Business
Naira further falls against Dollar in Parallel Market
The naira closed at 370 per United States dollar at the parallel market on Friday, reversing the modest gain it recorded on Thursday.
The local unit had closed at 368/dollar on Thursday after closing at 370/dollar for most part of last week.
Analysts had warned that the naira would weaken against the greenback on the black market due to rising demand for the dollar.
The local currency had closed at 364/dollar two weeks ago.
Forex traders said surging demand for the dollar by summer holidaymakers and parents paying school fees for their children abroad were making the dollar to gain strength.
On the official interbank window, the local currency traded around 305.65 a dollar on Friday.
The gain on the investor window in recent times was fuelled by increased dollar inflows from offshore fund managers investing in the domestic equity market, traders said.
Meanwhile, the nation’s interbank overnight lending rate fell sharply on Friday to an average of 12 per cent from around 60 per cent a week ago after the Central Bank of Nigeria repaid matured treasury bills and a refund of excess cash deposited by banks to buy dollars.
The CBN sold $100m at its special intervention auction in the foreign exchange market on Tuesday, which was less than the amount requested by banks, leading to a refund of the excess deposited by banks on Friday.
The regulator also injected about N168bn in matured open market operation treasury bills into the system on Thursday, raising money market liquidity levels.
“The interbank rate is seen climbing again this week as the CBN resumes its aggressive liquidity mop up and sustains its intervention in the forex market,” one senior currency trader said.
The overnight lending rate jumped last week to as high as 100 per cent intraday after the central bank tightened liquidity to support the naira currency.
The regulatory bank has consistently issued OMO treasury bills to reduce excess liquidity in the money market and curb speculation on the local currency.
The CBN sold a total of N68.79bn worth of treasury bills on Friday in its bid to further tighten liquidity in the banking system.
The bank’s sales on Friday amounted to N65.5bn of 363-day open OMO treasury bills at 18.55 per cent, and N3.29m of the 174-day paper at 17.95 per cent.
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Business
Adron Homes Launches Grand Ileya Promo with Massive Discounts, Star Appearances & Festive Gifts
Wear It All Luxury Opens New Abuja Boutique with Star-Studded Ceremony
Four years after successfully reopening its flagship store in Lekki Phase 1, Lagos, following a major renovation, Wear It All Luxury, the upscale fashion brand owned by renowned entrepreneur, Sodiq Babatunde Rufai, has expanded its presence with the launch of a new boutique in Abuja.
The grand opening, held on Thursday, 22nd May 2025, at Libreville Crescent, Wuse 2, Abuja was a star-studded affair that brought together influential personalities from the fashion, entertainment, and business worlds. Among the high-profile guests in attendance was Afrobeats superstar Davido, whose presence added further glamour to the launch event.
Located in the heart of the capital, the new Abuja boutique is poised to offer the same top-tier fashion experience the brand is known for, curated luxury pieces, exclusive designer wear, and impeccable customer service tailored for Nigeria’s elite fashion lovers.
Speaking at the event, Sodiq Babatunde Rufai expressed his excitement about the brand’s expansion, stating, “This is more than just a store opening, it’s a statement that Nigerian fashion continues to grow and thrive. We’re proud to bring the Wear It All experience to Abuja, and we remain committed to setting the pace in luxury fashion across the country.”
The Abuja outlet joins the Lagos boutique in offering high-end fashion collections from globally recognized brands, as well as unique pieces under the Wear It All Luxury private label.
Guests were treated to a private showcase of the brand’s latest collections, light entertainment, and a luxurious atmosphere that perfectly reflected the Wear It All Luxury ethos.
As the fashion house continues to expand, industry watchers say the brand’s entry into the Abuja market marks another major milestone in Nigeria’s growing luxury fashion landscape.
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