Business Top Stories

Finally, NCC approves sale of 9mobile to Teleology Holdings

Ihesiulo Grace 30 August 2018 0

…9mobile will issue a statement in due course- Spokesperson The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN), on Wednesday, approved the sale of 9mobile – the third largest mobile network operator in Nigeria to Teleology Holdings Limited. A source close

Business News

Farmers laud CBN’s credit policy, call for effective implementation, monitoring

Ihesiulo Grace 26 August 2018 0

Farmers across the country have applauded the nine per cent interest rate credit policy of the Central Bank of Nigeria (CBN) to the agriculture sector, saying it will help boost production if adequately implemented. Some of them who spoke with newsmen in Abuja on Sunday, called on the CBN to also ensure prompt monitoring of […]

Business Top Stories

Market infractions: CBN fines 3 banks N34.1m in 6 months

Ihesiulo Grace 21 August 2018 0

The Central Bank of Nigeria (CBN) has sanctioned Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc and Stanbic Holdings Plc N34.1 million over different market infractions in the first six months of 2018, checks by The Daily Times revealed. During the period under review, the three commercial banks were involved in 14 market infractions of […]

Business Top Stories

CBN’s total assets hike by 35% to N29.6trn in 2017

Ihesiulo Grace 20 August 2018 0

…As external reserves increase by 74.6% …Foreign exchange inflow into Nigeria hits $91 billion The Central Bank of Nigeria (CBN) has reported 35 per cent increase in total assets to N29.6 trillion in 2017 from N21.9 trillion reported in 2016. But it is worthy of note that growth in external reserves and loans & receivables […]

Business Top Stories

N220bn MSME Fund: CBN disburses N76.9bn to entrepreneurs in 5 yrs

Ihesiulo Grace 17 August 2018 0

The Central Bank of Nigeria (CBN) has disclosed that it has disbursed N76.9 billion to Micro, Small and Medium Enterprises Development Funds (MSMEs) from inception in 2013 to 2017. The breakdown extracted from CBN 2017 annual report showed that N53.1 billion (69.01 per cent) was disbursed through state governments, N12.6 billion (16.38 per cent) through […]

Business

CBN injects fresh $210m into forex market

Ihesiulo Grace 15 August 2018 0

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018. The breakdown of the figure showed that the sum of $100,000,000 was offered to the wholesale and $55,000,000 was allocated each […]

Business Top Stories

Wholesale market, others get $210m forex boost

Ihesiulo Grace 15 August 2018 0

The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another $210 million into various sums of the market. CBN at Tuesday’s trading, offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window […]

Business Top Stories

CBN’s revised cheques clearing rules begin Sept 1

Ihesiulo Grace 2 August 2018 0

…To penalise banks for non-adherence to NBCS Rules …Outlines eligible financial instruments for clearing purposes The Central Bank of Nigeria (CBN) has set a 5-year timeline for banks to keep physical cheques presented by customers after which they may be disposed. The new rules become operational September 1, 2018. This was contained in the revised […]

News

Sacked Diamond bank staff: NASS gives CBN 21-day ultimatum on stance

Ihesiulo Grace 31 July 2018 0

The House of Representatives Committee on Public Petitions chaired by Rep. Nkem Abonta has given a final 21 days ultimatum to Central Bank of Nigeria(CBN) to declare its position on the case of staff members of Diamond Bank Plc who were sacked without any form of compensation. Abonta stressed that the position of the CBN […]

Business Top Stories

CBN, NSCDC swoop on currency hawkers

Ihesiulo Grace 28 July 2018 0

…Arrest 10 suspects, to arraign them in court …’Culprits risk 6 months imprisonment’ The officials of the Central Bank of Nigeria (CBN) and the Oyo State Command of Nigeria Security and Civil Defence Corps (NSCDC) have arrested10 persons for hawking and selling new naira notes. The suspects paraded at the NSCDC Oyo State command headquarters, […]

