trillion, at least must be borrowed”.

He added that while the coun­try is able to do this, it must also be aware of the prevalent high interest rate.

“So if you have to borrow that amount of money, and the infla­tion is at 28.9 percent, it is only log­ical that rates must rise. At least to make sure that your return is positive.

“There’s going to be inflation targeting. So, any rates that you see now, where the interbank rate or the OMO rate or the NI­BOR rates are at about 14, or 15 percent, we are only just getting ready to get to where we are go­ing.

“This reason is simple, for the Federal Government to borrow, they must pay up and for also con­tain inflation which is also partly fed from the exchange rate.

“We must pay the right kind of interest rate if we’re going to attract foreign portfolio investors. So, you have to be able to put all of that together to say we want for­eign portfolio investors to come.”

On inflation, the MD of Standard Chartered Bank said the Federal Government and the CBN must mop up at the right level and these simply suggest that in 2024, rates will rise.

While explaining the roles of both fiscal and monetary agen­cies, Adelagun said, “The inter­esting part of what is happening in 2024 is that there is a clear dis­tinction between the monetary and fiscal. Fiscal wants lower rates, monetary is saying we are just going to do what is right and that is a big development in 2024.

“Several policies have come in from the beginning of this week in particular, and I’m sure that by the time we’re all leaving here there’ll probably be a few more circulars coming in, suggesting one or two things.”

Painting a positive scenario, Adelagun said, “On the back of some policies, FMDQ has done their part. They have told banks to sell their long positions. Some will argue that we have seen this before, but the difference now is that unlike the time when we published our financials and did a few things, there seems to be a very tight sequencing.

“So they’re doing everything right in the right direction. So circulars are coming at the right pace.

“Having said to banks, you that must sell down your posi­tions, what is likely to happen is the chance that FPIs begin to get interested, so, that brings in a bit of liquidity.

“If that begins to happen, then our pricing of Eurobond then resets and begins to give us an avenue to raise some more money.

“Also, production continues to ramp up and they then have the firepower to defend the currency a bit more. Auctions will not be the same kind of auctions we are used to. But as production contin­ues, and NNPC and CBN begin to get their act together, they then can begin to intervene in the mar­ket in the way they should once in a while.

“N1,400 to a dollar has happened, we have fastened our seat­belts but very soon, what is likely to happen is the impact of this initial push of the liquidity that has been sitting on banks books, pushes the rates a bit lower”, the Standard Chartered Bank boss added.

Continuing, he said, “It catches on with FDI flows, catches on the Eurobond issu­ance. It catches up with the pro­duction ramping up and NNPC catches on also with the securi­tisation of the NLNG and a few more flows coming in from differ­ent sources.

“And most importantly, the CBN has now decided we are go­ing to make sure we only sell FX to legitimate demands.

“So of the $5 billion outstand­ing forwards, they have been able to trim that down to a smaller number and the reason why that has happened is because most of the demands don’t follow due process. So if you are able to trim down that demand, ultimately what you’re able to achieve is to have just enough liquidity to meet legitimate demands.

“If you take out all the de­mand that are illegitimate, and confidence builds up, people then begin to speculate less on the currency.

“So, interest rates are going to rise and it is time for us to build up cash and wait for the right time to invest in TBs or bonds, it’s going to happen”. (Independent)

The post Insights from Standard Chartered Bank’s 2024 Global Market Outlook appeared first on Tech | Business | Economy.

The Central Bank of Nigeria (CBN) had dissolved the Board and Management of Polaris Bank on Wednesday.

In a statement by Mrs Sidi Ali, Hakama, the acting director of Corporate Communication of CBN, on the Bank’s verified X handle @cenbank directed Mr. Lawal Mudathir Omokayode Akintola, the newly appointed MD/CEO of Polaris Bank to assume his role with immediate effect.

SO, who is Lawal Mudathir Omokayode Akintola?

Lawal Mudathir Omokayode Akintola has a strong educational background that has equipped him with the knowledge and skills to excel in the banking industry. Here are some of his educational qualifications:

He has a Bachelor of Science degree in Accounting from the University of Lagos.

He has a Master of Business Administration degree from the Netherlands Business School.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), a member of the Chartered Institute of Taxation of Nigeria (CITN) and the Chartered Institute of Bankers of Nigeria (CIBN).

He is an Alumnus of the Lagos Business School, the Columbia University Graduate School of Business and the University of Oxford.

Career

Lawal Mudathir Omokayode Akintola has a long and successful career in the banking industry, spanning over 25 years.

He has worked in various capacities and sectors, such as corporate and investment banking, treasury, risk management, and business development.

He has also led and executed many strategic projects, initiatives, and transactions that have added value to the organizations he worked for and the customers he served. Here is a summary of his career path:

He started his career in 1998 as a Senior Manager at Prime Merchant Bank, where he was responsible for managing the bank’s treasury operations and foreign exchange dealings.

In 2000, he joined Ecobank Nigeria as a Group Head of Corporate Banking, where he oversaw the bank’s portfolio of corporate clients in various sectors, such as oil and gas, telecommunications, manufacturing, and infrastructure.

In 2003, he moved to Standard Chartered Bank Nigeria as a Regional Executive of Corporate and Institutional Banking, where he led the bank’s business development and relationship management activities in the South-West region of Nigeria.

