Business Money

NAFEX transactions’ turnover hits $14.69bn in four months

Ihesiulo Grace 9 November 2017 0

Total turnover trade on Investors & Exporters Foreign Exchange (I&E FX) window hits $14.69 billion in four months, between July and September 2017, as the Central Bank of Nigeria (CBN) continues to bridge the gap between parallel market and official market rates. In our fact findings,

Business Money

Naira steadies as traders anticipate rates stability in week ahead

Ihesiulo Grace 9 November 2017 0

.FG to raise N119.9bn through Treasury bill next week The Nigerian currency, Naira, on the fourth trading day of the week, remained steadied against the three major foreign currencies, after rebounded within the week over Pound Sterling and the Euro at the parallel market, just as foreign exchange traders optimistic that the Africa’s largest economy […]

Business Money

ELAN to deepen leasing penetration in economy

Ihesiulo Grace 9 November 2017 0

In furtherance of its objective of promoting the business of leasing in Nigeria, Equipment Leasing Association of Nigeria (ELAN) has concluded plans to bring to fore the value propositions of leasing to Nigeria’s economic development and deepen lease penetration in the economy. ELAN said it will be organising its 15th Annual National Lease Conference with […]

Business Money

Naira strengthens as FX market lifted with $195m liquidity

Ihesiulo Grace 9 November 2017 0

The Nigerian currency, Naira, on Wednesday, strengthened further against the Euro and the Pound sterling at the parallel market, as the official Foreign Exchange (Forex) Market lifted earlier in the week with an injection of $195 million forex supply by the Central Bank of Nigeria (CBN). The local currency, had recorded more gains over the […]

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Financial literacy: Ecobank trains students, youths on savings

Ihesiulo Grace 7 November 2017 0

Ecobank Nigeria senior staff last week, embarked on tutoring students in various secondary schools across the country on various ways of savings to mark the 2017 World Savings’ Day. At the Government Girls Unity College, Damaturu, Yobe State, the Managing Director of the Bank, Mr. Charles Kie, who was speaking on the theme: “Our future […]

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Naira gains over Euro, stables at other forex markets

Ihesiulo Grace 7 November 2017 0

.As I&E FX window records $149m daily turnover The Nigerian currency, Naira, on Monday, extended its gaining streak against the Euro to close at 421 to the Euro at the parallel market, but remained stabled over two other major currencies and across other foreign exchange markets, the Daily Times check has revealed. Also, at the […]

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Non-interest banking: Sterling Bank deepens public awareness

Ihesiulo Grace 3 November 2017 0

In a bid to further deepen public awareness and understanding of alternative finance or Non-Interest Banking (NIB) in Nigeria, Sterling Bank Plc, your one-customer bank, recently organised a public lecture on “Reducing Poverty & Unemployment through Non-Interest Banking.” Seasoned scholars and policy makers on various aspects of NIB presented papers and made valuable

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Naira extends gains over euro as NAFEX records $165.83m turnover

Ihesiulo Grace 3 November 2017 0

The Nigerian currency, Naira, on Thursday, extended its gain over the Euro to close at 420 against the appreciated rate of 423 traded on Wednesday and 425 exchanged on Tuesday, as well as the Nigerian Autonomous Foreign Exchange (NAFEX) window, recorded an appreciated transactions turnover of $165.83 million, compared to $72m recorded the previous day, […]

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CBN: Financial inclusion-related deposits hit 114.6m in 2016

Ihesiulo Grace 3 November 2017 0

The Central Bank of Nigeria (CBN) has reported an estimated 114.6 million financial inclusion-related deposit accounts as at December, 2016. According to the CBN, 109.5 million accounts out of 114.6 million were personal (non-corporate) accounts, while out of the personal 109.5 million accounts, an estimated 97 per cent, 105.7 million accounts, were held with adults. […]

Business Money

How BDCs are unlocking BVN validation potential, restoring sanity in forex market

Ihesiulo Grace 1 November 2017 0

There is no gainsaying about the positive effects of the Nigeria Interbank Settlement System (NIBSS’s) Bank Verification Number (BVN) validation portal in helping Bureaux De Change Operators (BDCs) in ascertaining the genuineness of BVNs of customers wanting to buy forex. MOTOLANI OSENI examines the impacts of the measures on the foreign exchange, as well as […]

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Ecobank pledges enhanced support for import, export trade