Business Top Stories

Save for rainy days, MPC tells FG

Ihesiulo Grace 25 July 2018 0

…Retains lending rate for 12th consecutive time …Wants banks to lend at 9% to real, agric sectors The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has advised the Federal Government to save for the rainy day especially now that the price of crude oil is relatively high, adding that the increased […]

Business News Top Stories

External reserves hit $47.8bn in June

Ihesiulo Grace 9 July 2018 0

The nation’s external reserves gained a total sum of $183 million to settle at $47.8 billion in the first half of 2018, latest data from the Central Bank of Nigeria (CBN) has shown. The foreign reserves monitored by the apex bank opened at $47.6 billion in June before closing at $47.8 billion, even as it […]

Business Technology Top Stories

Teleology beats deadline over 9mobile acquisition

Ihesiulo Grace 2 July 2018 0

…Excitements as operators laud exercise Teleology Holdings Limited, the preferred bidder for the acquisition of one of the leading telecommunication firms, 9mobile, has beaten deadline for ownership of the firm with the payment of $251million into Central Bank of Nigeria (CBN) escrow account, pending receipt of ‘‘no objection from the Nigerian Communications

News Top Stories

Court strikes out suit to compel CBN disclosure of Buhari’s medical bill

Ihesiulo Grace 6 June 2018 0

Attempt by a Non-Governmental Organisation (NGO) to compel the Central Bank of Nigeria (CBN) to disclose the amount spent on President Muhammadu Buhari’ s medical treatment in London collapsed on Tuesday, as a Federal High Court Abuja struck out the suit. In his verdict on the matter, Justice John Tsoho held that the application by […]

News Nigeria

Buhari accepts Adelabu disengagement from CBN as Deputy Governor

Ihesiulo Grace 1 June 2018 0

President Muhammadu Buhari has formally accepted the disengagement of the Deputy Governor in charge of Operations at the Central Bank of Nigeria (CBN), Mr. Adebayo Adelabu, with effect from July 15, 2018. In a letter dated May 24, 2018 and personally signed by President Buhari thanked Mr. Adelabu for his services to the country and […]

Politics

2019 Presidency: Moghalu formally joins YPP

Ihesiulo Grace 24 May 2018 0

…Says he inspires Nigerians to look to the future Ahead of 2019 general elections, a presidential aspirant and former deputy governor, Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu, has formerly joined the Young Progressive Party (YPP), saying the party answered his questions on affirmative. Making his official declaration on Thursday in Abuja, Prof. Moghalu

Business Top Stories

MPC to FG: Reduce spending, save for rainy day

Ihesiulo Grace 23 May 2018 0

…Takes pre-emptive measures to sustain economic growth …Retains MPR at 14% for 11 consecutive time, CRR at 22.5% The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has advised the Federal Government to take advantage of the increasing oil price at the international market to cut its excessive spending and save more […]

Business Top Stories

MPC: Experts differ on benchmark interest rate

Ihesiulo Grace 21 May 2018 0

…I expect MPC to reduce MPR to 13.5%, says Uwaleke …Committee members likely to cut interest rates – FDC …No, I don’t expect any change in the rates – Adedipe Expectations are high over the reduction of the Monetary Policy Rate (MPR), as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) […]

Business Top Stories

Forex, T-bills, other markets turnover hit N40trn in Q1

Ihesiulo Grace 14 May 2018 0

…As Naira gains at investors FX window …Foreign reserves steady at $47.865bn Total transaction turnover in the Nigeria’s Foreign Exchange (Forex) market, Foreign Exchange Derivatives; Treasury Bills (T.bills) market, FGN bonds; Other Bonds; Eurobonds; Repurchase Agreements/Buy-Backs and Unsecured Placements/Takings, between January and March, 2018 stood at a

Business

CBN pumps $210m to forex market

Ihesiulo Grace 9 May 2018 0

The Central Bank of Nigeria (CBN) has pumped $210 into the market to boost the inter-bank Foreign Exchange. The Bank again on Tuesday offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the […]