Business Money

Naira slides to 489/$1 at parallel market

Ihesiulo Grace 6 January 2017 0

The  Naira yesterday depreciated marginally to close at 489 or 490 per US dollar, against N487 to a dollar it sold on Wednesday, with customers getting the higher rate depending on bargaining power.     Some dealers sold at 487, while others insisted that the local currency will not

Business Money

Naira appreciates to N487/$1 at parallel market

Ihesiulo Grace 5 January 2017 0

The Naira yesterday appreciated by N3 to close at N487 per US dollar from Tuesday’s N490, having traded for 495 per dollar last Friday when the market closed for the New Year holiday.     Towards the end of 2016, the Naira had stabilized at N485 against the dollar for about two weeks but fell […]

Business Money

Nigeria’s e-payment system awaits new regime

Ihesiulo Grace 4 January 2017 0

The Nigerian electronic payment system will in the next few months welcome a new pricing policy, as the Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter (Q2) of 2017.   MSC is a fee paid by […]

Business Money

Forex scarcity to continue on weak FDI inflow – Report

Ihesiulo Grace 4 January 2017 0

Foreign exchange liquidity risk may remain high due to weak Foreign Direct Investment (FDI) inflows into the country, notwithstanding the nation’s efforts to diversify the economy and boost forex revenue in the face of sharp drop in oil sector, a Proshare fourth quarter (Q4) 2016 economic strategic report and outlook 2017, has revealed.   While […]

Business Money

Official rate of Naira may drop to 320/$1 in 2017- Analysts

Ihesiulo Grace 4 January 2017 0

Foreign exchange analysts at Ecobank have predicted that the Naira may drop further to N320 to a Dollar at the official interbank exchange rate in 2017.   They fear that foreign exchange restrictions are likely to remain in place given the weak global oil prices outlook.   The financial experts in a report noted that […]

Banking Hard Tackle Money News

Dollar scarcity: Banks suspend ATM card usage abroad

Ihesiulo Grace 17 October 2016 0

Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly. Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card services. Also suspended by the banks are online […]

Headlines Money News

Customs in Seme border generates N1.129bn in September.

Ihesiulo Grace 10 October 2016 0

The Nigeria Customs Service (NCS), Seme Command, on Monday, said it generated 1.1billion revenue in September.The command’s spokesnan, Mr Selechang Taupyen, made this known in a statement given to the News Agency of Nigeria (NAN), in Lagos on Monday. Taupyen said said the amount generated in September surpassed the N833,791,678 million generated in the same […]

Headlines Money

Protest: Fashola orders arrest of two union leaders

Ihesiulo Grace 6 October 2016 0

Two union leaders in the Federal Ministry of Power, Works and Housing were arrested and detained on Thursday by the police following an alleged order by the Minister of Power, Works and Housing, Babatunde Fashola. It was gathered that the union chairman, Mr. Aliu Abdulazeez; and the secretary, Mr. Sam Apeh, of the National Civil […]

Business Economy Headlines Money

Emmanuel Kachikwu, minister of state for petroleum resources, says Nigeria is expecting a loan facility of close to $4 billion from China.

Ihesiulo Grace 6 October 2016 0

Speaking with state house correspondents after Wednesday’s meeting of the federal executive council, Kachikwu said the loan, which will be used to bolster infrastructure in the oil industry, was one of the results of the July road show in China, where Nigeria signed a $75.6bn Memorandum of Understanding in investments in the oil sector. He also […]

Money

MPC outcome: Analysts want FG, CBN to develop how to manage economy in recession

Ihesiulo Grace 26 July 2016 0

Contrary to the belief that the Nigerian economy is heading towards recession, some financial analysts have said that the country is already in recession but tasked the economic team of the President Muhammodu Buhari administration and the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), to critically look into how to manage […]

Money

FG reform agenda will enhance confidence in economy, attract FDI- ICCN boss

Ihesiulo Grace 22 July 2016 0

The Chairman, International Chamber of Commerce Nigeria (ICCN), Mr. Babatunde Savage, has said that the reform agenda of government will enhance more confidence in the economy to attract more Foreign Direct Investments (FDI). Speaking at the 17th Annual General Meeting (AGM) of the chamber, its chairman who also doubles as the Regional Coordinator for Sub […]

