brand
After Payment of $7 billion forex backlog, Naira rallies as foreign reserves gained $1.04b in Q1, Says CBN
The naira regained one-fifth of value in the past five weeks as increased foreign exchange inflows saw Nigeria’s forex reserves rising by $1.04 billion in the first quarter of this year.
Join millions of traders around the world who trade global markets with the #1 broker
The reserves, which had ended 2023 at $32.912 billion, closed weekend at $33.952 billion, an increase of $1.038 billion. The build-up of the reserves came within the same period the Central Bank of Nigeria (CBN) completed payment of forex backlog of $7 billion.
The naira rose by about 22 per cent in March to close at N1, 303.842 per dollar as against N1, 544.08 per dollar recorded at the end of the previous month. At the parallel market, the naira rose by about 20 per cent to close the month at N1,300 per dollar.
Analysts agreed that the forex reserves accretion and naira gain may continue in the period ahead as inflows remain upbeat.
Analysts at Financial Derivatives Company (FDC), Cordros Capital, Afrinvest Securities and Arthur Steven Asset Management, said they expected the naira to remain stable in the meantime, given the monetary stance of the CBN.
Managing Director, Financial Derivatives Company (FDC), Mr. Bismarck Rewane, said the current monetary stance suggests further stability in naira and increased investors’ confidence in the economy.
He noted that the high interest rate is expected to support investment inflows from portfolio investors, which combined with a quadruple in remittance inflows and rebounding oil and non-oil export earnings, will support external reserves.
“Essentially, the naira’s stability will continue amid higher interest rates,” Rewane said at the weekend.
He added that while it might still take some time for exchange rate gains to translate to reduced commodity prices in the open markets, “the future holds bright promises.”
Cordros Capital acknowledged CBN’s continuous efforts in the forex market, which are expected to keep the naira stable in the meantime.
Afrinvest stated that naira would remain stable and trade within similar band over the next weeks as the apex bank continues to attract more capital ireserve.
Managing Director, Arthur Steven Asset Management Olatunde Amolegbe said continuing increase in forex reserves will support current efforts aimed at fostering liquidity and stability at the forex market.
“The increase is a positive signal for improved liquidity in the forex market. This should ultimately help to stabilise the exchange rate and strengthen it further,” Amolegbe said.
President, Association of Capital Market Academics in Nigeria, Prof. Uche Uwaleke said any increase places the CBN in a stronger position to meet forex obligations as well as intervene in the forex market.
“If this development is sustained, we are likely to witness an appreciation of the naira in the forex market and more stability in the exchange rate following improved liquidity. This is one positive development capable of keeping away destructive speculators from the forex market,” Uwaleke said.
He noted that inflation rate would most likely moderate given the exchange rate pass-through to commodity prices.
With the lingering crises in Middle East and Eastern Europe amid elevated oil demand, most analysts expect crude oil price to remain substantially above Nigeria’s budget benchmark of $77.96 per barrel.
The International Energy Agency (IEA), in its latest report, increased its global crude oil demand projection for 2024 by 1.3 million barrels per day (mbpd) to 103.2mbpd.
IEA estimated that extended output cuts by Organisation of the Petroleum Exporting Countries (OPEC) and its affiliates (OPEC+) would continue to moderate supply output, keeping off any major downside volatility.
OPEC+ members had extended their voluntary production cuts of 2.2mbpd into the second quarter of 2024, with expectation of further extension beyond the first half.
CBN Governor Olayemi Cardoso has outlined that ongoing efforts to strengthen the country’s forex position would lead to increased stability in forex reserves and naira.
According to him, the collaboration with Ministry of Finance and the NNPCL to ensure that all forex inflows are returned to the CBN will greatly enhance forex flows and contribute to the accretion of reserves.
Every December in Nigeria is a whole mood. The harmattan breeze and the Christmas themed red and white decorations all over the cities and towns; the cousins returning from the UK, US and Europe with “I just came back” stamped on their accents — and of course, the unmissable lineup of street carnivals, concerts, plays, and festivals that keep Lagos, Abuja, Warri and Port Harcourt buzzing deep into the New Year. Since its launch, FirstBank’s “DecemberIssaVybe” (DIAV) campaign has stood at the centre of this cultural energy, giving Nigerians more than just access to premium entertainment — it’s been about creating awesome shared moments, uniting families, and giving the creative industry the big boost it deserves.
For almost a decade, DIAV has quietly shaped the last few months of the year especially December as the season of vibe, through its First@arts initiative, and if you’ve ever danced shoulder-to-shoulder with thousands at a FirstBank-sponsored event, you’ll know exactly what that means.
2018: When the Vybe Began
December 2018 felt different. Nigerians were beginning to embrace “Detty December” as a tradition, and FirstBank cleverly caught the wave. The bank rolled out DecemberIssaVybe with free and discounted tickets to mega concerts and stage plays, pulling crowds that wanted premium vibes without premium stress. Wizkid, Davido, Burna Boy were headlining the big music festivals, while stage productions like “Moremi the Musical” got a new audience thanks to FirstBank’s push.
