Business
BREAKING: Naira Falls To All-Time Low Against Dollar At Aboki Black Market
Naira has fallen to an all-time low against the dollar at Aboki Black Market (foreign exchange rates).
JomogNews reports that the lingering scarcity of foreign exchange rates against naira in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1.
Already, frustrated manufacturers and travellers have been forced to patronise BDC operators more often than before.
It was learnt that in some instances, banks were able to meet just about 30 per cent of customers’ demands.
“I applied for a $5,000 Business Travel Allowance through the CBN portal. But my bank said it could give me only $2,000,” said a businessman who wished to remain anonymous.
It was, however, learnt that the experiences of manufacturers were far worse.
“Never in a million years would I have thought Nigeria would get to this stage. How do you explain that a manufacturer had an invoice of $425,000 to import materials and all that is allocated to him from the CBN is $210? I can’t even wrap my brain around it,” said Bola Adefila, the Chief Operating Officer, Banrut Rolls Nig Ltd.
It was learnt that the MAN had begun reaching out to the Federal Government for urgent intervention even as the rising cost of diesel has worsened the ease of doing business.
The Director-General of MAN, Segun Ajayi-Kadir, said in a chat with The PUNCH that manufacturers now rely on the parallel market for their foreign exchange.
Ajayi-Kadir said the forex scarcity and the high cost of diesel had greatly increased the cost of production, adding that employers may be forced to lay off some workers in order to cope with the new realities.
He also recommended that the northern land borders be re-opened to allow fuel marketers bring in diesel from neighbouring countries like Niger and Chad which both have functional refineries.
On the job losses, he said, “Absolutely yes. It is very difficult especially for small scale industries because if you are not producing, how will you pay salaries? So, industries might be forced to ‘right size’. That is why we are making all these consultations in order to be able to get the attention of the government.
“The scarcity of forex is also unfortunate because it affects the manufacturing sector more than others. The manufacturing sector has a multiplier effect on the economy and this sector ought to receive priority. Our members are given ridiculously low amounts in the face of huge demands.
“We need forex for materials and spare parts which are not locally available. We were encouraged when the CBN said it stopped allocation of Forex to BDCs in order to put more money in the banks but down the line, this has not happened. We got to the BDCs for more than 90 per cent of our needs. When you ask for $400,000, you are given $2,000. You ask for $1m, you are given $50,000. This is ridiculous.”
Dollar scarcity to worsen inflation
Also, economists warned that the rising cost of production due to the forex shortage would lead to inflation as businesses would be forced to hike the cost of goods. An economist and a senior lecturer of Economics at the Pan Atlantic University, Dr Olalekan Aworinde, said manufacturers would be greatly affected by the issue of dollar scarcity.
He said that this crisis would worsen inflation and negatively affect the Gross Domestic Product.
An economist and CEO of Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, lamented that the country has been suffering from this issue for a while, with many manufacturers patronising the parallel market at expensive rates.
He added that this would further heighten the country’s inflation rate.
“The effect of this, first, is that many of the manufacturers have been forced to patronise the parallel market and they are getting the forex at exorbitant rates. Therefore, their costs of production have been increasing. The prices of products have been increasing.
He said, “For some products, the product quality has been declining and quantity reducing so that they can maintain the price and not inflate it much. It is putting a whole lot of pressure on the manufacturing sector and affecting their capacity to create jobs.”
A professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Prof Sheriffdeen Tella, urged the CBN to intervene in order to curb the adverse effects of the dollar scarcity.
He said, “It is dangerous to our indigenous companies because they are not able to produce at an optimal level. Some people may end up getting sacked, which would increase unemployment. Eventually, the country will go back to recession. The CBN needs to intervene.”
Responding to the claims, the CBN, through its spokesperson, Osita Nwasinobi, advised those manufacturers to formally write the apex bank about their complaints.
He said, “Any manufacturer that feels that he or she is not getting adequate Forex can formally write to the CBN to communicate their complaints. As you well know these manufacturers source their Forex from banks and not from the CBN.”
Business
Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation
Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.
The event, held on the school premises, highlighted the importance of inclusivity and determination in education.
As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.
The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:
“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.
We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”
UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:
• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.
Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).
Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.
This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.
With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS
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