Money

CBN reiterates commitment to financial system stability

Ihesiulo Grace 12 July 2016 0

As part of its ongoing efforts at ensuring overall growth of the Nigerian economy, the Central Bank of Nigeria (CBN) has reiterated its commitment to the nation’s financial system stability. The apex bank promised that it will remain committed to its mandate of ensuring a sound financial system, as well as promoting sustainable economic development […]

Money

FX Futures market will drive equity markets growth

Ihesiulo Grace 1 July 2016 0

  FMDQ OTC Securities at the launch of the OTC FX Futures market stated that the FX futures market will attract significant capital flows to the Nigerian fixed income and equity markets while minimising the disequilibrium in the Spot FX market. The Chief Executive Officer of FMDQ, Bola Onadele, who spoke at the launch of […]

Money

Dwindling profit: How banks woo depositors through incentives

Ihesiulo Grace 27 June 2016 0

  In an effort to mitigate the continuing decline in profitability, some proactive Deposit Money Banks (DMBs), are now increasingly relying on various forms of incentives, including cash incentives to woo new customers, investigations by the Daily Times of Nigeria (DTN) has revealed. Our findings revealed that at various banking halls across the nation, customers […]

Money

UBA Boosts Kenya Power with $10m Facility

Ihesiulo Grace 15 May 2015 0

United Bank of Africa (UBA) has given a US$10 million loan facility boost to Kenya Power Company’s target of distributing 5,000MW by 2017.   The loan is to enable Kenya Power upgrade its infrastructure and enhance the capacity of its transmission lines.   According to Kenya Power, this is part of a syndicated loan from […]

Money

OPIC Boosts PAMIGA Finance, Renewable Energy Access in Rural Africa

Ihesiulo Grace 15 May 2015 0

The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and the Calvert Foundation Wednesday signed financing agreements to expand the lending operations of Pamiga Finance S.A. (PFSA), an impact investment company of the Participatory Microfinance Group for Africa (PAMIGA). PAMIGA for over a decade has been supporting

Money

AfDB VPs Announce Agenda for 2015

Ihesiulo Grace 15 May 2015 0

The Vice-President and Secretary General of the African Development Bank, Cecilia Akintomide, and the AfDB’s Acting Vice-President and Chief Economist, Steve Kayizzi-Mugerwa have announced the agenda for bank’s 50th Annual Meeting.   The duo made the agenda known at a press conference held at the Bank’s headquarters in Abidjan, Côte d’Ivoire where

Banking Business Money News

Fact behind the Figures as FBN Holdings Prepares for AGM, 2015

Ihesiulo Grace 7 May 2015 0

As FBN holding prepares for its 3rd Annual General Meeting, AGM 2015. The stalwarts of FBN Holdings were at the Nigerian Stock Exchange to give detailed analysis on how the group had fared in the last business year and expressed great expectations about the forth coming year. Extracting from the Group CEO; Bello Maccido’s earlier […]

Headlines Insurance Money News

How Insurance Industry grossed nearly N1 trillion under Jonathan’s administration

Ihesiulo Grace 7 May 2015 0

Without mincing word, the growth in the Nigeria insurance industry under President Goodluck Jonathan’s administration is highly commendable as it recorded almost N1 trillion in its Gross Premium Income (GPI) between 2011 and 2014. The GPI, which amounted to N965 billion, grew by 14.8 per cent, from the N840 billion recorded within a period of […]

Business Money

EFFCC Seeks Financial Institutions Aid in Fighting Money Laundering

Ihesiulo Grace 28 April 2015 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde, has urged bankers and major players in Nigeria’s financial sector to cooperate with law enforcement agencies in combating money laundering. He gave the charge at the Chartered Institute of Bankers of Nigeria, CIBN’s Anti-Money Laundering workshop, which held at the Reiz Continental Hotel,