Economy
CBN names Gidado Polaris Bank board chair
The Central Bank of Nigeria has announced the appointment of the members of the board of directors for Polaris Bank.
In a statement on Monday, the bank disclosed that Kassim Gidado was appointed as the board chairman.
The new Polaris Bank board is the chief of staff at MAG Group Limited and advisor to various governments.
Also, Akwa Okon, with a background in law and finance, was named a non-executive director.
He previously served as managing director of the Niger Delta Development Commission and is a chartered accountant.
Other non-executive directors of the bank are Mallam Umar; Ayaba Ayo-Joseph; Giwa-Amu Ibironke, and Onosode Christopher.
The Managing Director/Chief Executive Officer of Polaris Bank, Kayode Lawal, welcomed the new board members, describing the appointments as a step towards achieving growth and value for stakeholders.
In January, the CBN dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements.
This came barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final report to President Bola Tinubu.
In a statement by the acting Director of Corporate Communications, CBN, Sidi Hakama, the central bank said the affected banks’ alleged infractions varied from regulatory non-compliance, corporate governance failure, disregarding of the conditions under which their licences were granted, and involvement in activities that posed a threat to financial stability, among others.
Recall that the apex revoked the operating license of Skye Bank on September 21, 2018, and renamed it Polaris Bank.
The then CBN Governor, Godwin Emefiele, said AMCON would take over all the assets and liabilities of the defunct entity.
Below, is the Dollar to Naira exchange rate for today, 02 January 2025.
What Is The Official Exchange Rate For Dollar To Naira Today?
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1544.00 and per $1 on Monday, December 30, 2024 and closed at ₦1538.25 per $1 on Tuesday, December 31, 2024.
However, the Naira is trading as high as ₦1,655 per Dollar at the black market even though the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market.
The apex bank, in a circular on Wednesday 14th June 2023, said all FX windows were now collapsed into the investors & exporters (I&E) window.
The statement read, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.
“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017, and referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.
“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.
“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).
“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
The apex noted that further guidance on the operational changes would be communicated to authorized dealers and the general public in due course.
The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.
Meanwhile, a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
On Tuesday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) was N1750 on Tuesday, December 31, 2024, players bought a dollar for N1750 and sold it for N1760.
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Tuesday, December 31, 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.
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