BREAKING: Naira Fights Back Against US Dollar In Parallel Market Latest Exchange Rate

The Nigerian currency, the Naira, strengthened to ₦1,618 per dollar in the parallel market on Tuesday, up from ₦1,620 per dollar the previous day.

Conversely, the naira weakened to ₦1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).

According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira increased to ₦1,604 per dollar, rising from ₦1,599 per dollar on Monday, which reflects a ₦5 depreciation for the naira.

As a result, the gap between the parallel market rate and the NFEM rate decreased to ₦14 per dollar, down from ₦21 on Monday.

Meanwhile, Access Bank PLC, a subsidiary of Nigeria’s Access Holdings PLC, has received the necessary approvals from the Central Bank of Kenya (CBK) and the National Treasury and Economic Planning of Kenya to acquire complete ownership of the National Bank of Kenya (NBK).

In a statement released by the CBK on Monday, it was announced that Access Bank will obtain NBK by purchasing its shares from KCB Group PLC, which has owned the bank entirely since 2019.

The CBK granted its approval for this transaction on April 4, 2025, in accordance with Section 13(4) of the Banking Act. Subsequently, the Cabinet Secretary for the National Treasury and Economic Planning provided further approval on April 10, 2025, as stipulated in Section 9 of the same Act.

Naija News understands that as part of the acquisition, certain assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a fully owned subsidiary of KCB Group. This transfer has also received approval from both the CBK and the Cabinet Secretary.

The acquisition and the transfer of NBK’s assets and liabilities will be implemented upon the successful completion of the transaction, as per the agreement between Access Bank and KCB Group.