Business Money

Appointment of new EDs strategic, says Ecobank Nigeria

Ihesiulo Grace 10 October 2017 0

Ecobank Nigeria has described the appointment of two new Executive Directors, as strategic and in line with the bank’s drive to be one of the top three banks in the country by the year 2020. The bank recently announced the appointment of two new Executive Directors, Mr. Akin Dada, who now heads

Business Money

Naira gains further at official, unofficial forex markets

Ihesiulo Grace 10 October 2017 0

.Appreciates against US Dollar, Pound sterling Motolani Oseni The Nigerian currency, Naira, on Monday, appreciated further against the US Dollar and Pound sterling at both the official foreign exchange market and its unofficial segment, Daily Times check has revealed. The local currency, at the close of yesterday’s trading activities at the interbank market closed at

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Afreximbank set to honour former ADB president

Ihesiulo Grace 9 October 2017 0

The African Export-Import Bank (Afreximbank) has announced the institution of an international lecture series in honour of Dr. Babacar Ndiaye, the former President of the African Development Bank, who died on 13 July, 2017. The Babacar Ndiaye Lecture series is aimed at honouring Ndiaye for his many important contributions to Africa’s economic development, in particular,

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Banks alert Nigerians against fraud, emergence of new MMM

Ihesiulo Grace 9 October 2017 0

As the 2017 calendar year is gradually winding to an end, Deposit Money Banks (DMBs) operating in the country have warned Nigerians to be wary of smart Alecs who are desperate to defraud them. The banks also cautioned that people should be careful of patronising new ‘wonder banks’ that are emerging. The said this warning […]

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NAFEX trades $1.2bn in four day as Naira strengthens over major currencies

Ihesiulo Grace 9 October 2017 0

The Nigeria Autonomous Foreign Exchange (NAFEX) window has recorded an improving turnover of $1.172 billion in just four trading days, even as the local currency, Naira, extended gains across foreign exchange markets and against the three major foreign currencies. The local currency at the autonomous FX window, commenced first trading day of the week on […]

Money

Analysts predict further gains for Naira in 2017

Ihesiulo Grace 5 October 2017 0

Some group of financial analysts at Renaissance Capital limited have forecasted a stronger external sector and tighter monetary policy imply the Nigerian currency, Naira appreciation risk in the Year end 2017 (YE17) forecasted to NGN332 to the dollar, while the local currency in the short-term strength, weaker in 2018. The analysts explained that a weaker […]

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Naira strengthens against major currencies at all segments

Ihesiulo Grace 5 October 2017 0

The Nigerian currency, the Naira, on Wednesday consolidated on the gains recorded on the first trading day of the week and strengthened against the three major foreign currencies at all the foreign exchange markets segments. The Naira, as at close of trading on Wednesday at the unofficial forex market appreciated further against the US Dollar […]

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S&P revises Ecobank Nigeria’s outlook to stable

Ihesiulo Grace 4 October 2017 0

Standard & Poor’s (S&P) ratings has revised its outlook on Ecobank Nigeria Limited to stable from negative and affirmed its ‘B/B’ long- and short-term counterparty credit ratings on the lender.  In a statement released, the ratings agency explained that Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group, adding that as […]

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Interbank rates may moderate as N130.3bn Treasury bills matures

Ihesiulo Grace 4 October 2017 0

 There are indications that Nigerian interbank rates including overnight, open buy back and repos may moderate this week as maturing treasury bills worth N130.03 billion hit the system, just as the Central Bank of Nigeria (CBN) plans to sell same value of bills at the primary market auction.  The interbank rate reflects the level of […]

Money

Naira sustains gains, steady at all FX segments during holidays

Ihesiulo Grace 3 October 2017 0

The Nigerian currency, Naira, on Monday, October 2nd, remained unchanged at all the foreign exchange markets and segments during the holiday marking the nation’s 57th Independence Day. However, at the parallel market, the local currency, over the weekend, extended till yesterday sustained the appreciated gains at the parallel segment of the forex market, stood steadied

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Sterling Bank: RecyclArt Competition unveils 16 finalists

