Business

Naira extends gain at parallel market, strengthened at NAFEX

Ihesiulo Grace 31 August 2017 0

After trading between 368 and 370 for over a week, the Nigerian currency, Naira, on Wednesday, extended gains recorded at the parallel market, while it strengthened at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window. At the close of yesterday’s trading activities, the naira, at

Economy Nigeria

Apprehension as CBN fails to update external reserves figures for two weeks

Ihesiulo Grace 28 August 2017 0

All eyes are on the Central Bank of Nigeria (CBN) for the release of the latest foreign exchange reserve figures. The apex bank is yet to update the most recent figures on its website for over two weeks, the last being August 18 2017. The external reserves data is updated nearly every day. The most […]

Business

Naira relapsed, down at official market, NAFEX window

Ihesiulo Grace 28 August 2017 0

.As turnover at I&E FX window gains $67.12m After recording a rebounded rate at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window a day before the closure of the official forex market, the Nigerian currency, Naira, on Friday, relapsed against the US Dollar, as well as shedding 0.02 per cent at the Central Bank official […]

Business

Unity bank enhances rural economy with NIRSAL savings’ account

Ihesiulo Grace 28 August 2017 0

There is no gainsaying that the creation of several intervention schemes by the Central Bank of Nigeria will boost economic diversification and reduce over dependency on Crude oil. In view of this, Unity Bank has developed a product called NIRSAL Farmers Savings’ Account specifically designed to drive its strategic business focus on rural economy. The […]

Business

Overnight lending rate drops as new banking instruments debut

Ihesiulo Grace 28 August 2017 0

Following the spike to almost 100 per cent at the mid of last week, the nation’s overnight lending rate on Friday, dropped to 12 per cent, due to a liquidity squeeze, as lenders paid for hard currency and treasury bills purchased from the Central Bank of Nigeria (CBN), traders have disclosed. This is just as […]

Money

CBN lifts Forex market with $195m

Ihesiulo Grace 21 August 2017 0

The Central Bank of Nigeria (CBN) on Monday, boosted the Foreign Exchange (FOREX) market by offering a total of $195 million in three segments of the market. In the wholesale segment of the inter-bank forex market, it auctioned $100m; and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments with $50m and […]

Money

CBN may mop-up N230bn from money market this week

Ihesiulo Grace 15 August 2017 0

As part of continued effort in ensuring system stability in the country, indications are rife that the Central Bank of Nigeria (CBN), may dry up to N230 billion from the money market this werek. This is because there Open Market operations (OMO) operations that are due to mature this week, and financial analysts believed that […]

Business Headlines

CBN to spend $500,000 on 1st bio- diesel refinery

Ihesiulo Grace 14 August 2017 0

*Project to be completed in Kogi by 2018 *Jatropha farmers’ cooperatives to get N1m The Central Bank of Nigeria (CBN), through the Bank of Industry (BOI), is poised to enhance in bio-diesel refining in the continent with the establishment of the first bio-diesel refinery in Kogi, which will gulp $500,000. The project is expected to […]

Business News

CBN strengthens FOREX market with $195m

Ihesiulo Grace 8 August 2017 0

The Central Bank of Nigeria (CBN) on Monday, boosted the FOREX market by offering a total of $195m in the three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of […]

Capital Market

CBN lauds SEC on dividend payment’s simplification

Ihesiulo Grace 8 August 2017 0

The Central Bank of Nigeria (CBN) has lauded the contributions and achievement of the Securities and Exchange Commission (SEC) in simplifying dividend payments and reducing unclaimed dividend fraud in the country. Mr. Dipo Fatokun, CBN’s Director, Banking& payment systems Department who gave the commendation recently in Lagos, said that just as the country is still