Ihesiulo Grace 31 October 2017 0

Ecobank Nigeria has organized customer forum for exporters and importers targeted at boosting trade and commerce in the country. Country Head, Commercial Banking, Ecobank Nigeria, Rotimi Morohunfola, said the forum held in Lagos at the weekend, is one of the several avenues by which the Bank extends support to promoters and stakeholders in export and […]

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CBN moves to secure USSD mobile transaction platform

Ihesiulo Grace 31 October 2017 0

Central Bank of Nigeria (CBN) has come up with an exposure draft to secure the Unstructured Supplementary Service Data (USSD) code for mobile transactions, which is becoming increasingly more popular among banks in Nigeria. Laja Shorunke, Group Head, IT& E-banking control at United Bank for Africa, disclosed this when he spoke at the Hackcess cyber […]

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Diamond Bank grows PBT by 71% to N6.7bn in Q3

Ihesiulo Grace 31 October 2017 0

Diamond Bank Plc, on Monday, announced 71 per cent increase in Profit Before Tax (PBT) to N72.9 billion for the nine months ended September 30, 2017, financial statement submitted on the floor of the Nigerian Stock Exchange (NSE), has showed moderate growth in the lender’s key financial parameters. For instance, the bank’s profit during the […]

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Naira drops at official FX, steadies at parallel market

Ihesiulo Grace 31 October 2017 0

The Nigerian currency, Naira, on Monday, slightly dropped further to close at 305.80 per US Dollar, against 305.75 sold on Friday and 305.65 traded last Monday at the official foreign exchange maker, while the parallel segment of the forex market stood steadied against the three major foreign currencies, Daily Times check has revealed. The local […]

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NAFEX records $723m transactions, lowest in four weeks

Ihesiulo Grace 30 October 2017 0

.As CBN lifts forex with weekly FX injections The Nigerian Autonomous Foreign Exchange (NAFEX) widow has recorded total transactions of $722.91 million at the close fourth trading week in the month of October, which represented lowest traded figure during the period under review, investigation by Daily Times has revealed. This is even as the Central […]

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Unity Bank declares N65.03bn gross earnings in Q3 2017

Ihesiulo Grace 30 October 2017 0

.Grows PBT to N2.72bn, shareholders’ funds by 1% Unity Bank Plc has declared a growth of one per cent in its gross earnings to N65.03 billion for the nine months ended September 30, 2017from N64.58bn in the corresponding period of 2016. The bank’s profit showed a pre-tax profit of N2.7bn and post-tax profit ofN2.45bn, while […]

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BVN: ABCON, NIBSS, sensitise BDC operators on validation

Ihesiulo Grace 30 October 2017 0

The Association of Bureaux De Change Operators of Nigeria (ABCON) in collaboration with the Nigeria Interbank Settlement System (NIBSS) has carried out a comprehensive sensitization of Bureaux de Change (BDCs) on usage and deployment of Bank Verification Number (BVN) Validation Portal provided by NIBBS. Speaking on the exercise, ABCON President, Alhaji Aminu Gwadabe, said

Business Money

Naira drops to 305.75 at interbank forex market

Ihesiulo Grace 27 October 2017 0

As NAFEX’s daily transaction sheds $16.42m Motolani Oseni The Nigerian currency, Naira, on Thursday, dropped slightly by 0.02 per cent to close at 305.75 to the US Dollar, against 305. 70 traded on Wednesday at the official interbank foreign exchange market, Daily Times check has revealed. Also, Nigerian Autonomous Foreign Exchange (NAFEX) widow, which had […]

Business Money

ETI declares 12% hike in profit to N57.95bn

Ihesiulo Grace 26 October 2017 0

Ecobank Transnational Incorporated (ETI) on Wednesday announced 12 per cent increase in profit for the nine months ended September 30, 2017 to N57.95 billion from N51.76bn in nine months ended September 30, 2016. The pan-African financial institution Profit before tax also rose by marginally by three per cent to N69.4bn as against N67.5bn in prior […]

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Heritage Bank assures creative industry access to finance

Ihesiulo Grace 25 October 2017 0

.Storms Lagos Comic 2017 The creative artistes, who participated in this year’s edition of Lagos Comic Con, got a booster from Heritage Bank Plc as the lender allayed their fears over inaccessibility of funds for operators in the industry. Speaking at the 6th edition of Lagos Comic 2017, held at NECA House, Ikeja, Lagos, Chubike […]