Following recent developments, the Nigerian Government has raised the Maximum Deposit Insurance Coverage for banks that are operating in the country. During a recent media briefing, the Managing Director of the Nigeria Deposit Insurance Corporation, Bello Hassan, revealed the new coverage thresholds. The revised insurance coverage now stands at N5 million for Deposit Money Banks (DMBs), up from N500,000. For Microfinance Banks, the coverage has been increased from N200,000 to N2 million. Similarly, Primary Mortgage Banks (PMBs) will now have coverage of N2 million, up from N500,000. Subscribers of Mobile Money Operators will also benefit from an increased coverage, rising from N500,000 to N5 million per subscriber. Hassan underlined that the objective of this update is to enhance depos...

Recent data indicates a decline in the value of the Naira relative to the US Dollar in the foreign exchange market. According to FMDQ figures, the Naira slipped to N1402.67 per Dollar on Thursday, down from N1,390.96 reported on Tuesday. This reflects a loss of N11.71 compared to the Tuesday rate of N1,390.96. Conversely, the Naira saw some gains at the parallel market, climbing to N1340 per Dollar on Thursday from N1360 per Dollar on Tuesday. Reports from NewsNow quote Aminu Gwadabe, the National President of the Association of Bureaux De Change of Nigeria, who expressed confidence that the organization's efforts to streamline retail foreign exchange operations will contribute to the stabilization of the Naira in the forex market.