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President Buhari charges groups to access loans

Ihesiulo Grace 15 October 2019 0

President Muhammadu Buhari on Tuesday in Abuja has called on various groups to access government interventions, loans and schemes to promote agriculture with the view of ending poverty. Buhari, represented by the Vice-Chairman, National Food Security Council and Gov. Atiku Bagudu of Kebbi

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Singapore eases monetary policy for first time in three years

Ihesiulo Grace 15 October 2019 0

The central bank of Singapore eased monetary policy for the first time in three years on Monday, as widely expected, with the city-state’s bellwether economy narrowly dodging recession. Singapore – which is due to hold an election within months – has like other trade-reliant Asian economies been hit hard by the escalating U.S.-China trade war […]

Business Economy Money Money Oil & Gas

Fuel subsidy to gulp N450 bn in 2020 -finance minister

Ihesiulo Grace 15 October 2019 0

Mrs Zainab Ahmed, the Minister for Finance, Budget and National Planning says under-recovery of Premium Motor Spirit (PMS), popularly referred to as fuel subsidy will gulp N450 billion in 2020. She said this on Monday in Abuja, at the public presentation of the 2020 budget proposals. Ahmed said it was called ‘under-recovery’ because it was […]

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Global stocks, pound rise on cautious Brexit deal hopes

Ihesiulo Grace 15 October 2019 0

Asian stocks and the pound gained on Tuesday as investors held out hope that Britain still had a chance of avoiding a messy exit from the European Union (Brexit) at key negotiations this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. Australian shares were up 0.17 per cent, while […]

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Brace up for tax remittances, expert urges youths

Ihesiulo Grace 11 October 2019 0

Nigerian youths have been hinted that they will form a large chunk of the 45 million tax payers by December 2019, a target set by the Federal Inland Revenue Services (FIRS). This is according to an expert, Mr Agu David who highlighted the importance of tax paying to select youths at the Poetry meets tax […]

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CBN issues guidelines for indirect participants in payments system

Ihesiulo Grace 11 October 2019 0

The Central Bank of Nigeria (CBN) has issued regulations governing the operations of the in-direct participants in the payments system. The apex bank in its latest circular titled, “Regulation for the operation of indirect participants in the payments system”, listed the minimum criteria to qualify as an indirect participant having a satisfactory risk-based rating from

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World Investor Week: NSE joins WFE, IOSCO to promote importance of financial literacy

Ihesiulo Grace 8 October 2019 0

The Nigerian Stock Exchange (NSE) has joined The World Federation of Exchanges (WFE) and International Organization of Securities Commissions (IOSCO) in promoting the importance of financial literacy. The Exchange hosted the inaugural “Ring the Bell for Financial Literacy” initiative, using its Closing Gong ceremony to further, draw attention to the importance of financial

Banking Business Economy Money Money

60% LDR: How stock price of sanctioned banks depreciate on NSE

Ihesiulo Grace 4 October 2019 0

The stock price of five banks out of 12 sanctioned by the Central Bank of Nigeria (CBN) on Thursday depreciated on The Nigerian Stock Exchange (NSE). The apex bank on Wednesday debited 12 banks who failed to meet the initial deadline of 60 per cent Loan to Deposit Ratio (LDR) by September 30, 2019, in […]

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Fidelity Bank to splash N120m in Season 4 savings culture promo

Ihesiulo Grace 4 October 2019 0

Fidelity Bank Plc on Thursday announced the introduction of a new savings campaign in Lagos, as part of concerted efforts to promote the culture of savings amongst Nigerians. The Savings the campaign which will ride primarily on digital technologies is one of the many initiatives of the bank aimed at rewarding new and existing customers […]

Banking Business Economy Money Money

Equities market declines by N112bn over investors sustained profit-taking

Ihesiulo Grace 4 October 2019 0

The equities market segment of the Nigerian Stock Exchange (NSE) on Thursday continued on a downward trend as investors’ investment declined by N112 billion on the back of sell-offs in high capitalised stocks. The All Share Index (ASI) decreased by 229.18 absolute points, representing a dip of 0.84 per cent to close at 27,085.69 points. […]

