Business Money

PMI rises 11.2% in one month

Ihesiulo Grace 5 January 2017 0

Purchasing Managers Index (PMI) for the Nigerian manufacturing sector has shown a strong rebound from 48.8 percent in November to 50.0 percent in December; an appreciable growth rate of 3.2 percent in one month, data from the Central Bank of Nigeria (CBN) has shown.   The index update is a

Business Headlines Money

New one-pound coin for Britain

Ihesiulo Grace 3 January 2017 0

The British government is to launch a new one-pound coin at the end of March and scrap the current one pound coin by October. An announcement from the British Treasury said that the new 12-sided one pound coin would become legal tender on March 28 and the new coin would be produced by the Royal […]

Business Money

Lagos State sells N47 bn bonds

Ihesiulo Grace 3 January 2017 0

Lagos State has sold 47 billion naira (154.50 million dollars) of bonds maturing in 2023 to help finance basic infrastructure, Gov. Akinwunmi Ambode has said in a statement, according to the News Agency of Nigeria.   He said 16.5 percent coupon was the first tranche of a 500 billion naira debt issuance programme approved by […]

Business Money

GTBank appoints Soyoye into board

Ihesiulo Grace 3 January 2017 0

Guaranty Trust Bank has appointed Mr. Babatunde T. Soyoye as an independent non-executive director to fill the vacancy created on the Board by Mr. Andrew Alli, who retired from the bank as independent non-executive director.   Already, the Central Bank of Nigeria has statutorily approved the appointment of Soyoye, a professional with over 24 years’ […]

Money

CBN, Katsina to boost rice production in Nigeria

Ihesiulo Grace 3 January 2017 0

Katsina State Government has keyed into the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP) to boost local rice production in Nigeria.   Highlighting the state’s plan to tackle challenges currently facing the agricultural sector, the state governor, Aminu Bello, said that there was the need for adequate food security for the ever increasing […]

Business Money

Naira remains 490/$1 at parallel market

Ihesiulo Grace 3 January 2017 0

Contrary to some financial analysts’ prediction that the Naira would hit 500 per dollar before the New Year, the currency has remained steady at N490 against the dollar.   The naira has maintained the N490 per dollar rate it traded on the last day of 2016 and has held steady for the first two days […]

Money

2017: Money market dealers anticipate stable interbank lending rate this week

Ihesiulo Grace 1 January 2017 0

Following the official closure of the money and foreign exchange markets for the celebration of the New Year, dealers say they anticipate interbank lending rates to remain stable when the markets open for the first week in 2017.   In the just concluded week, 206-day treasury bills worth N93.18 billion matured in the secondary market. […]

Money

Nigeria’s economy, banking industry with bright outlook in 2017

Ihesiulo Grace 1 January 2017 0

As economies across the world continue to strategize on how to enhance their policies and strengthen their financial institutions, Nigeria fiscal and monetary authorities are also not left out. They remain optimistic that the largest economy in Africa would have a better economic year in 2017.   2016 was regarded by many as a tough […]

Money

Sterling Bank environmental sustainability intervention hits N500m

Ihesiulo Grace 1 January 2017 0

The Managing Director and Chief Executive of Sterling Bank, Mr. Yemi Adeola, has said that that the lender has committed over N500 million to various activities under its Sterling Environmental Make-Over (STEM) social responsibility initiative in the last five years.   These activities include a partnership with agencies responsible for waste management in 14 states

Business Money

FRC boss clinches Africa leader of integrity merit award

Ihesiulo Grace 29 December 2016 0

The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Mr. Jim Obazee, has won the African Leader of Integrity Merit Award for exemplary leadership and Economic Development in Africa.   The Media/Communications Consultant to the Council, Mr. Mack Ogbamosa, said in a statement that the award was bestowed on the FRC helm in […]

