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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 […]

Fitch Downgrades FirstBank, GTB, Zenith, Diamond To Negative

Fitch Downgrades FirstBank, GTB, Zenith, Diamond To Negative

Global rating agency, Fitch Ratings, has downgraded the rating of four Nigerian banks from “stable” to “negative” The banks are First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and Diamond Bank Plc. The lender also said it had affirmed the Long-Term Issuer Default Ratings of 10 financial institutions in Nigeria. In […]

Dollar Loses Traction Longs Bail As Data Driven Gains Evaporate

Dollar Loses Traction Longs Bail As Data Driven Gains Evaporate

Hard-won dollar gains triggered by strong U.S. economic data turned into quick losses Wednesday as the greenback fell back from its session high, trapping intraday longs and forcing some to bail. The Bloomberg dollar index was down less than 0.1 percent after gaining as much as 0.5 percent to a February high as data showed stronger-than-expected […]

S. African Investor Laps up Zenith, Access Bank Shares

S. African Investor Laps up Zenith, Access Bank Shares

Allan Gray Ltd., the largest manager of non-government investment funds in Africa, has increased its stake in Zenith and Access Banks. The South African investor, based in Cape Town, is betting on Nigeria’s banking industry despite poor performances by the oil companies it depends on and widespread calls for the naira to be further devalued, […]

BOI Unveil N2b MSME Matching Fund

BOI Unveil N2b MSME Matching Fund

The Bank of Industry (BOI) and Bayelsa State government have unveiled a N2 billion Micro Small and Medium Enterprise (MSME) matching development fund to support entrepreneurs in Bayelsa as part of efforts to encourage value-addition to the nation’s natural resource endowments.   Indeed, the development finance institution (DFI) highlighted the need to drive MSMEs especially […]

Naira Will Lose More Value If…

Naira Will Lose More Value If…

Nigeria’s economy is in recession the worse that the country has seen in over two decades, with its multiplier effect being felt by the citizens. The situation that has seen prices of goods rise with over 100% has triggered several demands by critics, which they believe would reflate the economy that officially slipped into recession […]

FG Closes 20,000 Bank Accounts Moves N5.2tn Into TSA

FG Closes 20,000 Bank Accounts Moves N5.2tn Into TSA

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Federal Government Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA. The Accountant-General of the Federation, Ahmed Idris, gave the figures on Tuesday in Abuja at the opening session […]

Access Bank To Divest From Stanbic IBTC Pension Managers

Access Bank To Divest From Stanbic IBTC Pension Managers

Access Bank Plc is to divest from Stanbic IBTC Pension Managers Limited (SIPML) in compliance with the Central Bank of Nigeria (CBN)’s regulation on the Scope of Banks Activities and Ancillary Matters. Access Bank holds 17.56 per cent equity in SIPML. However, in a notification to the Nigerian Stock Exchange (NSE), made available yesterday, Access […]

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