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Just IN : Dollar crash : Pressure mounts on FX hoarders to sell off, as Dollar sold at a rate of N1,301
Sell your possession as an act of patriotism, Oluwo charges Nigerians
The pressure on individuals, banks and Bureaux de Change (BDC) operators to offload their excess dollars and other foreign currencies is not about to wane as the raft of policy measures introduced by the Central Bank of Nigeria (CBN) continue to dig in.
The naira which last month fell to a low of N1,778.25 to the dollar, weighed down by high demand for the U.S. currency and outstanding forwards on the currency that needed to be settled by the Central Bank bounced back during the week , firming to N1,312.51 per dollar at the weekend, after the CBN said late on Wednesday it had cleared its entire verified foreign exchange backlog.
A BDC operator, Mallam Yakubu Salisu, said ‘people “are willing to exchange their dollars now more than ever before because of fears that it might crash further in the coming days.”
The apex bank had last month announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.
The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators.
According to data obtained from the CBN website, there are 5,690 BDC operators nationwide.
However, about 1,373 BDC operators have been screened to get the allocation. The breakdown includes Abuja, 186; Awka, 26; Kano, 376; Lagos, 785.
On July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs accusing them of trading FX wholesale that amounts greater than USD 5000, in contravention of their licences, and Nigeria’s FX regulations.
The latest circular, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” approved resumption of sale of dollar to BDC operators
It noted that the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridge the widening gap in the exchange rate.
It said the allocation would be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.
This means BDCs will buy at N1,301 and sell at ₦1,314.01.
Sell dollars in your possession as an act of patriotism, Oluwo charges Nigerians
The Oluwo of Iwoland, Osun State, Oba Abdulrosheed Adewale Akanbi, told The Nation that he has converted all the dollars in his account into naira and asked other Nigerians to do same to save the national currency.
According to the monarch, the availability of dollars in the market would reduce the exchange rate, and ultimately checkmate inflation hitting hard on Nigerians.
He stated that dollar hoarders are parts of those frustrating the economy, asking them to be wary of posterity.
The oba,in a statement through his press secretary, Alli Ibraheem, said those hoarding dollars only ended up creating artificial scarcity,“thus leading to high exchange rates and ultimately to inflation.”
He said:”Pumping the hoarded dollars in circulation will lubricate our economy and decimate the hardship on innocent masses. As I speak, I’ve emptied my dollar account. We can only get there if we are ready to sacrifice by jettisoning selfish economic policies capable of suffocating our survival.
“Nigerians are equally enjoined to patronize made-in-Nigeria products. I’ve taken that lead among the traditional rulers. I was the first Nigerian monarch to buy a made-in-Nigeria Innoson vehicle. My wears, most especially, the ofi are hundred percent made in Nigeria. With public enlightenment on the patronage of Nigerian goods, we can have a more prosperous and friendly economy.”
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ZENITH BANK APPOINTS KENNEDY OKWUDILI AS EXECUTIVE DIRECTOR
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Zenith Bank Plc has announced the appointment of Mr. Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026. The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management.Mr. Okwudili graduated with a Bachelor of Science (Honours) in Accounting in 1998 from the University of Maiduguri, Nigeria, with a Second Class Upper division. He obtained a Masters of Business Administration (MBA) from the Ahmadu Bello University, Zaria, Nigeria in 2008 and a Masters of Science in Accounting from Veritas University, Abuja, Nigeria in 2021.Mr. Okwudili has over twenty-five years of cognate banking experience spanning credit and marketing, treasury, compliance as well as operations and had at different times worked in various zones and departments of the bank. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), 2024 and an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016. He has attended several Executive Education Programmes both within and outside the country, including: Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).
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ZENITH BANK EXPANDS GLOBAL NETWORK WITH NEW MANCHESTER BRANCH
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
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ZENITH BANK SET TO HOST 2026 INTERNATIONAL WOMEN’S DAY SEMINAR IN LAGOS
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Zenith Bank Plc will commemorate the 2026 International Women’s Day with a renewed call to purposeful action and leadership. As part of preparations to celebrate this significant occasion, the Bank is set to hold its annual International Women’s Day Seminar on Monday, March 9, 2026, at The Civic Centre, Victoria Island, Lagos.Aligned with the global theme ‘Give to Gain” which underscores the principle that sustainable progress is achieved when individuals and institutions invest intentionally in women, Zenith Bank’s 2026 IWD seminar is themed “Take It, You Own It.” The theme reflects the Bank’s belief that while institutions must give through enabling environments and equitable systems, women must also step forward to claim space, own their value, and lead with confidence. It is both an affirmation and a challenge: embrace opportunity, empower yourself and others, and take ownership of your growth journey.Building on the success of previous seminars, including the 2025 edition themed “Winning On All Fronts”, Zenith Bank’s 2026 programme is designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact. Over the years, the Bank’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.Speaking ahead of the Seminar, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, who will deliver the welcome address, said “The International Women’s Day is a reminder that progress requires intentionality. ‘Give to Gain’ speaks to the responsibility institutions have to create real opportunities, while our theme ‘Take It, You Own It’ challenges women to step forward boldly and lead. At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve.”The seminar will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity. With a carefully curated programme spanning keynote addresses, panel conversations, Q&A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.Through its alignment with “Give to Gain” and its bold seminar theme, “Take It, You Own It,” Zenith Bank reaffirms its belief that when institutions give intentionally and women lead confidently, entire ecosystems rise. As conversations around inclusion continue to shape the future of business and society, the Bank remains resolute in its mission to foster platforms where women’s potential is recognised, amplified, and fully owned.
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