Naira crashes further against dollar ahead of Eid el-Kabir

 "The naira experienced a further decline in value against the US dollar on Friday, ahead of the Eid el-Kabir holidays. According to data from FMDQ, the naira exchanged at N1,482.72 per dollar on Friday, down from N1,476.24 on Thursday. This represents a depreciation of N6.48 compared to the previous day's rate. On the parallel market, the naira traded at N1,490 per dollar on Friday, unchanged from the previous day. This development follows a marginal depreciation of the naira against the dollar on Thursday, with a significant decrease in foreign exchange transaction turnover to $92.68 million. Overall, the naira appreciated twice and depreciated twice against the dollar during the review period."

Naira down to N1,500/$ in parallel market

 The Naira depreciated against the dollar in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday.

In the parallel market, the Naira fell to N1,500 per dollar, down from N1,485 per dollar on Tuesday.

In NAFEM, the indicative exchange rate rose to N1,476.24 per dollar, a N2.58 depreciation from Tuesday's rate of N1,473.66 per dollar.

The volume of dollars traded on the window decreased by 76% to $92.68 million, down from $385.91 million on Tuesday.

As a result, the margin between the parallel market and NAFEM rates widened to N23.76 per dollar, up from N11.34 per dollar on Tuesday.

EXCLUSIVE: CBN To Revoke Licences Of UnityBank, Keystone, Polaris

 "The Central Bank of Nigeria (CBN) is reportedly planning to revoke the licenses of three additional banks - Unity Bank, Keystone Bank, and Polaris Bank - following the recent revocation of Heritage Bank's license. According to a reliable source, these banks have been experiencing financial difficulties and are unlikely to recover. The CBN had previously provided significant support to these banks but has concluded that further intervention is not viable. The revocation of their licenses is expected to be announced in the coming days. The CBN has already taken steps to protect the interests of corporate clients with large deposits in Heritage Bank, but smaller depositors may need to wait for the Nigeria Deposit Insurance Corporation (NDIC) to intervene, which can be a lengthy process. The CBN's actions are aimed at maintaining financial stability and paving the way for the recapitalization of existing banks."

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The DiamondXtra account is designed for individuals who want to build up their savings gradually. It is an interest-yielding savings account, which allows the deposit of both cash and third party cheques. In addition, cash can be withdrawn from any ATM, and over the counter using your DiamondXtra chequebook from any of our branches. 

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Diamond Bank Nigeria is giving away over N600 million in cash to DiamondXtra customers with a minimum of N5, 000 in their account. Every week and every month we will draw our winners and if you win the grand prize of Salary 4 Life you will earn N100, 000 every month for the next 20 years!

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To open your account you need to make sure you have the following:

• A completed application form Download the PDF HERE
• 1 recent passport photograph
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Or with any Diamond promoter or call 0700 300 0000 or email  enquiries@diamondbank.com for more information