For the over 130-year-old FirstBank, “DecemberIssaVybe is a way of giving back during the festive season. It’s not just about music or theatre; it’s about connecting people, supporting the creative industry, and ensuring families make memories together.
Families who hadn’t been to the theatre in years found themselves seated side by side at Terra Kulture, watching Nigerian history come alive on stage. And for diaspora kids back home with “I just came back” energy? DIAV became their shortcut into Nigeria’s hottest events.
2019: The Year of Mega Concerts
By 2019, the Vybe was unstoppable. DecemberIssaVybe became synonymous with front-row seats at Davido’s “A Good Time” concerts, Kizz Daniel’s explosive Lagos show, and of course, the unforgettable Wizkid Starboy Fest. But it wasn’t just music. DIAV sponsored families into “Mad About You”, a romantic stage play that had couples rediscovering love, and rolled out tickets to AY Live Comedy Show, proving that December isn’t just about music — it’s about laughter too. By year’s end, DIAV had cemented itself as a December passport.
2020: The Pandemic Pause
2020 was strange for everyone. COVID-19 clipped the wings of live entertainment. But even then, FirstBank didn’t fold its arms. DIAV adapted by sponsoring virtual concerts and livestreamed plays, ensuring families could still bond over art and entertainment from the safety of their homes. It wasn’t the usual sweaty concert hall, but for many, DecemberIssaVybe campaign was proof that even in tough times, music and theatre are powerful connectors.
2021: The Big Comeback
With restrictions easing, Nigerians were desperate for a proper December. DIAV answered in full colour. Imagine a December where Adekunle Gold (AG Baby) sang his heart out at sold-out shows, Simi serenaded lovers, and Fireboy lit up the stage with “Peru” before it became an international anthem.
Families returned to KAKADU the Musical, friends reunited at comedy festivals, and for diasporans who hadn’t been home since 2019, the Vybe was a welcome mat rolled out in sound and laughter.
2022: The Golden Year
By 2022, DIAV wasn’t just an add-on to December, it was the main dish. That year, Asake’s breakout concerts shook Lagos, Burna Boy’s Love, Damini show was an electric storm, and the theatre scene — from The King Must Dance Naked to Awo The Musical — had DIAV stamping tickets for culture lovers.
2023: A Night of Queens
DecemberIssaVybe 2023 brought something fresh to the table with “A Night of Queens”, an all-female musical showcase at Eko Convention Centre. It was a dazzling lineup: Tiwa Savage, Simi, Teni, Yemi Alade, Waje, Niniola and Dope Ceaser all shared the stage in one unforgettable night of music.
FirstBank also sponsored the revival of Kakadu the Musical at MUSON Centre — a play that blends highlife, Afrobeat, soul and pop with the turbulent history of 1960s Nigeria. Meanwhile, families trooped out for Ali Baba’s January 1st concert and Basketmouth Unprovoked, while diaspora returnees shared DIAV tickets proudly on Instagram.
2024: From Comedy to Culture
Last December opened with a bang: Kenny Blaq’s Reckless Musicomedy Festival at Onikan Stadium. The crowd roared as Kenny Blaq, DJ Neptune, Aproko, MC Monica, and OvyGodwin delivered a high-energy mix of music and stand-up.
At the same time, FirstBank sponsored Motherland the Musical, Street Souk at Harbour Point, A True Christmas Story, and family-friendly events like Eko Hotel Pride Land Adventures and the Calabar Carnival Festival.
Reflecting on the season, Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications said: “FirstBank is facilitating memorable homecoming and unforgettable experiences in December with family reunions, concerts and festivals. DecemberIssaVybe isn’t just about entertainment — it’s about the cultural glue for Nigerians everywhere.
Across the years, DIAV has done more than hand out tickets. It has fuelled the creative economy by investing in theatre, comedy, and music. Families and friends have been reunited, turning concerts into bonding sessions. Given the diaspora a homecoming anchor, it has blended the “I just came back” energy with Nigerian hospitality.
In a country where December is both the busiest and most joyful month, DIAV has positioned FirstBank not just as a financial giant, but as a lifestyle brand that understands culture.
2025: The Vybe Is Loading
Now here we are, on the cusp of another December. Whispers are already flying: who will headline the 2025 DecemberIssaVybe experience? Will it be another electrifying Davido Timeless Experience? Will Asake shut down Lagos again? Will Burna Boy, Rema, Tems, or Ayra Starr bring home the global magic? Or will DIAV surprise everyone with a mix of music legends and fresh new voices?
What’s certain is that FirstBank will once again hold the keys to the hottest tickets in town — concerts, fashion, culture, musicals, plays, comedy shows — all to be rolled out on their social media handles, where lucky fans can get premium access.
