Money

Naira to remain stable amidst regular FX injections

Ihesiulo Grace 12 February 2018 0

…As Naira remains flat at official, parallel markets …Gains at I&E FX market, as BDCs close at N361/|$1 Foreign exchange traders are optimistic that the Nigerian currency, Naira, will remain stable during the week ahead, amidst expectations that the forex market and its segments

Money

FDC predicts January inflation rate at 14.90%

Ihesiulo Grace 12 February 2018 0

Analysts at Financial Derivates Company Limited (FDC) have predicted that inflation rate will plunge to 14.90 per cent in January 2018. According to FDC report, “We forecast that year-on-year headline inflation will plunge to 14.9per cent in January 2018. This is a 0.47per cent decline from 15.37 per cent in December 2017. “If our estimates […]

Business Money

Naira stables as forex market lifted with $210m

Ihesiulo Grace 7 February 2018 0

Following the fresh injection of the total sum of $210 million into the interbank foreign exchange market, the Nigerian currency, Naira on Tuesday stabilised at the official FX market. As at close of yesterday trading activities, the naira stood at an unchanged rate of N305.80 per dollar at inter-bank foreign exchange market, the same rate […]

Business Money

Forex: Banks ordered to halt commission charges, harmonise FX rate at N360/$1

Ihesiulo Grace 7 February 2018 0

The Bankers committee of the Central Bank of Nigeria (CBN) has directed commercial banks operating in the country to stop commission charges from Nigerians on sales of Personal Travel Allowance (PTA), Basic travel Allowance (BTA), among others, as foreign exchange rate now hamonised at N360 to the US Dollar. The bankers committee, which includes all […]

Money

NEXIM bank, BDEAC sign partnership agreement on regional trade

Ihesiulo Grace 6 February 2018 0

NEXIM Bank, BDEAC partner on regional trade The Managing Director of the Nigerian Export-Import Bank (NEXIM) Mr. Abba Bello has said that NEXIM bank and the Development Bank of the Central African States (BDEAC) have signed a Memorandum of Understanding MoU on promotion of regional trade and investments. Bello, while receiving a delegation from BDEAC […]

Money

Skye Bank gets Obazelu of Benin’s commendation for rewarding customers

Ihesiulo Grace 5 February 2018 0

The Obazelu of Benin Kingdom, Chief Osaro Idah, has commended Skye Bank Plc., for rewarding loyal customers, making people happy and helping their businesses to grow. He said this during the presentation of N1 million cheque to Mrs. Eunice Odubor, an Inspector with Civil Defence Corps, who emerged a lucky winner in the bank’s on-going […]

Money

Unity bank strengthen retail banking with *7799# short code services

Ihesiulo Grace 5 February 2018 0

As part of effort to strengthen retail banking offering and expand channels for financial inclusion penetration, Unity Bank has rolled out its Unstructured Supplementary Service Data (USSD) short code: *7799# in order to enhance customer access to quality banking services. Unity Bank’s USSD(*7799#) code is the first 4 digit code to be introduced to the […]

Business Headlines Money

External reserves hit $40.63bn, gain $1.9bn in one month

Ihesiulo Grace 5 February 2018 0

… as CBN targets $60bn reserves in 2019 Despite continuous injections of US Dollar into the official foreign exchange market to support the local currency, the Nigerian external reserves during the first month in 2018, has recorded a whopping gain of $1.85 billion, while compared $40.625bn stood as at end of January 30, 2018 from […]

Money

FBNQuest’s PMI slips to 54.6 in January

Ihesiulo Grace 2 February 2018 0

Manufacturing Purchasing Managers’ Index (PMI) declined to 54.6 from 68.7 in January, says FBNQuest in its latest report. The report put together in collaboration with NOI Polls, showed that all five sub-indices declined in December, four of them by more than ten points and that of employment moved into negative territory. “We cautioned one month […]

Money

Naira relapses against dollar at official forex market

Ihesiulo Grace 2 February 2018 0

…Drops points over pound at parallel segment …As I&E FX window records $321.21m After trading at N305.70 against the US Dollar for three consecutive days during the week, the Nigerian currency, Naira, on Thursday, relapsed to close at a slightly depreciated rate of 360.75 at the official foreign exchange market, data obtained from the FMDQ […]

