The Central Bank of Nigeria (CBN) had revoked the banking licence of Heritage Bank on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

Upon its appointment, the corporation began payment of insured deposits of up to N5 million per depositor from the Deposit Insurance Fund, while also initiating the disposal of physical assets, recovery of debts and realisation of investments of the failed bank.

As a result, the NDIC declared a first liquidation dividend of N46.6 billion in April 2025, paid at a rate of 9.2 kobo per N1 to depositors whose balances exceeded the insured limit of N5 million, on a pro-rata basis.

The corporation said the newly declared second liquidation dividend of N24.3 billion was generated from further debt recovery, sale of assets and investment realisation, and would be applied to uninsured deposits above the N5 million threshold.

According to the NDIC, the second dividend is payable at a rate of 5.2 kobo per N1 on outstanding balances, in line with Section 72 of the NDIC Act 2023, bringing the cumulative liquidation dividend paid so far to 14.4 kobo per N1.

Payments, the corporation said, would be made using depositors’ details already in its records, with eligible depositors automatically credited through their alternative bank accounts using their Bank Verification Numbers (BVN).

The NDIC advised depositors without alternative bank accounts or BVNs, as well as those who are yet to claim their insured deposits or the first liquidation dividend, to visit the nearest NDIC office for assistance.

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This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan weakens to 7.0197 against dollar appeared first on NEWSVERGE.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan strengthens 7.0187 against dollar appeared first on NEWSVERGE.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan strengthens 7.0471 against dollar appeared first on NEWSVERGE.

According to data released on the website of the Central Bank of Nigeria, the Naira gained N7.93.

This represents a 0.5 per cent gain when compared to Friday, Dec. 19, when the local currency traded at N1,464.49 to a dollar.

The gain represents an improvement for Naira which experienced depreciation in the previous week.

The post Naira gains N7.93 against dollar at official market appeared first on NEWSVERGE.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan weakens to 7.0572 against dollar appeared first on NEWSVERGE.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan strengthens 7.0602 against dollar appeared first on NEWSVERGE.

The China Foreign Exchange Trade System confirmed the adjustment in its daily bulletin released to market participants.

Officials said the shift reflected broad market conditions and expectations shaped by global economic signals and domestic activity.

In China’s spot market, the Yuan may fluctuate by up to two per cent above or below the daily parity rate.

Traders monitor the band closely, as it guides currency movements and shapes short-term liquidity decisions.

The central parity rate is calculated using a weighted average of quotes submitted by market makers before interbank trading begins.

Analysts noted that modest changes in the fix often mirror shifts in global dollar demand and evolving trade flows.

The post Yuan weakens to 7.0764 against dollar appeared first on NEWSVERGE.

This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

The post Yuan strengthens 7.0754 against dollar appeared first on NEWSVERGE.

Data from the Central Bank of Nigeria showed the Naira lost N1.69, representing a 0.1 per cent decline from Friday, Nov. 28, when it traded at N1,446.74.

Analysts attributed the minor loss to normal market adjustments, noting that the Naira’s performance remains relatively stable compared with previous months of volatility.

The relative stability of the Naira has drawn commendation from investors, who say reforms in the foreign exchange market have improved confidence and predictability.

CBN Governor, Mr Olayemi Cardoso, highlighted reforms that reduced opacity, curbed market manipulation, and restored discipline, creating a more transparent and efficient FX trading environment.

Speaking at the 2025 60th Annual Bankers Dinner in Lagos, Cardoso said the Naira now trades within a narrow, stable range, benefiting both businesses and investors.

He emphasised the dramatic reduction of the gap between official and parallel market rates, now under 2 per cent, down from over 60 per cent previously.

Cardoso added that sustained reforms and consistent policies are essential to maintaining stability, boosting investor confidence, and supporting Nigeria’s broader economic growth objectives.

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