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CBN approves $20,000 for eligible BDCs at ₦1,580 per dollar

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This is according to a statement issued by Dr Williams kanaya, the Acting Director, Trade and Exchange Department of the apex bank.

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This is to inform the BDC operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operator at the rate of ₦1,580/dollar. This is to meet the demand for invisible transactions.

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“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.

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He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the 20,000.00 dollars.

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Zuriel Oduwole: The girl changing the world headlines Sterling’s Leadership Forum

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In a world often content with waiting for change, Zuriel Oduwole is the girl who decided to make it happen.

At an age when most kids are still figuring out who they want to be, Zuriel was already sitting across from heads of state, camera rolling, asking the kinds of questions that make world leaders sit up straighter. By ten, she was featured in Forbes. At twelve, ELLE Magazine named her one of the “33 Women Who Changed the World.” And in 2017, then-U.S. Secretary of State John Kerry called her “the world’s most powerful girl” for her fearless campaign against child marriage and her unwavering fight to get more girls in school.

Today, at just 22, Zuriel Oduwole is Nigeria’s youngest-ever nominee for the Nobel Peace Prize. She’s addressed over 51,000 young people in 19 countries, spoken at global summits like COP23 in Bonn, and brought fresh urgency to the link between climate change and education. A filmmaker. An advocate. A disruptor. A storyteller. And now, she’s about to bring that unstoppable energy to the Sterling Leadership Series (SLS).

Sterling Leadership Series: Fearless Voices, Bold Futures

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On March 14th, at the Alliance Française de Lagos / Mike Adenuga Centre, Zuriel will headline the much-anticipated Sterling Leadership Series under the theme, “The Audacity to Do: A Fearless Generation.” As one of Nigeria’s most influential platform for thought leadership, SLS isn’t just another speaker series, it’s a movement. It’s where ideas take root, where action begins, and where Nigeria’s brightest minds gather to reimagine tomorrow.

This special Women’s Month edition of SLS emphasizes Sterling Bank’s commitment to championing female leadership, education, and empowerment. Through initiatives that nurture entrepreneurs, invest in communities, and create pathways for future leaders, Sterling has positioned itself as a catalyst for change.

And there’s no better example of that bold vision than Zuriel herself.

What to Expect

Moderated by the dynamic Sheila Ojei, this hybrid event promises more than inspiration. Expect actionable insights on leadership, strategies to empower Nigeria’s youth, and networking with a community of changemakers. Whether you join in-person or online, you’ll leave with a challenge: to be fearless, to do more, and to lead with purpose.

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Spots for the physical event are limited. Registration is open now at sterling.ng/sls. The future doesn’t wait, and neither should you.

About Sterling Bank

Sterling Bank is a visionary force for Nigeria’s future, leading bold initiatives that drive economic growth and social impact. From supporting businesses to empowering communities, Sterling Bank’s commitment to thought leadership and innovation continues to shape a new, fearless generation of Nigerian leaders.

_—_

#FeatureBySterlingBank

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WTT Champions Chongqing 2025: Chuqin reveals Aruna video study key to victory

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World No. 2 Wang Chuqin of China has revealed that studying videos of Quadri Aruna defeating his compatriots was crucial

read more WTT Champions Chongqing 2025: Chuqin reveals Aruna video study key to victory


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Best strategies to profit from a devalued Naira in Nigeria

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A lower-valued currency can help companies gain a competitive edge when strategies are adjusted accordingly. Firms can benefit by rethinking pricing models, optimising trade operations, and investing in cost-effective practices.

This shift encourages businesses to reduce reliance on imports, diversify their market reach, and adopt financial tools to mitigate risks. By embracing these approaches, companies can enhance profitability and create a more resilient business model.

ALSO READ: Do you know all the hilarious and weird nicknames for naira notes?

Here are practical strategies to turn a devalued naira into a profit-boosting advantage:

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  • Adjust Pricing Strategies

    Revisit pricing models to reflect the true cost of goods and services. For export-oriented companies, competitive pricing can open new markets, while domestic firms may gradually pass on cost increases to maintain healthy margins without alienating customers.

  • Optimise Import and Export Operations

    Take advantage of export opportunities as foreign buyers benefit from lower-priced Nigerian products. Simultaneously, negotiate better terms with suppliers to manage rising costs of imported inputs, ensuring smoother cash flow and controlled expenses.

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  • Focus on Local Sourcing and Production

    Reduce dependency on costly imports by sourcing raw materials locally. Investing in domestic production not only cuts costs but also supports local industries, leading to improved supply chain resilience and enhanced product authenticity.

  • Hedge Currency Risks

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    Utilise financial instruments such as forward contracts and options to protect against further exchange rate fluctuations. Hedging can stabilise input costs and safeguard profit margins, offering a cushion against unexpected market volatility.

EXPLORE: 5 famous women who should be on Nigerian naira notes

  • Invest in Cost-Efficient Technologies

    Adopt automation and digital solutions to streamline operations and reduce overhead. By improving operational efficiency, businesses can offset increased costs, boost productivity, and lower overall expenditure.

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  • Expand Market Reach to International Customers

    Capitalise on the competitive advantage of a weaker naira by targeting export markets. A more affordable local currency makes Nigerian products attractive abroad, driving sales growth and diversifying revenue streams.

  • Strengthen Brand Value and Customer Loyalty

    Enhance quality, service, and transparency to build lasting customer relationships. A strong brand can command premium pricing and ensure steady revenue, even in an environment of currency volatility, ultimately boosting profitability.

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    By embracing these approaches, Nigerian businesses can transform the challenge of a devalued naira into an opportunity for profit growth. Adapting to changing economic conditions, optimizing operations, and expanding market reach are essential steps to drive sustainable success in both local and international markets.

RECOMMENDED: Who are the faces on the redesigned naira notes?

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