In 2006, he was appointed as the Executive Director of Corporate and Investment Banking at Sterling Bank Plc, where he was in charge of the bank’s strategic business units, such as corporate banking, institutional banking, project finance, structured finance, and trade finance.

In 2018, he left Sterling Bank to set up Intermediate Equity Partners Limited, a Lagos-based firm that provides advisory and consultancy services to corporate and institutional clients in various sectors and markets.

In 2020, he became the Managing Director/Chief Executive Officer of Fractional Investment Services Limited, a real estate company that offers innovative and affordable housing solutions to Nigerians.

In 2024, he was appointed by the Central Bank of Nigeria (CBN) as the Chief Executive Officer of Polaris Bank, one of the largest commercial banks in Nigeria, with over 300 branches and millions of customers.

He led the successful acquisition and integration of Equitorial Trust Bank by Sterling Bank in 2011, which increased the bank’s assets, branches, and customer base.

He initiated and executed several landmark transactions in the corporate and investment banking space, such as the $1.2 billion MTN Nigeria syndicated loan, the $1 billion Dangote Cement bond issuance, and the $300 million Lafarge Africa rights issue.

He was instrumental in developing and implementing the Sterling Bank’s corporate transformation strategy, which improved the bank’s performance, profitability, and reputation.

He received several awards and recognition for his leadership and excellence, such as the Banker of the Year Award by the Nigerian Leadership Awards, the Most Outstanding Banker of the Year Award by the Nigerian Bankers’ Merit Awards, and the Most Influential Banker of the Year Award by the Nigerian Banking and Finance Awards.

The post PROFILE – Meet Lawal Mudathir Omokayode Akintola, new CEO of Polaris Bank appeared first on Tech | Business | Economy.

The completion of this transaction, contingent upon regulatory approvals and the seamless transfer of business operations, is the culmination of a broader divestment initiative spanning various markets. The initial announcement of this move was made by Standard Chartered in April 2022.

The announcement of the agreement was made jointly by Sunil Kaushal, CEO of Standard Chartered Africa and the Middle East (AME), and Idrissa NASSA, Chairman of Coris Group. Sunil Kaushal emphasised the significance of this agreement in Standard Chartered’s journey within the AME region, highlighting the commitment to streamline business operations and enhance the delivery of top-tier services and expertise to clients. 

He expressed confidence in doubling down on growth opportunities in AME by leveraging the bank’s extensive regional experience. Standard Chartered will maintain its presence in Côte d’Ivoire, focusing on Corporate, Commercial, and Institutional Banking to ensure continued provision of best-in-class services.

Idrissa NASSA, President of Coris Group, welcomed the finalisation of the agreement, noting the importance of acquiring Standard Chartered Bank’s retail segment in Côte d’Ivoire. He articulated Coris Bank International’s goal to strengthen its position in the emerging country and ensure client satisfaction through innovative services and new product offerings. 

As the third-largest banking group in the WAEMU, Coris aims to accelerate growth in its areas of presence, leveraging the opportunity presented by this acquisition to deliver high-quality service.

Anticipated to conclude in the coming months, the sale of Standard Chartered’s consumer banking business in Côte d’Ivoire is the concluding phase of a series of strategic divestments announced in various regions, including Zimbabwe, Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Jordan, and the consumer banking business in Tanzania since April 2022. 

These divestments align with the bank’s global strategy to enhance efficiency, reduce complexity, and scale its presence across AME. Notably, the transaction in Jordan was successfully completed, with the business officially transferred to the new buyer in August 2023, and the migration of other businesses to their respective buyers is progressing as planned.

The post Standard Chartered Sells Consumer Banking Business in Côte d’Ivoire appeared first on Tech | Business | Economy.

The bank stated in response to an allegation made in the House of Representatives Ad Hoc committee report on the assets and liabilities of the Nigerian National Petroleum Company Limited.

The committee had reportedly claimed that “Standard Chartered Bank is closing all its Nigerian branches,” expressing concerns over the substantial funds held by the bank on behalf of NAPIMS and NNPC.

However, the bank, through Dayo Aderugbo, Head of Corporate Affairs, Brand and Marketing, has refuted these allegations, stating that they are entirely false.

The bank emphasized its unwavering commitment to Nigeria and confirmed that it continues to operate branches in Lagos, Port Harcourt, and Abuja.

It reiterated its dedication to providing exceptional financial services and solutions to all customers.

Given that the matter is currently undergoing legislative review involving the Federal Government, the NNPC, and other relevant parties, the bank expressed its inability to provide additional information at this time.

The post Standard Chartered Bank Refutes Claims of Branch Closures in Nigeria appeared first on Tech | Business | Economy.

The bank said this via a statement sent to its customers.

According to the statement, the suspension would take effect from August 1, 2022.

“Kindly be informed that effective August 1, 2022, International spending on our Naira Visa Debit Card will be suspended,” the statement reads

“International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.

“Thank you for banking with Standard Chartered Bank. As always, we remain committed to providing you best-in-class financial solutions.”

The post Standard Chartered Bank Suspends Int’l Transactions on Naira Debit Card appeared first on Tech | Business | Economy.