The Dollar to Naira exchange rate in the black market fell to N1,760 on Thursday, 12th December from N1,780 it closed on Tuesday, 11th December 2024......Read The Full Article>>.....Read The Full Article>>
Operators via AbokiFX are buying the Dollar for as low as N1,785 and as high as N1,870.
This comes as the Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) operations continue to impact the market.
Previously, it had supported the rates but now speculators’ activities may have triggered the weakening of the local currency in the official market as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The platform was introduced to tackle speculation and improve transparency in Nigeria’s FX market.
Also, the rate at the official market fell for the second straight day as it closed at N1,545 per Dollar according to quotes on the CBN website. This indicates a N20 loss day-on-day compared to the previous session’s N1,525/$1.
Meanwhile, Access Bank, the banking subsidiary of Access Holdings, has entered into a binding agreement with South Africa-based Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank Limited.
The deal for the 24-year-old bank is expected to be completed in the second half of 2025, pending regulatory approval.
This acquisition marks another milestone in Access Bank’s expansion across African markets, having already established a presence in countries such as Kenya, Mozambique, and Angola.
The agreement to acquire Bidvest Bank underscores Access Bank’s commitment to strengthening its footprint in South Africa while consolidating its position as Africa’s gateway to global markets.
The acquisition aligns with the bank’s strategy to optimize the benefits of its recent acquisitions and accelerate its focus on efficiency and growth.
Bidvest Bank, founded in 2000, is a niche and profitable South African financial institution offering a diverse range of services, including corporate and business banking solutions, as well as various retail banking products.
