Banking Business

Naira appreciates by 0.1% at I&E FX window

Ihesiulo Grace 6 August 2019 0

Motolani Oseni The Naira at the Investors & Exporters Foreign Exchange (I & E FX) on Monday appreciated by 0.1 per cent to close at N362.21 against the Dollar from N361.60 it opened for trading. According to the FMDQ Securities Exchange, the local currency traded high and low at N

Business Food & Nutrition

Review forex restriction for milk importation, NECA charges CBN

Ihesiulo Grace 2 August 2019 0

Motolani Oseni The Nigeria Employers’ Consultative Association (NECA) on Thursday has called on the Central Bank of Nigeria (CBN) to, in the interim, suspend the planned foreign exchange restriction for milk importation. Speaking at a Business Forum in Lagos, Director-General of NECA, Mr Timothy Olawale, explained on the need to gauge the suitability or otherwise […]

Africa Business Capital Market

Lafarge Africa investors approve sale of subsidiary for $316m

Ihesiulo Grace 23 July 2019 0

Motolani Oseni Shareholders of Lafarge Africa Plc on Monday unanimously approved the proposed sale of Lafarge South Africa Holding Limited (LSAH) to LafargeHolcim Group for $316.2 million. They gave the approval at the company’s 60th Annual General Meeting (AGM) in Lagos. Speaking at the meeting, Mr Mobolaji Balogun, the company’s Chairman, said that LSAH sale […]

Business Money Money

Forex: Naira gains marginally at official, parallel markets

Ihesiulo Grace 23 July 2019 0

…As traders eagerly awaiting outcome of MPC meeting today Motolani Oseni The Nigerian currency, Naira at the close of yesterday trading activities strengthened against the US Dollar at both the official and unofficial foreign exchange markets. This is even as activities at the market on Monday remained slow, due to the anticipation of the likely […]

Business Capital Market

CBN lifts Forex market with fresh $210m injection

Ihesiulo Grace 17 July 2019 0

Motolani Oseni The Central Bank of Nigeria (CBN) on Tuesday lifted the interbank segment of the Foreign Exchange (Forex) market with a fresh injection of $210 million. The apex Bank yesterday explained that the authorised dealers in the wholesale segment of the market received about $100 million, while the Small and Medium Enterprises (SMEs) window […]

Banking Business Money Money

CBN limits top 4 commercial banks deposits to boost lending- Analysts

Ihesiulo Grace 12 July 2019 0

Motolani Oseni As part of efforts to reduce access to its Standing Deposit Facility (SDF), a group of analysts at ARM research have said the Central Bank of Nigeria (CBN) is limiting the top four Tier 1 commercial banks access to its facility. The apex bank had issued a circular, stressing that, “remunerable daily placements […]

Banking Business

Exception of Access Bank, largest banks have LDRs below 60% – Fitch Rating

Ihesiulo Grace 10 July 2019 0

Motolani Oseni Fitch Rating has disclosed that, exception of Access Bank Plc, other large banks in Nigeria have Loan-to-Deposit Ratio (LDR) below or close to 60per cent and will be among the most affected by the new requirement. This is coming on the heels of Central Bank of Nigeria (CBN) directive that required banks to […]

Business

FirstBank deepens financial inclusion with 27,000 banking agents across Nigeria

Ihesiulo Grace 25 June 2019

…Announces over N1trn processed fund through Agent Banking Network Motolani Oseni As part of efforts to further deepen financial inclusion in the country, First Bank of Nigeria Limited has increased its Firstmonie Agent Network to over 27,000 Agents almost all Local Government Areas across the country. In line with the Financial Inclusion objectives of the […]

News

MPC members raise concern over Banks high NPLs

Ihesiulo Grace 19 June 2019

Temitope Adebayo Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN) have raised concern over Banks Non-Performing Loans (NPLs) ratio that is still higher than the prudential limit of five per cent. In his personal statement at the last meeting, the Deputy Governor, Economic Policy, CBN, Okwu Nnanna stated that banks NPL […]

Business

Heritage Bank’s N2bn loan boost Triton’s frozen foods

Ihesiulo Grace 19 June 2019

Motolani Oseni Barely two years Heritage Bank and the Central Bank of Nigeria (CBN) disbursed a loan for building a N2 billion processing facility for Triton fish/chicken in Oyo State, the firm has commenced export of all kinds of frozen foods to some parts of Europe and African countries. The loan that was given under […]