So, whether you are keeping it real in Naija or you are planning to visit, DecemberIssaVybe 2025 is coming, and FirstBank is about to make it unforgettable.
By Bolaji Israel
brand
Access Bank Appoints Mr. Innocent Ike As Substantive GMD/CEO, Recognises Contributions Of Ms Bolaji Agbede As Acting CEO
Access Holdings (‘Access Holdco’ or ‘the Company’) today announces the appointment of Mr. Innocent Ike as the substantive Group Managing Director/Chief Executive Officer of the Company, effective August 29, 2025, following the receipt of regulatory approval.
brand
ZENITH BANK MARKS 35 YEARS ANNIVERSARY IN GRAND STYLE, RECOGNISES PIONEER CUSTOMERS AND LONG-SERVING STAFF
L-R: Representative of the Nigerian First Lady and Secretary to the Lagos State Government, Barr. Bimbola Salu-Hundeyin; Chief of Staff to Ekiti State Governor, Mr. Adeniyi Adebayo; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Wife of the Founder & Chairman of Zenith Bank Plc, Mrs. Kay Ovia; Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON; Founder & Chairman, Zenith Bank Plc, Jim Ovia, CFR; Governor of Borno State, Prof. Babagana Zulum; Governor of Ondo State, Mr. Lucky Aiyedatiwa; Deputy Governor of Osun State, Prince Kola Adewusi; Chairman of Access Holding Plc, Mr. Aigboje Aig-Imoukhuede, CFR; Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole; and the Publisher of Thisday Newspaper, Prince Nduka Obaigbena at the Zenith Bank 35th Anniversary and Chairman’s Dinner held at Eko Hotel & Suites, Victoria Island, Lagos, at the weekend.
Amidst pomp and pageantry layered with a mixture of glitz and glamour, Zenith Bank Plc marked its 35th year anniversary with a commemorative Chairman’s Dinner at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos on Friday, August 15, 2025. In recognition of their immense contributions to the success of the brand, the bank also presented commemorative awards and plaques to pioneer customers and long-serving staff, who have served meritoriously for 25 years and above. The ceremony brought together key stakeholders of the bank including customers, staff (past and present), regulators, partners, and friends, who all came together to celebrate 35 years of excellent and innovative banking services that has propelled the banking giant to the peak of Nigeria’s financial industry. Among the eminent personalities who graced the occasion were the Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Governor of Ondo State, Mr. Lucky Aiyedatiwa; Governor of Taraba State, Dr. Agbu Kefas; Governor of Borno State, Prof. Babagana Zulum; Governor of Delta, Rt. Hon. Sheriff Oborevwori, who was ably represented by the Deputy Governor, Sir. Monday Onyeme; Alhaji Aliko Dangote, GCON; and former governors Peter Obi and Udom Emmanuel (also an alumnus of Zenith Bank).In her welcome address, the Group Managing Director/ Chief Executive of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON applauded the Founder and Chairman, Jim Ovia, CFR for his foundational role in building the structures for what has today become a shining example of excellence in the Nigerian banking industry and a globally recognised financial institution. She described him as “the Godfather of modern banking and the Nostradamus of our time, who through sheer tenacity, foresight, and uncompromising integrity transformed a modest vision into the financial powerhouse we celebrate today”.In his goodwill message, the Vice President, Federal Republic of Nigeria, Senator Kashim Shettima, GCON, a proud alumnus of the bank, praised the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR for being at the heart of the very successful brand that today stands as Nigeria’s largest bank by Tier-One capital. According to him, “Long before technology became the bloodstream of global finance, Jim Ovia had already woven it into the DNA of Nigerian banking industry. He introduced innovation not as a fashion but as a philosophy, placing Zenith Bank on a path where excellence is not an ambition but a standard. Yet his true signature is not only on the balance sheet. For Jim Ovia, the people make an institution. His greatest investment has been in human capital – in transferring his experience and sense of adventure to generation after generation of bankers and investors forged at Zenith Bank”.
Also speaking at the event, the Founder and Chairman of Zenith Bank, Jim Ovia, CFR expressed its immense appreciation to all guests for joining the bank in celebrating this momentous occasion. He thanked the bank’s esteemed customers and shareholders for their trust, confidence and shared vision; the regulators, for their guidance over the years; his friends and partners, for being a constant source of strength; the Zenith Bank family led by the exceptional Group Managing Diector/CEO, Dame Dr. Adaora Umeoji, OON, for their loyalty and commitment; and his beloved wife and family for their love and support.Founded in May 1990, Zenith Bank has grown from humble beginnings into one of Africa’s leading financial institutions with branches across the 36 states of the federation and the FCT, Abuja as well as subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, France, UAE and a representative office in China.
-
news5 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle5 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
lifestyle4 years agoObateru: Celebrating a Quintessential PR Man at 60
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
health5 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
health5 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19
-
entertainment8 months agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
news4 months agoBREAKING: Tinubu swears in new NNPCL Board