Business Money

Naira at 490/$1 as year nears end

Ihesiulo Grace 29 December 2016 0

The Naira exchanged for 490 per dollar on Lagos streets yesterday, as the foreign exchange market opened to trade for the remaining days of the year.   The currency, however,  depreciated from the 485 per dollar it traded on Tuesday at the parallel market.     At the official interbank market, it traded at 305.25 per dollar, while the […]

Business Money

Sterling Bank partners BoI in N140b GEEP programme

Ihesiulo Grace 27 December 2016 0

Succour has come the way of micro business owners – market women, traders, artisans and farmers as Sterling Bank, partners the Bank of Industry (BoI) for the pilot phase of the N140 billion Government Enterprise Empowerment Program (GEEP).     The programme is targeted at over 16 million beneficiaries to foster financial inclusion and economic […]

Business Money

2017: Experts warn Banks, others against retrenchment in recession

Ihesiulo Grace 27 December 2016 0

Financial experts on Tuesday warned commercial banks, industries, and small and medium scale organizations not to see massive staff reduction in 2017 as a means of surviving the current economic downturn.   From the beginning of 2016 till the third quarter of the outgoing year saw a lot of organizations, especially commercial banks retrenching in […]

Business Money

Naira eases to 485/$1 as work resumes

Ihesiulo Grace 27 December 2016 0

The Naira eased 10 points from N495 it traded during the weekend to settle at 485 per dollar at the parallel market yesterday.   It was 305 per dollar at the official interbank market rate on Friday before the market closed for the Christmas and Boxing day holidays, while the euro and the British pound exchanged for […]

Business Money

Customers besiege cashless ATMs over Christmas

Ihesiulo Grace 26 December 2016 0

… Banks deny illiquidity Commercial bank customers in Lagos and Ogun States over the weekend decried the lack of money in many Automated Teller Machines (ATMs), as they besieged banks to withdraw funds for the Christmas celebrations.   Deposit money banks (DMBs) deny allegations of a cash crunch in the system, but many of their […]

Business Money

CBN floats N40bn TBs, as interbank rate hits 50%

Ihesiulo Grace 26 December 2016 0

The Central Bank of Nigeria (CBN) raised N39.72 billion naira ($130.57 million) for the federal government at a treasury bill (TB) sale last week, with yields unchanged on the previous auction, the apex bank said on its website on Friday.   This is just as the overnight lending rate rose sharply to around 50 percent on Friday, from […]

Business Money

GTBank rewards customer with Porsche luxury car

Ihesiulo Grace 25 December 2016 0

After six months of a promo to reward customers, Guaranty Trust Bank has announced Abdulkareem Buhari, as the winner of its Porsche 911 Giveaway Draw for Platinum Banking Customers. The GTBank Porsche 911 Giveaway is part of the Bank’s Platinum rewards for its Platinum Banking Customers, a niche segment that enjoys premium products and dedicated […]

Business Money

Savings culture: Fidelity Bank creates 7 new millionaires

Ihesiulo Grace 9 December 2016 0

In its determination to transform not less than 63 lucky customers into instant millionaires, Fidelity Bank, has again created new seven millionaires through its exhilarating consumer promotion ‘Fidelity Get Alert in Millions Savings promo.’ The bank, held the 3rd Draw/1st Quarterly Draw of the ongoing Fidelity Get Alert in Millions Savings promo at its corporate […]

Business Money

Companies deploy new corporate governance code

Ihesiulo Grace 6 December 2016 0

Following the controversy that initially trailed the newly introduced National Code of Corporate Governance (NCCG) by the Financial Reporting Council of Nigeria (FRC), Business Times findings revealed that companies and organizations have started complying with it. Corporate governance can be described as a way of running an organization which guarantees that its owners or

Business Money

NLC tasks FG to halt naira depreciation

Ihesiulo Grace 29 November 2016 0

The Nigeria Labour Congress (NLC) has called on federal government to apply strategies capable of halting the depreciation of the Naira against major international currencies.       The labour union said it was worried at the fruitless moves by the Central Bank of Nigeria (CBN) to bring the situation under control, saying the devaluation […]