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FG to raise N140bn, as Diaspora bond’s subscription hits 130%

Ihesiulo Grace 21 June 2017 0

The Federal Government today, June, 21, (Wednesday), would auction N140 billion ($460 million) in bonds, just as the Debt Management Office (DMO) announced the success recorded in its first diaspora bond at the international capital market, raising the sum of $300 million, which was subscribed

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MfBs bemoan FX volatility on small businesses growth

Ihesiulo Grace 2 June 2017 0

Microfinance Banks (MfBs) are bemoaning the current economic recession and the lingering unstable or unpredictable foreign exchange trend as a great danger and huge obstacle to growth and sustenance of micro, small and medium enterprises in the country. The banks, therefore, called on the Federal government to quickly introduce measures that will remove the wedge […]

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Naira strengthens against major currencies, closes at 377/$1

Ihesiulo Grace 2 June 2017 0

The Naira, on Thursday gained a bit further over three major foreign currencies to close at 377 to the dollar against 378 traded on Wednesday at the unofficial segment of the forex market. The local currency at the end of yesterday trading, garner more strength over Pound sterling and the Euro, while closing at 491 […]

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Ecobank opens additional banking lounges

Ihesiulo Grace 29 May 2017 0

Ecobank Nigeria has commissioned three additional banking lounges for its Advantage customers in Uyo, Port Harcourt and Abuja. The Advantage segment offers its customers dedicated banking servicesm, targets the upwardly mobile and generally, professionals in various fields. The services include a bouquet of lifestyle enriching products to address their day-to-day banking

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30 SMEs get N90m in Diamond Bank’s BET seasons

Ihesiulo Grace 29 May 2017 0

Small and Medium Enterprises (MSMEs) numbering up to 30 have benefitted in the Diamond Bank’s Building Entrepreneurs Today (BET) initiative, which over the weekend produced new set of five entrepreneurs with three million naira each as startup up capital, joining 25 successful business owners in the previous seasons of the programme, with total sum of […]

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How 15 DMBs recorded N4.47tr shareholder’s funds

Ihesiulo Grace 29 May 2017 0

No less than 15 Deposit Money Banks (DMBs) operating in the country recorded a whopping N4.47 trillion shareholder’s funds in 2016. The underlying commercial banks in an effort at enhancing the quality and ensuring financial system stability in the country, reported an increase in their shareholders funds from N3.99trillion reported in 2015,this was increased by […]

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Chi Farms partners Nollywood to train aquaculture farmers

Ihesiulo Grace 25 May 2017 0

Chi Farms Ltd says it is partnering with Nollywood to produce “Èdutainment Series’’ of programmes that would help to build the capacity of farmers in the country. Mr Martin Middernacht, Executive Director, Chi Farms Ltd, said on Tuesday in Lagos that the company had started to shoot its first mini-series of eight episodes in Epe […]

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Keystone Bank empowers women entrepreneurs

Ihesiulo Grace 22 May 2017 0

Keystone Bank held the reins of the Women Empowerment segment of the recently concluded International Women’s Day with many of the women in the small scale operators in the rural areas. The lender believed that if the entrepreneurs are provided with the right kind of support, can have significant effects on the economy. Commenting on […]

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Forex, poor infrastructure, bane of economic growth – AFBTE

Ihesiulo Grace 22 May 2017 0

… Tasks CBN on high lending rate, FX restrictions The Association of Food, Beverage and Tobacco Employers (AFBTE) has identified exclusion of 41 items in accessing foreign exchange, most regarded to be essential raw materials to the industrial sector, as well as poor infrastructural development, among many others as bane of Nigerian economy growth. The […]

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CIBN grows revenue by 7.3% in 2016

Ihesiulo Grace 22 May 2017 0

… Resolves 79 customers’ complaints with N3b refund In spite of the economic challenges encountered in 2016 by companies and associations operating across various sectors in the country, the Chartered Institute of Bankers of Nigeria (CIBN) has declared improved revenue of N936.2 million in 2016 against N872.45 million in 2015, representing an increase of 7.3 […]

