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Breaking : CBN bows to pressure lifts ban on cement, 42 items and raises dollar supply

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The Central Bank of Nigeria has said it is raising dollar supply in the foreign exchange market, just as it also lifted the ban on 43 items that were previously not qualified for forex at the official market.

The decision came after the naira tumbled to 1,050/$ at the parallel market on Thursday, following pressure from international organisations and experts.
The CBN has finally succumbed to pressure and lifted the ban on the importers of 43 items restricted from accessing foreign exchange on its official platform.

It disclosed this in a statement titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by the bank’s Director, Corporate Communications, Isa AbdulMumin, on Thursday.

“Importers of all the 43 items previously restricted by the 2015 circular referenced TED/FEM/FPC/GEN/01/010, and its addendums are now allowed to purchase foreign exchange in the Nigerian foreign exchange market,” the statement said.

The apex bank said it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer – willing seller principle.

It added, “The CBN reiterates that the prevailing foreign exchange rates should be referenced from platforms such as the CBN website, FMDQ and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian foreign exchange market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.”

The statement said the CBN was committed to accelerating efforts to clear the FX backlog with existing participants and would continue dialogue with stakeholders to address the issue.

It stated, “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”

Meanwhile, some Bureau de Change operators who spoke to The PUNCH on Thursday said the dollar traded between 1,025/$ and 1,050/$ in Lagos and Abuja.

A BDC operator in Lagos, Abguadi, said, “The dollar was bought at N1,025/$ and sold at N1,035/$ on Thursday.”

According to another BDC operator, Abdul, “We bought dollar for N1,015/$ and sold it at N1,035/$. The price has been rising.”

A BDC operator, Yusuf, said, “Some BDCs don’t even have access to the forex. Today, we bought the dollar and sold at 1,035/$ and 1,050/$.”

Another BDC operator in Abuja, Ibrahim Yahu, said as of the close of business on Thursday, they were buying at N1.030/$ and selling at 1,045/$.

A forex dealer identified simply as Suraju said, ‘’I buy at N1,030/$ and sell N1,035/$; It is just a difference of N5.’’

However, on the Investor & Exporter forex window, the naira appreciated slightly after closing at 759.20/$ from 766.41/$ on Wednesday.

But the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, also says the new leadership team will review the CBN foreign exchange market policies, corporate governance practices, and monetary policies to reposition the apex bank to achieve its core mandates.

Already, he said the new team members, who resumed fully at the bank a few weeks ago following their confirmation by the National Assembly, were carrying out a comprehensive assessment of the challenges facing the central bank.

According to him, the ongoing assessment of the bank will lead to tweaking or jettisoning of some policies as part of a wide-ranging programme to reform the bank as a catalyst for economic growth and development.

This was contained in a document obtained by our correspondent on Thursday.

The document was titled, ‘Preliminary assessment of challenges facing the Central Bank of Nigeria.’

In the document, Cardoso outlined the challenges facing the CBN, introduced high-level proposals to address reformation challenges while examining the role of a refocused central bank in supporting the economic agenda of President Bola Tinubu.

In the paper, the new CBN governor raised several questions, ranging from how corporate governance failures in the CBN could be addressed, how public and financial systems’ stakeholder confidence could be restored in the autonomy and integrity of the CBN, as well as the need to refocus the central back to its core functions.

He also harped on what should be put in place to revert to evidence-based monetary policies, including the discontinuation of unorthodox monetary policies and foreign currency management, unorthodox use of Ways and Means spending, and developing control limits in the use of Ways and Means in financing public sector deficit.

On the backlog of FX demand, Cardoso emphasised the need for creative financing options for clearing the short to medium-term backlog.

The new central governor also plans to limit the CBN’s fiscal side interventions while proposing responses to addressing inflation and price stability issues.

Cardoso said, “These problem statements need in-depth review by the new Central Bank leadership team to determine what mechanisms are currently working, what can be tweaked or dispensed with and what new tools need to be introduced.”

On how the CBN can be refocused to support economic growth, he said, “The economic policy proposals of the administration identify a set of fiscal reforms and growth targets that will achieve $1.0tn GDP within eight years. In reviewing selected BRICS and MINT countries with large populations and similar developmental characteristics as Nigeria, it is interesting to identify macroeconomic indices that point to Nigeria’s economic trajectory, given the faithful implementation of the proposed economic reforms. In economies bigger than $1.0tn, these indicators include moderate inflation, sizable foreign reserves, and the capacity to rebound from a cyclical economic downturn quickly.”

He added, “Much has been made of past CBN forays into development financing, such that the lines between monetary policy and fiscal intervention have blurred. In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”

He listed the advisory roles as the CBN acting as a catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy, facilitating new regulatory frameworks to unlock dormant capital in land and property holdings, accelerating access to consumer credit and expand financial inclusion to the masses; de-risking instrumentation to increase private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies; and exercising the CBN’s convening power to bring critical multilateral and international stakeholder participation in government and private sector initiatives.