Business

NECA urges Central Bank to lower borrowing costs

Ihesiulo Grace 20 July 2017 0

The Nigerian Employers Consultative Association (NECA) have implored monetary authorities to take measures in re-inflating the economy through monetary easing and reduction of the high-interest rate otherwise known as borrowing costs, which they said are currently stifling Economic growth. Speaking on Behalf of the Association, following a quarterly meeting of its

News Nigeria

Naira strengthens to 305.95/$1 CBN’s rate, 368 unofficial rates

Ihesiulo Grace 13 July 2017 0

The Naira on Wednesday, strengthened to 305.95 to a dollar at a Central Bank of Nigeria (CBN’s) rate, which stood at 306 on Tuesday, but remained stable at 368 per dollar at the unofficial foreign exchange market. This is even as the Central Bank of Nigeria (CBN) on behalf of the Federal Government set to […]

News Tech

NCC, CBN secures reprieve for Etisalat on debt crisis

Ihesiulo Grace 11 March 2017 0

The Central Bank of Nigeria (CBN) and telecom regulator, Nigerian Communications Commission (NCC) has been able to get reprieve for Mobile Network Operator, Etisalat after the meeting convened to find a quick resolution to the loan default crisis between the company and some banks. The meeting held at the CBN Office in Lagos, recently had […]

Business Headlines

BREAKING: CBN to Give Banks $20million FOREX Weekly

Ihesiulo Grace 18 February 2017 Post a comment

In apparent response to recent outcry over the hardships encountered by the business community in sourcing foreign exchange for transactions, the Central Bank of Nigeria CBN has agreed to release $20 million weekly to selected 20 banks. The body has also fixed Monday, the 20th of February for the effective takeoff of the new policy […]

Business

CBN debunks been queried by AGF over forex allocation, transactions

Ihesiulo Grace 17 February 2017 0

Following the allegation that the Attorney General of the Federation (AGF), Mr. Abubakar Malami, had queried the Central Bank of Nigeria (CBN) foreign exchange allocation and transactions, the apex bank on Thursday debunked the claim saying that it had yet to receive any query from the office of the AGF over issues relating to the […]

Business

Bankers Committee to support economic diversification with N25bn

Ihesiulo Grace 10 February 2017 0

That Bankers Committee said it has concluded arrangement to support federal government’s effort at diversifying the economy by introducing a new initiative that will fund agricultural business and Small and Medium Enterprises (SMEs), even as the Central Bank of Nigeria (CBN) reintroduced the cashless policy to other states of the federation. According to the committee,

Business Money

LCCI thrashes CBN for inflation fixation

Ihesiulo Grace 30 January 2017 0

The Lagos Chamber of Commerce and Industry (LCCI) has trashed the outcome of last week’s Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) as no more than a fixation on inflation at the expense of stimulating growth and investment. The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf, made the observation […]

Money

CBN to sell dollars to manufacturers, airlines, others in special auction

Ihesiulo Grace 26 January 2017 0

In order to clear the backlog of dollar obligations that businesses owe, the Central Bank of Nigeria (CBN) has asked Deposit Money Banks (DMBs) to bid in a special currency auction, forex traders disclosed. In view of this development, commercial banks are expected to submit backlog of dollar demand from fuel importers, airlines, raw-materials producers, […]

Business News

CBN Governor, Peterside disagree on way out of nation’s economic woes

Ihesiulo Grace 19 January 2017 0

The Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, Thursday sharply disagreed with an investment banker and Chairman of the Stanbic IBTC Bank, Mr. Peterside Atedo, over some recommendations by the latter on how the nation’s economy could be moved out of its present economic doldrums. This is even as the Minister […]

Business Money

CBN, NSE sanction Stanbic IBTC N20.3m

Ihesiulo Grace 11 January 2017 0

The Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE) sanctioned Stanbic IBTC Holdings N20.3 million for eight different offences in 2015.   The recently released 2015 financial result of the lender showed that a penalty of N10 million by CBN was imposed for AML/CFT related issues arising from the AML/CFT spot check in […]