Business
Naira Depreciates Further, Sells N517 to Dollar
The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days.
The local currency fell to 517 against the US currency at the parallel market on Wednesday.
At the Investors and Exporters’ window, the naira weakened by 0.06 per cent to close at 411.75/$ on Wednesday, according to FMDQ Group.
The naira had strengthened to 506/$ on August 4 after plunging to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change. It had been hovering around 508/$ and 510/$ in recent days.
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria’.
He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.
The PUNCH had reported on Monday that the total forex transactions on FMDQ Securities Exchange rose by about 2.24 per cent last week.
The Exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.
It said the week-on-week increase in turnover was driven by the 12.31 per cent increase in the forex spot, despite the 24.06 per cent decrease in forex derivatives turnover.
The total value of transactions in the Investors’ & Exporters’ window was $550.14m, representing an increase of 12.31 per cent from $489.85m in the previous week.
According to the Exchange, the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.17/$, compared to N411.16/$ recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003 per cent.
The naira, however, appreciated against the dollar by 0.04 per cent at the parallel market as it averaged 510.60/$, compared to 510.80/$ in the previous week.
Business
One-Day MD/CEO Children’s Day Initiative: Wema Bank Makes Final Call for Submission of Entries
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
First Bank of Nigeria Limited has announced the launch of its Naira Visa Debit Card, in partnership with Visa to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
The launch aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels. The card is intended to serve customers across the country’s diverse economic segments.
Speaking on the launch, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online. By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem is one that works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa card portfolio at FirstBank that already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
