The Nigerian currency, the Naira has gained massively at black market and official Window.
At the official Investors and Exporters (I & E) window, the naira and the US dollar exchange rate closed yesterday at ₦414.73/$1 and is currently trading at ₦413.54/$.
The Naira gained 0.09 percent against the US dollar on Thursday, December 23rd, opening at ₦413.77/$1 and closing at ₦414.73/$1, up from ₦415.07/$1 in the previous trading session.
The official market’s forex turnover increased by 138.5 percent to $360.18 million from $151.03 million in the previous trading session.
The naira, on the other hand, remained strong against the US dollar on Friday, closing at ₦565/$1, the same level as the previous week. According to data gathered from BDC operators obtained by Ejes Gist Naira.
The Aboki Dollar To Naira Exchange , also known as Black Market or Parallel Market where the Dollar and Naira is being Exchanged, the Dollar opened at ₦568/$1 and Closed at ₦565/$1 gaining ₦3 when compared to previous when the dollar 5o Naira closed at ₦570/$
Flutterwave chairman, Tunde Lemo, acquires majority shares in Union Bank
Tunde Lemo, the chairman of Flutterwave, has acquired a majority stake in Union Bank after a number of large shareholders pulled out of the Nigerian lender.
Through his investment firm, Titan Trust Bank Limited, Lemo purchased 89.39 percent of Union Bank from Union Global Partners Ltd. (UGPL) and some other unnamed existing stakeholders.
Lemo, who was previously the Managing Director of Wema Bank between 2000 and 2003 before joining the Central Bank of Nigeria (CBN) as a deputy governor, now has a significant stake in Union Bank.
Prior to his recent acquisition, President Muhammadu Buhari appointed Lemo as chairman of the Federal Emergency Road Maintenance Agency (FERMA) in 2017, but he only took office in 2018.
“The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector,” the investment banker said of the Union Bank acquisition.
“The transaction represents a once-in-a-lifetime opportunity to combine Union Bank’s long-standing and leading banking franchise with TTB’s innovative model, which promises to enhance our combined valued customers’ product and service offerings.” In a statement obtained from NGX on Thursday, Lemo said.
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