In the parallel market on Tuesday, the value of the Nigerian Naira increased from ₦1,620 to ₦1,618 per dollar the day before.
In contrast, on the Nigerian Foreign Exchange Market (NFEM), the value of the naira declined to ₦1,604 per dollar.
Data issued by the Central Bank of Nigeria (CBN) shows that the naira depreciated by ₦5, with the indicative exchange rate rising to ₦1,604 per dollar from ₦1,599 per dollar on Monday.
Consequently, the difference between the NFEM rate and the parallel market rate dropped from ₦21 per dollar on Monday to ₦14 per dollar.
In the meantime, the Central Bank of Kenya (CBK) and the National Treasury and Economic Planning of Kenya have granted Access Bank PLC, a division of Nigeria’s Access Holdings PLC, the required approvals to fully possess the National Bank of Kenya (NBK).
Access Bank will acquire NBK by buying its shares from KCB Group PLC, which has controlled the bank fully since 2019, according to a statement issued by the CBK on Monday.
In compliance with Section 13(4) of the Banking Act, the CBK approved this transaction on April 4, 2025. As required by Section 9 of the same Act, additional approval was subsequently granted on April 10, 2025, by the Cabinet Secretary for the National Treasury and Economic Planning.
recognizes that KCB Bank Kenya Limited, a fully owned subsidiary of the KCB Group, will receive certain of NBK’s assets and liabilities as part of the acquisition. Additionally, the Cabinet Secretary and the CBK have approved this transfer.
According to the agreement between Access Bank and KCB Group, the purchase and transfer of NBK’s assets and liabilities shall take effect after the transaction is completed successfully.
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