In conclusion, Cardoso said, “It must be emphasised that CBN does not have a magic wand that can be waved at the current economic challenges. The problems facing the bank are large and complex. However, with focused leadership and sustained reforms, it is expected that over time, the country will see gains open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots an opportunity for a more prosperous future”.

Manufacturers back FG
Speaking exclusively with The PUNCH, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, commended the decision made by the CBN to lift the ban on imports of the blacklisted items.

According to him, about 200 association members have been adversely affected by the ban that Emefiele imposed.

He said, “We commend the CBN Governor for taking a very pragmatic and far-sighted decision on this matter. You will recall that when the last CBN governor imposed this list of items that are not valid for forex, the association indicated that it was not consulted, and that it was ill-advised. It was ill-advised in that the CBN did not correctly assess the relevance of those items.

“Some of those items represent raw materials that are not locally available, and when that was done, it put more than 200 of our members in jeopardy. It put their survival in jeopardy. Many of them suffered unprecedented low returns in their activities. We indicated that the affected operators needed to be consulted.”

Ajayi-Kadir, who warned that the apex bank had no business meddling in issues bordering on fiscal policy, demanded more reviews to be done to remove more bottlenecks that were imposed on manufacturers by the previous CBN leadership.”

Reacting, the President of the All Farmers Association of Nigeria, Kabir Ibrahim, said removing the forex ban on the items might not influence the seamless importation of food as countries were battling to achieve food sufficiency.

In a telephone interview, the president noted that the festive period would prove effective if the new policy is appropriate or not.

He said, “It is premature to say what will happen as this liberalisation does not mean seamless importation of goods and services as the entire global food system is going through challenges.

“There is no magic wand to stave off the current food inflation rate in Nigeria and it is pretty unwise to purchase grains. For instance, it will be at cross-purposes with any food pricing protocol.

“We should tarry awhile before making definite forecasts as to what will happen between now and Christmas.”

Speaking with The PUNCH, the Chief Executive Officer of the Centre for Promotion of Private Enterprise, Dr Muda Yusuf, said it was a welcome decision of the CBN to discontinue the forex exclusion policy on the 43 items. It is a move in the right direction. It is part of the policy normalisation process.

Yusuf said, “The exclusion of the 43 items was one of the drivers of distortions in the forex market. The exclusion of the items also contributed to the persistent divergence in rates between the official window and the parallel market.

“The exclusion also conflicted with extant trade policy as the items were not under import prohibition in the first place. It was an example of lack of policy coordination under the previous administration.”

Yusuf further stated that the new directive would improve transparency and disclosures in foreign exchange transactions.

Meanwhile, he noted that the CBN should avoid market suppression tendencies, especially outside the I&E window.

He stressed that all policy impediments to forex inflows should be removed.

He stated, “The fiscal authorities should continually monitor the economic landscape to shape the character of fiscal policy measures to regulate imports in line with comparative advantage principles.”

Meanwhile, he added, “We need to worry about the risk of an import surge and also need to upscale the use of fiscal policy measures to boost domestic production and productivity.”

The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, said generally, it was a booster aimed at boosting confidence and eliminating uncertainties in the market.

He said, “It entails reforms, compliance with official market rates and liquidity interventions. We at ABCON will continue to partner with the apex bank in achieving its set goals.

“The unbanning of the 43 items will deepen the market and stimulate bilateral trade and inward-looking industrialisation strategies.”

He added, “My call to the CBN is to ensure speedy implementations of the policies. To enhance the buffers, the CBN should pursue a paradigm shift from demand to supply measures to boost the needed liquidity in the market.”

Gwadabe said the CBN should emphasise intervention in the retail end sector where the spikes were most pervasive through the effective pass-through of the BDCs to close the gaps between the official and unofficial exchange rates.

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GTCO Plc Releases 2025 Full Year Audited Result …Declares Another Record Dividend of 12.76k;