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Cashless knowledge is vital to child’s financial freedom, says Heritage Bank

Ihesiulo Grace 17 May 2017 0

As part of effort to further deepen the Central Bank of Nigeria’s cashless policy, Heritage Bank, has called for early lessons for teens on how to perform basic banking tasks, as a basic tools necessary for children’s financial freedom. In a statement made available to the media, the bank highlighted the importance to educate children […]

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Naira gains further as CBN injects $457m in forex market

Ihesiulo Grace 17 May 2017 0

As the Central Bank of Nigeria (CBN) injected $457.3 million into various segments of the forex market, the Naira, on Tuesday appreciated further to close at 383 to US dollar, against 386 traded on Monday at the parallel market. The new naira rate is an evident that the currency is likely to trade within a […]

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Lagos, Rivers IGR hit N387.42b in 2016 – NBS

Ihesiulo Grace 16 May 2017 0

Lagos and Rivers States generated the highest Internally Generated Revenue (IGR) of N387.42 billion in 2016 out of N801.95 billion generated by 35 states, according to the National Bureau of Statistics (NBS). The NBS stated this in its publication on “IGR at State level for January to December 2016’’ posted on its website on Monday […]

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Naira closes at 386/$1, as CBN injects $100m

Ihesiulo Grace 16 May 2017 0

The Naira, on Monday steadied at 386 per US dollar at the parallel market, as the Central Bank of Nigeria intervened with $100 million at a special wholesale spot and forwards auction in its bid to improve dollar liquidity in the foreign exchange market, so as to further narrow the gap between official and unofficial […]

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Why banks may continue to suffer CBN’s FX intervention in 2017

Ihesiulo Grace 16 May 2017 0

With the continuous intervention in the Foreign exchange market by the Central Bank of Nigeria (CBN), there are clear indications that most Deposit Money Banks (DMBs) who recorded significant gains from foreign exchange trading and revaluation gains in the first three months of 2017 may not likely have such mouth-watering profits by the second quarter […]

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How Sterling Bank won Deutsche Bank’s Excellence Award

Ihesiulo Grace 14 May 2017 0

Sterling Bank, which recently won the Agric Bank of the Year Award from the Nigeria Agriculture Awards (NAA), has again emerged as one of the best banks in Nigeria in international trade cash payment from Deutsche Bank AG of Germany. The bank emerged second runner-up in the 6th edition of the Straight Through Processing (STP) […]

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Illegal charges: Depositors frown over Banks flouting court order

Ihesiulo Grace 14 May 2017 0

Customers of Deposit Money Banks (DMBs) operating in the country have again condemned the refusal of their various banks to abide by the court ruling against deduction from their accounts for collection of Stamp Duties for the Nigerian Postal Service through the commercial banks. Although, the Federal Government through the Nigerian Postal Service planned to […]

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Naira gains further as inter-bank rate hits 29.5%

Ihesiulo Grace 14 May 2017 0

The Nigerian currency, the Naira, over the weekend closed at an appreciable rate of 386 to a dollar, stronger than 388 traded in the previous day at the parallel market. Although, the overnight interbank lending rate rose sharply to 29.5 percent on Friday, up from 19 percent last week. However, this was after the Central […]

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Experts bemoan DMBs ‘skirt marketing’ strategy

Ihesiulo Grace 1 May 2017 0

Professionals and Stakeholders in the banking industry have cautioned Deposit Money Banks (DMBs) against the practice of sending spinsters, young and married women after net worth individuals and members of the public to source for deposits with outrageous targets. The experts believe that such deposit mobilization strategy is bad because it exposes these women to […]

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CBN rallies support for local currency

Ihesiulo Grace 1 May 2017 0

… Naira steady at 390/$1 at parallel market The Central Bank of Nigeria (CBN) again on Friday supported the local currency through the sale of treasury bills amounting to a whopping N107.64 billion($353m), foreign exchange dealers believed this move was part of efforts to soak up excess liquidity from the banking system and curb pressure […]