The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The N1,260 transacted on April 22 represents a 3.17 percent decrease in the current FX rate.

Bureau de change (BDC) operators, who deal in currency, stated a buying rate of N1,260 and a selling price of N1,300, with an N40 profit margin.

The naira dropped 0.64 percent to N1,308.52 against the dollar at the official window, from N1,300.15 on April 23.

The main FX trading platform in Nigeria, FMDQ Exchange, reports that the naira touched a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

• Former Nigerian Football Star Endorses Adron Games as Platform for Sporting Talent

Former Nigerian football icon, Daniel Amokachi, has voiced his enthusiasm for the upcoming 2024 edition of the Adron Games, marking his participation in the prestigious event. Amokachi praised the tournament as a miniature National Sports Festival, highlighting its ability to unite athletes from all corners of the country.

Expressing his delight, Amokachi remarked, “It’s an honor to be part of the Adron Games 2024. The event serves as a showcase for the abundance of sporting talent within Nigeria. It’s like a mini National Sports Festival, where athletes of all ages come together to compete.”

Encouraging sports enthusiasts, Corporate bodies, and the general public to embrace the event’s festive atmosphere, Amokachi emphasized the importance of seizing the opportunity to enjoy and experience the Games fully. He also stressed the significance of supporting initiatives like the Adron Games in advancing sports development nationwide.

Scheduled to commence in June and extend through August 2024, with the National finals set for November in Ibadan, Oyo State, the Adron Games Championship promises to be bigger and better than ever. According to Oladapo Emmanuel, Director of Operations at the Adron Sports Foundation, the tournament will feature over 64 teams competing in the football championship, with the winners advancing to the prestigious National finals.

Emmanuel further highlighted the broader objectives of the Adron Games, emphasizing its role in fostering team spirit, facilitating networking opportunities, and promoting a sense of responsibility among participants. With the backing of Adron Sports Foundation, a subsidiary of the renowned Nigerian real estate giant, Adron Homes and Properties Limited, the event aims to create lasting memories and ensure everyone involved has a fulfilling experience.

As anticipation builds for the 2024 edition of the Adron Games, the endorsement of Daniel Amokachi underscores the event’s significance within the Nigerian sporting landscape. Stay tuned for updates and coverage as the tournament unfolds, promising thrills, excitement, and a celebration of sporting excellence.

• Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.