Business

Debt recovery: Shell knows fate June 19 over FG’s $406.7m suit

Ihesiulo Grace 7 June 2019

Michael Ajayi A federal high court in Lagos has adjourned until June 19, hearing in a debt recovery suit filed by the federal government against Shell Western Supply and Trading Ltd, over alleged $406.7 million shortfalls in crude oil shipment. The suit numbered FHC/L/CS/336/16 was filed by Fabian Ajogwu, the counsel to the federal government. […]

Business

Nigeria records $6.5bn total direct remittances in 4 months

Ihesiulo Grace 7 June 2019

Motolani Oseni At the end of the first four months in 2019, Nigeria has recorded a total sum of $6.5 billion in total direct remittances, against $2.42 billion reported during the corresponding period in 2018, the latest data from the Central Bank of Nigeria (CBN) has revealed. The Apex bank international payment data, however, showed […]

Business

Declining GDP: Recession looms amid poor consumer purchasing power – IMC Experts

Ihesiulo Grace 31 May 2019

Godwin Anyebe Stakeholders in the Integrated Marketing Communications (IMC), have expressed fear that Nigeria may plunge into a second recession in 2019 which would further affect consumer purchasing power in the country. This is coming as a result of the recent slow in the country’s Gross Domestic Product, GDP, to 2.01 per cent growth. Expressing […]

Business

NSE: MTN tops gainers chart amid N275bn infraction payment to FG

Ihesiulo Grace 22 May 2019

…As market capitalization hits N13.30trn Motolani Oseni There was a positive trend at the end of trading activities on the Nigerian Stock Exchange (NSE) on Tuesday, with MTN Nigeria Communications leading the gainers’ chart closing at N131.70 per share, amid payment of N275 billion SIM infractions to the federal government. Also, the market capitalisation which […]

Business

US, China trade wars good for Naira stability, Nigerian economy-ABCON boss

Ihesiulo Grace 21 May 2019

Motolani Oseni President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said the trade wars between the United States of America (US) and China have led to higher crude oil (Brent) prices, which is good for the naira and the Nigerian economy. Speaking yesterday to financial journalists in Lagos, […]

Business

LCCI lauds CBN, Bankers committee on CIFI loan

Ihesiulo Grace 10 May 2019

Temitope Adebayo The Director General, Lagos Chambers of Commerce and Industry (LCCI), Mr Muda Yusuf has commended the Central Bank of Nigeria (CBN) and Bankers committee increase youth job creation with Creative Industry Financing Initiative (CIFI) loan. The CBN had issued a circular that under the CIFI loan initiative, beneficiaries could get up to N500million […]

Business

Systemspecs urges FG to optimise data mining, automate Foreign exchange payments

Ihesiulo Grace 7 May 2019

Ladesope Ladelokun The formidable IT Company, Systemspecs has urged the federal government to automate foreign exchange payments and to optimize data mining. This charged was made by the Chief Executive Officer, Systemspecs, Mr John Obaro at the First Accounting Technology Summit (ACCOUNTEKS) hosted by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos.

Business

Naira closes flat as investors segment records $405.12m turnover

Ihesiulo Grace 3 April 2019

Motolani Oseni The Nigerian currency, Naira, on Tuesday closed flat at N360 against the United States’ Dollar at Investors & Exporters Foreign Exchange (I& EFX) window and parallel foreign exchange market, as investors recorded transactions turnover of $405.12 million. However, the naira at the unofficial forex segment lost 0.21per cent against the pound,

Business

PMI hikes to 61.1points in December –CBN

Ihesiulo Grace 29 March 2019

Motolani Oseni The Central Bank of Nigeria (CBN) has disclosed that its Manufacturing Purchasing Managers’ Index (PMI) has increased to 61.1 index points in December 2018, as against 57.9 index points declared in November, from 56.8 Index points reported for October. With this development, the latest figure represented the highest in 2018, as the nation’s […]

Business

Trust is needed in driving brand success in a competitive environment -Ugo Geri-Robert

Ihesiulo Grace 22 March 2019

Godwin Anyebe The Chief Executive Officer of Kantar Millward Brown Nigeria, Mrs Ugo Geri-Robert has reiterated the importance of trust as a factor in building brand success especially in a competitive environment. While noting that level of trust includes, aspirational, emotional, motivation and functional, she said trust is essential to brand building as one can’t […]