Banking Business Economy Money Money

Implementation of cashless policy poses threat to MSMEs survival – MAN

Ihesiulo Grace 2 October 2019 0

The Manufacturers Association of Nigeria (MAN) has said that the implementation of the cashless policy on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises (MSMEs) that are clearly the engine room for growth of the economy and employment generation. Expressing its concern over the possible implication of Central Bank of Nigeria […]

Banking Business Computers Money Money Tech

UBA is now available on Apple Business Chat

Ihesiulo Grace 20 September 2019 0

United Bank for Africa (UBA) Plc, on Thursday, announced that the services of its Chatbot, Leo is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad. Speaking at the launch of the service in the bank’s Head office on Thursday, […]

Banking Business Economy Money Money Tech

Penchant for cash transactions, bane of digital payment system – eTranzact DMD

Ihesiulo Grace 20 September 2019 0

The Deputy Managing Director (DMD), eTranzact International Plc., Hakeem Adeniji-Adele, has identified the Nigerian culture and penchant for cash transaction as the bane of digital payments in the country. He made the assertion as the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), which put the total value of transactions on automated teller machines

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Excess Crude Account hits all-time low at $274.583m

Ihesiulo Grace 20 September 2019 0

Nigeria’s Excess Crude Account has been depleted to an all-time low of $274.583 million, which is believed not adequate to sustain the country in a stormy financial shock should oil prices fall below the budget benchmark. The Honourable Minister of State for Budget and National Planning, Zainab Ahmed, disclosed this while reporting to the National […]

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CBN reschedules September 2019 MPC meeting

Ihesiulo Grace 18 September 2019 0

Temitope Adebayo The Central Bank of Nigeria (CBN) has rescheduled its September 2019 Monetary Policy Committee (MPC) meeting by one week. The Director of Corporate Communications, Isaac Okoroafor disclosed this in a statement released on Tuesday. Okoroafor noted that the meeting earlier scheduled for next week will now hold on Thursday and Friday this week. […]

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Bayelsa PDP Primaries: Chairman raises alarm over allege fake bank alerts to delegates

Ihesiulo Grace 3 September 2019 0

…Fingers two aspirants as brain behind alert Patrick Okohue Ahead of today’s governorship primary of the Peoples Democratic Party (PDP) in Bayelsa State, chairman of the party in the state, Hon. Cleopas Moses has raised the alarm over fake bank alerts being sent to some delegates. In a statement on Sunday, Hon. Cleopas said the […]

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Naira gains as CBN’s interventions hit $13bn in 1yr

Ihesiulo Grace 3 September 2019 0

Temitope Adebayo The Nigeria’s local currency, Naira, at the Investors and Exporters (I&E) FX window has appreciated by 0.06 per cent to close at N362.73 to the US Dolar, even as the volume of the Central Bank of Nigeria’s (CBN’s) interventions in the retail secondary market intervention sales (SMIS) hit the sum of $13 billion […]

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Forex: Naira gains marginally at official, parallel markets

Ihesiulo Grace 23 July 2019 0

…As traders eagerly awaiting outcome of MPC meeting today Motolani Oseni The Nigerian currency, Naira at the close of yesterday trading activities strengthened against the US Dollar at both the official and unofficial foreign exchange markets. This is even as activities at the market on Monday remained slow, due to the anticipation of the likely […]

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2019 PWM: Fidelity Bank clicks Best Digital Networking Bank award

Ihesiulo Grace 12 July 2019 0

Temitope Adebayo Fidelity Bank won the ‘Best Digital Networking Bank For Entrepreneurs, Africa 2019’ at 2019 PWM Wealth Tech Awards held in London, United Kingdom (UK) recently. Organised by Professional Wealth Management (PWM), a Financial Times publication, the awards celebrate excellence in wealth management technology. According to the organizers, technology and

Banking Business Money Money

CBN limits top 4 commercial banks deposits to boost lending- Analysts

Ihesiulo Grace 12 July 2019 0

Motolani Oseni As part of efforts to reduce access to its Standing Deposit Facility (SDF), a group of analysts at ARM research have said the Central Bank of Nigeria (CBN) is limiting the top four Tier 1 commercial banks access to its facility. The apex bank had issued a circular, stressing that, “remunerable daily placements […]