Wema Bank Makes A Pre-Tax Profit Of N4.3 Billion

Wema Bank Plc has released its unaudited half-year financial results, revealing that its pre-tax profit has increased to N4.3 billion. Mr. Ademola Adebise, the company’s Managing Director, stated of the results, “We are pleased to release our results for the first half of the year.” Our performance reflects the organization’s attitude of resilience, as we have successfully recovered from the covid-impacted performance of the same period in 2020. “We expect a stronger performance for the full year of 2021 as the economy fully opens up. The bank will maintain its strong focus on the digital business in the second half […]



Buying Of Foreign Exchange- Banks Warn Against Presenting Fake Document

Even as they indicated their preparedness to sell foreign exchange to the general public as mandated by the Central Bank of Nigeria, bank CEOs warned against using fake documents to obtain foreign money (CBN). This follows the CBN’s decision to stop selling foreign exchange to bureaux de change (BDCs) and instead direct clients to their banks for authorized transactions. During a virtual news briefing hosted by the Body of Bank Chief Executives, the CEOs of the banks stated that anyone attempting to purchase foreign exchange with fake documents will be reported to the CBN and the police for possible punishment.[…]



The Naira Strengthens As Bank CEOs Pledge Support For The CBN’s New Foreign Exchange Policy

On the parallel market on Thursday, the naira strengthened to N520 per dollar, higher than the previous day’s close of N525 per dollar. Chief Executive Officers (CEOs) of banks pledged to support the Central Bank of Nigeria’s (CBN) new foreign exchange (FX) measures and the regulator’s efforts to achieve FX stability. The naira closed at N411.67 to the dollar on the Investors and Exporters (I & E) FX window yesterday. The CBN also announced that it will begin refunding capital deposits and licensing costs to Bureau De Change (BDC) promoters who had outstanding license applications prior to Tuesday’s announcement of[…]