Business Money

Naira steady at official window, gains N7 at parallel market

Ihesiulo Grace 7 February 2017 0

The Naira yesterday closed at 493 per US Dollar, against N500 it traded at the parallel market on Friday, but remained unchanged at the official window closing at 305.25 the same rate it sold for the better part of last week.   The naira has been hovering near the 500 level for the past

Business Money

CBN to sanction banks for Content Development Fund non-remittance

Ihesiulo Grace 7 February 2017 0

The Central Bank of Nigeria (CBN) indicated yesterday that it would sanction Money Deposit Banks (MDBs) still collecting payments under the Nigerian Content Development Fund without remitting same to the dedicated account at the apex bank. The News Agency of Nigeria (NAN) reported that the Governor of the CBN, Mr. Godwin Emefiele, issued the threat […]

Business Money

British banks overhaul back office operations for ring-fencing

Ihesiulo Grace 7 February 2017 0

Barclays bank in London is about to overhaul its back office operations under a restructuring programme. The restructuring is to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business. It has formed a new company that will operate as a standalone unit providing support services […]

Money Money

Alibaba’s Ant Financial buys MoneyGram for $880m

Ihesiulo Grace 6 February 2017 0

Ant Financial, the digital payments arm of e-commerce giant Alibaba, is buying US-based MoneyGram for $880 million (£700 million). MoneyGram has about 350,000 outlets in nearly 200 countries. Ant Financial has more than 630 million users. The takeover by the Chinese group will need regulatory approval from the US Committee on Foreign Investment. The inter-agency […]

Money Money

Favourable conditions will aid Naira value – ABCON

Ihesiulo Grace 6 February 2017 0

The President of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, believes the naira has the potential to improve in value due to favourable economic factors. Gwadabe made this known in an interview recently with the News Agency of Nigeria in Abuja. He said that the global fall in the […]

Money

Treasury bill sale pushes interbank rate to 12 percent

Ihesiulo Grace 6 February 2017 0

The Central Bank of Nigeria (CBN) sold about N400 billion ($1.27 billion) of Treasury bills on Friday, lifting the interbank lending rate up to 12 percent, traders said.   The bank sold N82 billion in 181-day Treasury bills at 18 percent and N309 billion at 18.6 percent, mopping up liquidity from the money market and pushing […]

Money

Naira remains N305.25/$1 at official window

Ihesiulo Grace 6 February 2017 0

… Slips to N500 at parallel market The Naira on Friday closed at 305.25 to US dollar at the official window rate, the same rate it traded the previous day before the closure of the official foreign exchange market.   However, the local currency at the parallel market over the weekend slipped to 500 per […]

Business Money

FG raises N177.22bn in TB, offer 18.54% yield

Ihesiulo Grace 3 February 2017 0

The Central bank has sold N177.22 billion worth of one-year Treasury bill (TB), with the yield at 18.54 percent, a rate well above the nation’s benchmark interest rate of 14 percent to lure investors in the face of galloping inflation.   The auction on Wednesday was the third this year at which the central bank […]

Business Money

Naira may remain 498/$1at parallel market

Ihesiulo Grace 3 February 2017 0

…as CBN injects $660m to reduce forex shortage The Naira may not drop below its current trading rate of 498 per US dollar at the parallel market, due to the recent $660milliion released by the Central Bank of Nigeria (CBN) to reduce foreign exchange shortage in the country.   The naira closed at 305 to […]

Money

GTBank clinches best corporate governance Bank in Africa award

Ihesiulo Grace 2 February 2017 0

Guaranty Trust Bank has been named ‘Best Corporate Governance, Africa’, in the Financial services category at the 2017 Corporate Governance Awards. The event, organized by the Ethical Boardroom Magazine, recognizes outstanding companies who have exhibited exceptional leadership in the area of governance and professional ethics.   Over the years, Ethical Boardroom

Money

Diversification: FG reiterates support for MSMEs

Ihesiulo Grace 2 February 2017 0

As part of efforts to diversify away from being a mono economy nation, the federal government will continue to support local goods, as well as Micro, Small, and Medium Enterprises (MSMEs), acting President, Yemi Osinbajo, has disclosed.   Osibajo, said that the federal government will spend time to ensure that it gives those who produce […]