Business Money

Afreximbank announces Aenergy as new shareholder

Ihesiulo Grace 31 January 2018 0

Following its successful subscription to Class “B” shares of the African multilateral trade finance bank, the African Export-Import Bank (Afreximbank) has announced the coming on board of Angola-based pan-African conglomerate Aenergy as a shareholder. The shareholding became effective on 25 January and followed discussions between the Bank and representatives of Aenergy

Business Money

Naira trades flat at N364/$1 for 3 days at unofficial FX market

Ihesiulo Grace 18 January 2018 0

For three consecutive days now, the Nigerian currency, Naira has been trading flat at N364 to the US Dollar at the unofficial foreign exchange market, checks by The Daily Times have revealed. The Naira, on Wednesday also remained unchanged against the two other major foreign currencies, Pound sterling and Euro, to close at N488 and […]

Business Money

2018 outlook: Experts project 12.9% inflation rate in 2018

Ihesiulo Grace 18 January 2018 0

Following the latest report by the National Bureau of Statistics (NBS) that the Nigeria’s annual inflation has slowed for the 11th consecutive period in December, analysts at CardinalStone Research have predicted improved rate of 12.9 per cent by end of December 2018. The new statistic report showed that the rate eased to 15.37 per cent […]

Money

Access Bank deepens depositors’ dispute resolution

Ihesiulo Grace 16 January 2018 0

…enhances customer service upgrades Consistent with its reputation for adopting best practices in all facets of its operations, Access Bank Plc has upgraded its customer service function, Ombudsman, for the purpose of resolving service issues between the Bank and its customers. The Ombudsman is an Alternate Dispute Resolution (ADR) platform wherein an aggrieved

Money

Sterling Bank: 128 customers get N12.8m in ongoing promo

Ihesiulo Grace 16 January 2018 0

Sterling Bank has rewarded 128 customers with N100,000 each in its ongoing promo tagged: 1dament at the first general draws held in Lagos. The draws, which held at the Bank’s head office saw two more customers of the bank emerged winners of an all-expense paid trip to watch the first match the Nigeria’s Super Eagles […]

Money

Naira drops at I&E FX window, closes at 364/$ at parallel market

Ihesiulo Grace 16 January 2018 0

.Steadies at official FX market .As CBN injects fresh $210m into FX market Amidst sustained intervention in the Foreign Exchange (Forex) market by the Central Bank of Nigeria (CBN), the nation’s currency dropped by 0.07 per cent on Monday to close at N360.65, while the parallel market segment relapsed to 364 per dollar, respectively, Checks […]

Money

FGN to auction N229bn T-Bills Wednesday

Ihesiulo Grace 16 January 2018 0

The Central Bank of Nigeria (CBN) will on Wednesday, 17th January, 2018, auction Treasury bills with total value of N229 billion. A breakdown of the coming T-Bills auction, showed that the apex bank will be conducting a T-bill auction on Wednesday, 17th of January, 2018, offering N10.25bn worth of 91-day bills, N26.60bn worth of N182-day […]

Money

AMAC budgets N6.9bn for 2018

Ihesiulo Grace 12 January 2018 0

…To establish community radio The Chairman Abuja Municipal Area Council (AMAC), Mr. Abdullahi Candido, on Thursday, presented N6.92 billion budget for 2018 fiscal year, representing an increase of 11.76 per cent over last year’s budget. Presenting the budget at the legislative chambers in Abuja, Candido said the 2018 budget of reality and consolidation, was aimed

Business Money

Fidelity Bank, SystemSpecs partner for FG’s collections via *770#

Ihesiulo Grace 12 January 2018 0

Top Nigerian lender, Fidelity Bank Plc is championing a ground breaking innovation in the collection of internally generated revenue (IGR). Working in conjunction with SystemSpecs, a leading electronic financial transactions company and owners of Remita, Fidelity Bank has launched a more convenient collection and remittance of Federal Government Revenues via its

Business Money

NAFEX records $522.8m transactions turnover in first week 2018

Ihesiulo Grace 8 January 2018 0

…as Naira slips against Pound, Euro at parallel market The Nigerian Autonomouse Foreign Exchange (NAFEX) window recorded total transactions turnover of $522.8 million at the end of official first trading week in 2018, finding by The Daily Times has revealed. But the Naira, over the weekend extended its losing streak against the Pound and Euro […]