Business
Naira Sinks Further Against Dollar, Pound, Sells at 530 and 720 Respectively
The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.
The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.
The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.
The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.
At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.
No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.
“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.
The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.
The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.
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.”
In a related development, the country’s external reserves have risen above $34bn for the first time in more than two and a half months, according to the CBN.
The reserves, which had been wobbling in recent weeks, jumped from $33.40bn at the end of July to $34.02bn on August 31, the highest since June 9.
The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.
The Punch
The Executive Director, IT and Digitisation, Access Holdings, Mr. Lanre Bamisebi, has called for sector-focused, AI-driven transformation in corporate African banking. This is even as corporate banking in Africa is undergoing a transformation, and the conversation has shifted beyond traditional deposits and loans.
Bamisebi made the submission while speaking as a panelist during a session at Future of Finance Summit, highlighting the urgent need for financial institutions to bridge the widening gap between what corporates require and what banks currently provide.
“Corporates are no longer asking for just an ad or a simple product, they want visibility into liquidity, frictionless cross-border payments, and integrated solutions that anticipate their changing needs.” Bamisebi noted.
Despite progress across the industry, he acknowledged a persistent disconnect between corporate expectations and available banking services.
Drawing from Access Bank’s scale, serving over 65 million customers and processing up to 12.5 million transactions daily, Bamisebi underscored the transformative potential of technology and artificial intelligence in closing this gap. Advanced data management and AI-driven insights, he said, now make it possible to personalise corporate solutions at a level previously unimaginable.
“Retail banking is straightforward, corporate banking is complex. Every company, even within the same sector, has unique needs that require tailored solutions.” he explained.
The Access Holdings ED also addressed the realities of legacy systems and the challenge of innovating while maintaining stability.
“It is like flying a plane while serving meals, We have to keep operations steady while deploying technology and AI to adapt to corporate requirements as they evolve,” he quipped.
He emphasised that generic, one-size-fits-all products no longer meet the needs of companies in sectors such as oil and gas, mining, and telecommunications.
Instead, banks must invest in deep sector expertise, build flexible AI-enabled solutions, and continuously evolve with their clients. The future, he said, belongs to institutions that can deliver predictability and proactive service, anticipating needs before clients even voice them.
On the growing reliance on AI, Bamisebi expressed measured optimism. While AI is now essential to modern banking, he cautioned that its biases and potential “hallucinations” require strong oversight. He compared today’s stage of AI adoption to the early days of the Internet: transformative, necessary, and demanding vigilance.
Looking ahead, Bamisebi offered three strategic recommendations for banks aspiring to become the preferred corporate banking partners across Africa: Model success; Study and adapt effective frameworks, including Access Bank’s customer-centric approach. Focus on a niche; Rather than attempting to serve every sector, specialize deeply and deliver superior value in selected industries and Commit to continuous learning; Stay attuned to clients’ evolving needs and invest in technology capable of anticipating those changes.
Bamisebi concluded that the future of corporate banking in Africa lies in the fusion of sector-specific expertise, AI-driven insights, and relentless adaptability. Banks that embrace this trifecta, he affirmed, will not only meet the needs of modern corporates but also play a defining role in shaping the continent’s financial future.
The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.
The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.
Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.
The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.
It also marks the fourth consecutive hold this year.
The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.
The Punch
Access Bank Plc, Nigeria’s largest retail bank, is set to unveil DettyFusion, an innovative all-in-one digital platform designed to help Nigerians at home and in the diaspora seamlessly discover, plan, and enjoy entertainment events during the upcoming Christmas and New Year festive season.
Billed as the first-of-its-kind entertainment aggregator in the country, DettyFusion will serve as a centralized hub where users can explore event calendars, purchase tickets, access exclusive discounts, participate in curated festive experiences, and make safe, seamless payments throughout the holiday period.
Speaking on the forthcoming launch, Access Bank’s Head of Mobility, Ishmael Nwokocha, said the platform was inspired by the bank’s commitment to enhancing customer experience during the highly anticipated Detty December season.
“Every December, Nigerians look forward to moments that bring joy, connection, and unforgettable experiences. The launch of DettyFusion will create a single gateway that makes it easier, safer, and more convenient for customers to enjoy the thrills of Detty December,” Nwokocha stated.
He added that the platform reflects Access Bank’s drive to deliver innovative lifestyle solutions that extend beyond traditional banking services. “DettyFusion brings together key features that meet the needs of today’s digitally active and experience-driven audience,” he said.
With this initiative, Access Bank continues to reinforce its position as a leading lifestyle enabler, supporting Nigeria’s creative sector while empowering customers to enjoy top-tier entertainment during the festive season.
With DettyFusion, Detty December just got smarter, more convenient, and even more rewarding.
