Business
JUST IN: CBN clarifies staff early exit exercise
The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirements, clarifying that its Early Exit Package (EEP) was entirely voluntary and without any negative repercussions for eligible staff.
The Vanguard reports that the Ag. Director of Corporate Communications, Mrs. Hakama Sidi Ali, made the clarification today, that the decision to implement the exercise was the outcome of extensive consultations with the Bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs. Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres.
Following these discussions, management decided to meet this popular demand,” she said.
Addressing the concerns about potential repercussions for staff who decline the package, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
Business
FG Availing ₦3.6bn to 200,000 Tailors Nationwide
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
Image credit: Bella Naija
The Federal Government has launched a ₦3.6 billion funding to support about 200,000 tailors under the Industrial Training Fund’s (ITF) Skill Up Artisans (SUPA) Programme.
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
He said that the screening is designed to ensure only genuine artisans benefit.
Applicants are assessed on documentation, practical skills, commitment to the trade and readiness for further training.
The programme, launched in 2024, aims to reduce Nigeria’s dependence on foreign artisans by equipping local professionals with modern technical and entrepreneurial skills.
Under a new business incubation model, beneficiaries will receive industrial-grade sewing machines, specialised tailoring equipment, business signboards, mentorship and technical support.
The ITF dropped its previous practice of distributing starter packs after discovering that many beneficiaries sold the equipment instead of using it to build businesses.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,930
EURO (EUR) Buy ₦1,585 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1774.08 ₦1861.62
EUR / NGN ₦1514.63 ₦1595.45
ZAR / NGN ₦80.34 ₦84.76
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,365.43
GREAT BRITISH POUND (GBP) ₦1,816.05
EURO (EUR) ₦1,552.88
SWISS FRANC (CHF) ₦1,667.11
JAPANESE YEN (JPN) ₦8.33
CHINESE YUAN (CNY) ₦201. 66
WEST AFRICAN CFA (XOF) ₦2. 36
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,847.10
SAUDI RIYAL (SAR) ₦363.74
SOUTH AFRICAN RAND (ZAR) ₦81.54
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410
GREAT BRITISH POUND (GBP) Buy ₦1,880Sell: ₦1,900
EURO (EUR) Buy ₦1,570 Sell ₦1,590
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1375.00
GBP / NGN ₦1863.40
EUR / NGN ₦1596.10
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,362. 21
GREAT BRITISH POUND (GBP) ₦1,814.05
EURO (EUR) ₦1,550.19
SWISS FRANC (CHF) ₦1,665.29
JAPANESE YEN (JPN) ₦8.32
CHINESE YUAN (CNY) ₦201. 32
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90
SAUDI RIYAL (SAR) ₦362.87
SOUTH AFRICAN RAND (ZAR) ₦81.28
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