Ihesiulo Grace 3 October 2017 0

Sterling Bank Plc has announced 16 finalists for the next stage of the RecyclArt Competition. The 16 finalists made the cut from a pool of 630 young artists from across Nigeria that submitted proposals on transforming old, recycled and reused objects into amazing pieces of contemporary art for public spaces. RecyclArt was initiated by Sterling […]

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Attempts to amend our Act not altruistic – CBN

Ihesiulo Grace 3 October 2017 0

The Central Bank of Nigeria (CBN) has described attempts to amend the Act setting it up as not in best interest of the bank, saying those behind the attempts are not altruistic. The Acting Director, Corporate Communications Department of the apex bank, Mr. Isaac Okorafor, stated this in Lagos at the weekend, just as he […]

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Naira firms against major currencies at official, unofficial FX markets

Ihesiulo Grace 2 October 2017 0

As forex market lifted with $503m in one week   The Nigerian currency, Naira, over the weekend, firmed against major foreign currencies at 365 to the Dollar, strengthened to 483 the Pound sterling and 425 per Euro at the parallel market, while closed at 305.75 to the Greenback against 305.85 sold a week ago at […]

Business Money

Purchasing Manufacturing Index hits 55.3 in September –CBN

Ihesiulo Grace 28 September 2017 0

The Central Bank of Nigeria (CBN) has said the Purchasing Manufacturing Index (PMI) increased for the sixth consecutive Month to 55.3 Index points in September 2017, indicating rapid growth in the manufacturing sector. The apex bank said it based its composite PMI for the manufacturing sector on five indicators that include production, new orders, supplier […]

Business Money

FG to raise N130.3bn through Treasury bill next week

Ihesiulo Grace 28 September 2017 0

…set to issue $2.5bn Eurobond November The Federal Government has concluded all plans to raise a total sum of N130.37 billion worth of Treasury bills at an auction on October 4 (Wednesday), 2017, the Central Bank of Nigeria (CBN) has disclosed. The CBN plans to offer N28.69bn in three-month paper, N33.49bn in six-month bill; and […]

Business Money

Naira steadies at 365/$, appreciates against Pound, Euro, at parallel market

Ihesiulo Grace 28 September 2017 0

* Importers & Exporters FX window record $300m daily turnover Motolani Oseni The Nigerian currency, Naira, on Thursday, extended its gains against Pound Sterling and Euro, but remained unchanged at 365 to the dollar at the parallel market. The Naira, as at close of yesterday, trading activities exchanged at 485to a pound against 493 traded […]

Money

How 23 states exceed borrowing limits– FRC

Ihesiulo Grace 27 September 2017 0

Contrary to the guidelines of the Debt Management Office on subnational borrowing, 23 states of the federation exceeded their borrowing limits in 2015, the Fiscal Responsibility Commission has said. In a report on the states and indebtedness, the FRC said Lagos, Kaduna, Cross River, Gombe, Ekiti, Edo, Ondo and Imo states had borrowed more than […]

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Infractions: How regulators sanction five banks with N213.7m

Ihesiulo Grace 26 September 2017 0

* Failed to comply with BVN, KYC rules The apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have slammed five commercial banks with N213.7 million between January and June 2017 over 26 market infractions. The sanctions vary from commercial banks’ failure to detect single Biometric […]

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Naira appreciates to N366/$1 at parallel market

Ihesiulo Grace 26 September 2017 0

.As NAFEX records $363.6m turnover The Nigerian currency, Naira, on Monday, gained 0.27 per cent to close at N366 per Dollar against 367 closed over the weekend at the parallel market. This is just as the Nigerian Autonomous Foreign Exchange (NAFEX) widow recorded a whopping 4363.63 million turnover in just one day transaction against 131.84m […]

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Autonomous forex window records $909.6m turnover in one week

Ihesiulo Grace 25 September 2017 0

Undoubtedly, the newly introduced Nigerian Autonomous Foreign Exchange (NAFEX) widow has reversed the zero level confidence of investors to highest level of confidence in the foreign exchange market, as it recorded a whopping turnover of $909.59 million in just one week, findings by Daily Times has revealed. The NAFEX, otherwise known as Importer &Exporters FX […]