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Naira Crashes Further To 516

Naira Crashes Further To 516

The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday. The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday. Currency dealers on the streets of Lagos Island sold the greenback at […]

FG To Inject N127bn Into Sovereign Wealth Fund

FG To Inject N127bn Into Sovereign Wealth Fund

The federal government hinted yesterday that it will inject fresh $250 million sourced from the excess crude account (ECA) into the Sovereign Wealth Fund (SWF). This is coming just as the National Economic Council (NEC) has expressed concern over the current situation of the exchange rate, saying there is need for an urgent review of […]

RIMAN Urges Diversified Forex Earnings

RIMAN Urges Diversified Forex Earnings

From the nation’s professional risk managers comes urgent appeal to the government to redouble efforts towards diversifying the foreign exchange (forex) earnings capacity of the country.   Under the aegis of Risk Managers Association of Nigeria (RIMAN), they said it would help the country survive and forestall future occurrence of the ongoing economic crisis that […]

Diamond Bank Eyes 8m New Customers With Digital Strategy

Diamond Bank Eyes 8m New Customers With Digital Strategy

Managing Director/Chief Executive, Diamond Bank Plc, Mr. Uzoma Dozie,  says  that the emphasis in Diamond Bank was no longer provision of banking services but empowerment of customers through digital adoption using the Diamond Mobile app. He noted for example, that Diamond Bank was able to grow its customer base by 50 percent in two years, […]

CBN – Render Forex Returns In Uniform Format

CBN – Render Forex Returns In Uniform Format

The Deposit Money Banks on Thursday has been directed by the Central Bank of Nigeria  to render returns on foreign exchange in a uniform format. The apex bank has been under pressure in the last few weeks over its policy on foreign exchange management which some people have described as unfriendly to the business and investing […]

Guaranty Trust Bank Appoints New Executive Director

Guaranty Trust Bank Appoints New Executive Director

The Board of Directors of foremost African financial institution; Guaranty Trust Bank plc, has announced the appointment of Mobolaji Lawal as an Executive Director of the Bank. Prior to his appointment, he was the Divisional Head, Digital Banking Division. Mr. Lawal who joined the Bank in 1992 as an Executive Trainee and rose through the […]

Governors Demand Urgent Review Over Nigeria’s Forex Policy

Governors Demand Urgent Review Over Nigeria’s Forex Policy

The National Economic Council, NEC, on Thursday demanded the immediate review of the current foreign exchange policy by the Central Bank of Nigeria. Nasarawa State Governor, Tanko Al Makura, who briefed journalists at the end of the meeting in Abuja said the Council, presided by acting President Yemi Osinbajo, expressed serious concern over the current […]

3 Sectors Recieved Large Share Of Forex Allocation – CBN

3 Sectors  Recieved Large Share Of Forex Allocation – CBN

The Central Bank of Nigeria said on Thursday three key sectors of the economy received the largest foreign exchange allocations between December 2016 and January. The CBN said out of a total of $2.83 billion disbursed during the two months to critical sectors of the economy, manufacturing, agriculture and raw materials got the lion’s shares. CBN […]

Nigeria Raises N160bn Bonds at Yields below Inflation

Nigeria Raises N160bn Bonds at Yields below Inflation

The Debt Management Office (DMO) on Thursday said Nigeria raised N160 billion in local currency bonds at its second debt auction this year at yields lower than the inflation rate in Africa’s biggest economy. The debt office had initially wanted to raise N110 billion at the auction but increased the offer due to demand. Total […]

CBN Boosts Manufacturing, Agriculture With $2.83bn

CBN Boosts Manufacturing, Agriculture With $2.83bn

The Central Bank of Nigeria (CBN) says it disbursed 2.83 billion dollars to critical sectors of the economy between December 2016 and January 2017. Mr Isaac Okorafor, the Acting Director, Corporate Communications Department of CBN, made this known in a statement on Thursday in Abuja. He said that manufacturing, raw materials and agriculture topped the […]

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