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GT Bank Manager Denies In Court

GT Bank Manager Denies In Court

  Nwachukwu Amazu, head of the fund transfer unit of Guaranty Trust Bank (GT.BANK), on Wednesday denied knowledge of the documents his bank sent to the Economic and Financial Crimes Commission (EFCC) on Senate President Bukola Saraki. ‎Nwachukwu, who is the second prosecution witness in the trial of Saraki at the Code of Conduct Tribunal […]

Equity Market Sheds – N33bn 23 Stock Loss

Equity Market Sheds – N33bn 23 Stock Loss

  The Nigerian equities market, on Tuesday, depreciated by N33bn as 33 stocks recorded losses at the close of trading. The Nigerian Stock Exchange market capitalization dropped to N9.041tn from N9.074tn, while the All-Share Index closed at 26,278.20 basis points from 26,373.83 basis points. A total of 371.867 million shares worth N1.714bn exchanged hands in […]

Bitcoin and Central Bank Of Nigeria

Bitcoin and Central Bank Of Nigeria

The Central Bank of Nigeria (CBN) has barred deposit money banks and all other financial institutions from the operation of any form of virtual currency. The warning by the apex bank yesterday was contained in a circular by the CBN Director of Financial Policy and Regulation Department, Mr. Kevin Amugo, Virtual currencies (VCs) such as […]

Osibanjo And Naira Exchange Rate

Osibanjo And Naira Exchange Rate

  Vice President Yemi Osinbajo said on Tuesday that Nigeria will  close the gap between the official and black market rates for the Naira against the dollar “very soon”, “The gap between the official and parallel market… it isn’t helpful,” he told reporters at the World Economic Forum in Davos. “If you look at the economic […]

Naira To Revenge Dollars This Week

Naira To Revenge Dollars This Week

  Economic and financial experts have said the naira may reverse this week the loss it recorded against the United States dollar last week. Owing to increased scarcity of the dollar, the naira fell from 490/dollar to 497/dollar during the past week. Currency and financial experts, however, linked the loss recorded by the local unit […]

$1bn in Two Weeks-External Reserves

$1bn in Two Weeks-External Reserves

Nigeria’s external reserves have hit $26.968bn, almost the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown that the reserves rose to $26.968bn on January 13 from $26.765bn on January 11, having hit $26.658bn and $26.552bn on January and 10 and January 11, respectively. Between December 30, 2016 and January […]

Primary Mortgage Banks In Trouble

Primary Mortgage Banks In Trouble

  Crisis come into view in indistinct and enlarged form in the nation’s financial system as lack of funds hits the Primary Mortgage Banking (PMB) segment, It was learnt that the situation which has become critical for one of the mortgage banks, as it no longer honours depositors’ claims, may soon result in its collapse and […]

400 Staffs Sacked In Heritage Bank

400 Staffs Sacked In Heritage Bank

  Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations by the News Agency of Nigeria, NAN, on Monday indicated that more workers are penciled for sack. NAN reports that the bank, in October 2014, acquired Enterprise Bank with about N56 billion ($281 million). A top management […]

Tips On How To Read Your Bank Statement

Tips On How To Read Your Bank Statement

Some people never take the time to learn how to read their bank statement. Instead, they throw out their statements or delete them from their inbox before taking a closer look. If you are in this habit, there is no better time than now to make a change. Learning how to read your bank statement is […]

We Owe Nigerian Banks Over $1bn Debt – Oil Marketers

We Owe Nigerian Banks Over $1bn Debt – Oil Marketers

“We owe some Nigerian banks over $1bn used for the importation of petroleum products, with accumulated interest of N160bn,” oil marketers under the aegis of the Independent Petroleum Products Importers (IPPI) said. IPPI said the interest had accumulated because the government could not pay them or pay the banks’ interest on the loans as agreed, adding that […]

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