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Re-affirming Unrivalled Capacity to Creating Value₦ Lagos, London – 31st March 2026Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).The Group reported profit before tax of 1.23trillion underpinned by strong growth in core earnings, with interest₦ income and fee income increasing y-o-y by 23.2% and 25.9%, respectively. The performance reaffirms its capacity to generate sustainable earnings and builds on the momentum from 2024, when GTCO delivered a record profit of 1.27trillion, driven in part by 517.5billion in fair value gains, which did not recur in 2025.₦ ₦The Group’s 2025 profit after tax came in at 865.75billion against 1.02trillion recorded in 2024. The profit after tax₦ ₦ reflects the impact of recent fiscal policy adjustments to the taxation of investment securities, notably withholding tax on short-term instruments. However, when normalised for this effect, underlying earnings remain robust, driven by growth in core operating income. The Group continues to maintain a well-structured, healthy, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at 1₦ 7.8trillion and 3.₦ 4trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 43.8%, likewise asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.4% and 5.0% at Bank and Group level in FY-2025 (Bank, 3.5%, and Group, 5.2% in December 2024). Cost of Risk (COR) also improved to 2.2% from 4.9% in December 2024. In specific terms, the Group’s loan book (net) grew by 12.4% from 2.79trillion as of December 2024 to₦ 3.13trillion in December 2025. Similarly, deposit liabilities grew by 23.8% from 10.40trillion to 12.87trillion during₦ ₦ ₦ the same period.Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses. The strength of our underlying earnings, despite a stronger Naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns. Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential. Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Post-Tax Return on Equity (ROAE) of 28.3%, Post-Tax Return on Assets (ROAA) of 5.3%, Capital Adequacy Ratio (CAR) of 43.8% and Cost to Income Ratio of 27.9%.Guaranty Trust Holding Company Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. GTCO Plc is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

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Zenith Bank and Ford Foundation Honour Unsung ‘Sheroes’ with Inaugural Woman of Power Award

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On  Saturday, March 28 2026, Zenith Bank held the climax of its month-long activities to commemorate March as women’s month. The event which held at The Civic Centre, was the second of such activity at the Centre, having held the International Women Day Seminar on the 9th of March, 2026. The event was to honour and give awards to exceptional women who have shown resilience in their communities with heir vocation impacting lives sustainably.Speakers after speakers eulogized Zenith Bank for its people-centred activities and appreciated the Ford Foundation for identifying the Bank as a worthy partner in its push to support women in their peculiar cultural and economic conditions across the world.Themed “Celebrating Resilience, Leadership, and Generosity” the award recognised 19 women who were selected from the six geo-political zones in trade, petty manufacturing, education, and agriculture. These women demonstrated extraordinary strength, leadership, and impact despite the significant challenges posed by the difficult economic situation in the country.According to the organisers, the initiative provided a platform to showcase unsung “Sheroes” — everyday women who are making meaningful contributions in their communities and fields. These include market women, small-scale business owners, community leaders, educators, healthcare workers, and many others whose vital roles often go unnoticed.The sponsors of the event noted that each awardee exhibited excellence in several key areas, including leadership and initiative, community impact, innovativeness and resourcefulness, perseverance, integrity, community trust, and philanthropy.Among those honoured were: Mrs Regina Amankulor, a retired nurse empowering young people in Umuode-Nsulu community, Isiala Ngwa North LGA, Abia State; Mary Matanmi, Coordinator of the Nigeria Association of Hairdressers, Barbers and Cosmetologists, Lagos State chapter; Ifeanyi P. Ugwueze, a Guidance Counsellor and Life Coach who continues to thrive despite blindness and is currently pursuing a doctorate degree.

Others include: Amina Musa, a trade educator based in Karonmajiji, AMAC, Abuja; Adenike A. Lambo, the Iyaloja of Ilorin; Sadiya Abubakar, an educator in Jibi (Deidei), Bwari Area Council, FCT; Erikan Idem Andrew, a market woman with significant community impact in Port Harcourt; Ngozi B. Nwankpa, an Aba-based fashion designer; Hadiza Umar, a Development Specialist based in Kaduna, Kaduna State; Joy C. Ezenwa (aka Mama Amala), a trader at Sabon Gari Market, Kano; Shola Esther Babalola (Mama Sho), promoter of natural honey and founder of the Mama Sho Honey brand in Lagos; Josephine Ugwu, a staff member of the Federal Airports Authority of Nigeria (FAAN), honoured for her honesty in recovering and returning millions of naira mistakenly dropped by passengers at Murtala Muhammed Airport, Lagos. And many others.In her keynote address, the Group Managing Director of Zenith Bank, Dame Dr. Adaora Umeoji, OON, who was represented by Executive Director, Adobi Nwapa, praised the awardees and reaffirmed the bank’s strong commitment to women’s empowerment. She noted that “Zenith Bank’s commitment to gender inclusion is not a rhetoric but one of the ethos that the bank holds very dearly”. In her words, she also said, “Zenith Bank has a 50-50 gender ratio with women occupying strategic positions in the bank’s management and Board up to the current Group Managing Director being the very first female to hold that position.The Regional Director of the Ford Foundation, Dr Chichi Aniagolu, described the Woman of Power Award as an eye-opener, noting that her team’s journey across the country revealed the vast and often overlooked facets of human potential among Nigerian women.Both the Ford Foundation and Zenith Bank Plc have pledged to sustain and grow the initiative in the coming years.Zenith Bank used the forum to notify the women of their various women-targeted products and initiatives, including the Z-Woman initiative, and the Bank’s 19-year sole sponsorship of the NBBF Women’s Basketball League; thus, further highlighting its position at the forefront of women empowerment and economic inclusion across the country.

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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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