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Oil Supply To Outpace Consumption In 2018

Oil Supply To Outpace Consumption In 2018

In 2018, we expect non-OPEC production to grow by 1.5 million bpd which is slightly more than the expected increase in global demand. Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the […]

Moody’s Downgrades South Africa’s Five Big Banks

Moody’s Downgrades South Africa’s Five Big Banks

The downgrades of the five banks were expected, following South Africa’s sovereign rating downgrade. Following its downgrade of SA’s sovereign credit rating to Baa3 with negative outlook on Friday night, Moody’s Investors Service did the same to SA’s five largest banks on Monday night. Credit rating agencies conventionally do this because their ratings of corporations […]

Nigeria To Sell 1.24trn Naira Treasury Bills From June 15 To Aug 31

Nigeria To Sell 1.24trn Naira Treasury Bills From June 15 To Aug 31

Nigeria plans to sell 1.24 trillion naira ($4.1 billion) worth of treasury bills from June 15 to August 31, a central bank debt calendar for the third quarter showed on Friday. The bank aims to auction 226.64 billion naira in 91-day bills, 311.32 billion in 182-day and 698.64 billion in 364-day debt. The central bank […]

Forex: BDC Operators Cry Out As Nara/Dollar Rates Converge At Markets

Forex: BDC Operators Cry Out As Nara/Dollar Rates Converge At Markets

We want the CBN to review the BDC rate to ensure that currency speculators do not return to the market Nigeria’s Bureaux de change (BDCs) operators have lamented that convergence of parallel and black market rates thereby calling on the Central Bank of Nigeria, (CBN) to review the rate band for BDCs. Aminu Gwadabe, president, […]

Forex: CBN To Sanction OFIS For Non-compliance With Credit Bureaux

Forex: CBN To Sanction OFIS For Non-compliance With Credit Bureaux

The Central Bank of Nigeria (CBN) will from now on sanction other financial institutions (OFIs) for non-compliance with data exchange agreement with credit bureaux. Other financial institutions include microfinance banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs). The CBN had in April 30, 2010, directed banks and other financial […]

FG To Sign 2017 Budget Into Law Next Week

FG To Sign 2017 Budget Into Law Next Week

Nigeria’s presidency is expected to sign the 2017 budget into law next week, the speaker of the lower chamber of parliament, Yakubu Dogara, and two presidency sources said on Friday. The record 7.44 trillion naira budget passed by parliament on May 11 was bigger than the 7.298 trillion naira draft spending plan submitted by Buhari […]

CBN To Pump More Dollar Into Forex Market

CBN To Pump More Dollar Into Forex Market

The Central Bank of Nigeria (CBN) is set to inject more funds into forex market this week as part of resolve to achieve forex rates convergence and liquidity in the market. The naira experienced strong showing in the foreign exchange market last week gaining substantial ground against the United States dollar, at N363/$1 compared to the […]

CBN To Sustain Interbank Market Intervention

CBN To Sustain Interbank Market Intervention

Naira’s continued gains against the dollar will not deter the Central Bank of Nigeria (CBN) from sustaining its intervention in the interbank market, the apex bank said yesterday. The CBN has since February been pumping in dollars in all segments of the interbank market to ensure liquidity and availability of forex. More than $5 billion […]

Financial Institutions Aiding Illicit Flow Of Funds To Be Sanctioned: Osinbajo

Financial Institutions Aiding Illicit Flow Of Funds To Be Sanctioned: Osinbajo

Banks and financial institutions that actually engage in this  are to be called out and made to face the consequences of engaging in criminal practices The Federal Government on Monday said it will now criminalise and sanction financial institutions that aides and houses illicit financial flows. This is even as the government alleged that media organisations in […]

Jaiz Bank Is Worst Performing Stock On NSE In May

Jaiz Bank Is Worst Performing Stock On NSE In May

Jaiz Bank emerged worst performing stock in percentage terms on the Nigerian Stock Exchange (NSE) for the month of May. The News Agency of Nigeria (NAN) reports that data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 per cent, to close at 95k per share, as against […]

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