Part 4/7:
Turning to the foreign exchange market, the naira has shown notable strength, settling at 1,497 Naira to the dollar. This reflects a noteworthy increase of 1.60%. The Central Bank of Nigeria (CBN) has intervened to bolster this stability, with many analysts anticipating the naira to hold steady barring any significant market shifts in the near future.
Banking Updates
First Bank Nigeria PLC has taken legal action regarding a discharge order affecting General Hydrocarbons Limited, with allegations tied to a significant $225 million debt. The bank has applied for an injunction to pause the enforcement of this order as it seeks to protect its interests amidst legal challenges.