Money

Banks make N65.16trn transactions – NBS

Ihesiulo Grace 2 February 2017 0

The National Bureau of Statistics (NBS) has revealed that the Nigeria Banking sector recorded 910,186,115 transactions valued at N65.16 trillion in 2016.   The bureau in its selected Banking Sector Data for the fourth quarter noted that Automated Teller Machine (ATM) transactions dominated the volume of transactions with a recorded of 590, 238, 934 of […]

Money

Manufacturing index drops to 48.2% in January

Ihesiulo Grace 2 February 2017 0

The Manufacturing Purchasing Managers’ Index (PMI) stood at 48.2 index points in January 2017, indicating a decline in the manufacturing sector during the review period.   The index averaged 45.2 in the last twelve months and had grown in December 2016 after declining for 11 consecutive months.   The PMI is an indicator of the […]

Business Money

2017: CIBN, experts x-ray Nigeria’s economic outlook, proffer way out of recession

Ihesiulo Grace 31 January 2017 0

The Chartered Institute of Bankers of Nigeria (CBN) with other economic experts have x-rayed Nigeria’s economy, as well as provided ways for the nation’s to get out of the current economic downturn in 2017.   In a paper presented at the CIBN economic outlook for 2017 forum, an economist, Dr. Biodun Adedipe, speaking on “The […]

Business Money

Banks move N65trn through 910m e-payments

Ihesiulo Grace 30 January 2017 0

The National Bureau of Statistics (NBS) said 910,186,115 transactions involving N65.16 trillion were recorded in 2016 as electronic payment in the banking sector. This statistics is contained in a “Selected Banking Sector Data for 4th Quarter 2016’’ released by NBS in Abuja. The report stated that ATM transactions dominated the volume of transactions recorded, with 590,

Business Money

Naira maintains 498/$1, as interbank rate eases on liquidity injection

Ihesiulo Grace 30 January 2017 0

The 498 per dollar closing rate of the naira at the end of last week confirmed the assessment by foreign exchange traders and some industry experts that the naira would not cross the N500 to the dollar psychological watermark for the whole week at the parallel market.   This is even as the nation’s interbank lending […]

Business Money

Sanni becomes new Stanbic IBTC CEO, as David Borha resigns

Ihesiulo Grace 27 January 2017 0

Stanbic IBTC Holdings has appointed Yinka Sanni as its new Chief Executive Officer (CEO), following the resignation of Mrs Sola David-Borha. This is according to a statement signed by the Company Secretary, Chidi Okezie, sent to The Nigerian Stock Exchange (NSE). “This is to advise The Nigerian Stock Exchange that Mrs Sola David – Borha […]

Business Money

Banks Non Performing Loan rise by N576.5bn in two year-Report

Ihesiulo Grace 27 January 2017 0

Non-Performing Loans (NPLs) in the banking industry increased by a whopping N576.5 billion in two years , Afrinvest West Africa, has said in its 2016 Review and 2017 Outlook report.   Commercial banks’ assets have depreciated in the last two years, with provisions for NPLs hitting N856.9 billion.   The report showed that provisions for NPLs […]

Business Money

Naira steadies at 498/$1, appreciates against pound sterling at parallel market

Ihesiulo Grace 27 January 2017 0

The Naira yesterday for the fourth consecutive day maintained the 498 per US dollar, having traded since the foreign exchange market opened on Monday for the week operations at its parallel segment.   The naira at the official foreign exchange market gained slightly by .25 to close at 305.25 against 305.50 per dollar it traded between Monday and Wednesday.  

Money

Financial inclusion: Heritage Bank empowers 100 small businesses with N8.5m

Ihesiulo Grace 26 January 2017 0

Towards deepening financial inclusion, Heritage Bank has empowered 100 aspiring and existing young microentrepreneurs in Ajegunle, Lagos State with a grant scheme of about N8.5million.   This is being executed in partnership with the Centre for Values in  Leadership (CVL), as part of various impact-driven programmes to empower youths and women particularly in the