By Our Correspondent 

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

By Our Correspondent 

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.