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Naira Gains To N457 Against Dollar

Naira Gains To N457 Against Dollar

The naira gained further on Tuesday against the US dollar as it closed at N457 at the back market, after the Central Bank of Nigeria (CBN) sold a total of $195 million in forwards. BusinessDay prices checks show that naira traded at N457 per dollar at the Lagos international airport and Apapa respectively. At the Festac […]

CBN Sells $150 Million In Forwards

CBN Sells $150 Million In Forwards

The Central bank of Nigeria said on Tuesday that it had sold $150 million in currency forwards on the interbank market through commercial lenders. The central bank, which has been intervening on the official currency market over the past two weeks, had earlier told lenders that Tuesday’s sale would be settled within 60 days. In an emailed statement, […]

Banks Must Ensure Honesty Is Best Policy

Banks Must Ensure Honesty Is Best Policy

Liying In Business Undermines Capitalism Fake news has become a horrible euphemism for lying. But call it what you will, the dissemination of untruths has become dangerously entrenched in the modern world. If political lies threaten democracy, business lies undermine capitalism. Consider the damage to carmaker Volkswagen after its faked emissions testing scandal or to retailer […]

Naira Eases On Official Market As CBN Sell To Traders

Naira Eases On Official Market As CBN Sell To Traders

The Central Bank of Nigeria sold the dollar on Monday at its highest level on the official interbank market since August, traders said, pushing down the naira. The local currency fell to 306 per dollar from the 305.50 level it has traded since last year. Traders said the central bank intervened at 305.50 on Monday […]

We Have Surplus Forex, Come Buy Now, Banks Tell Customers

We Have Surplus Forex, Come Buy Now, Banks Tell Customers

Nigeria Banks are asking customers to buy surplus foreign currencies from them, following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN). In an effort to support and shore-up the value of Naira, CBN resolved to flood commercial banks with dollars. The banks are reported to be holding excess forex […]

Nationwide Implementation Of The Cashless Policy – CBN

Nationwide Implementation Of The Cashless Policy – CBN

The CBN cashless policy takes effect from 1st April 2017. See details below:  

Transcorp MD Predicts Stock Market Rebound

Mr Emmanuel Nnorom, the Chief Executive of Transcorp, says the capital market will soon rebound with the current positive developments in the foreign exchange market. Nnorom said on Monday in Lagos that the capital market would soon overcome the current lull with foreign exchange rate stability and improvement in various sectors of the economy. He […]

Foreign Investors Not Keen Despite CBN New Forex Policy

Foreign Investors Not Keen Despite CBN New Forex Policy

While the nation ’ s forex market has seen increased liquidity in recent days on the back of the Central Bank of Nigeria ’ s new policy action, foreign investors are not keen on bringing back capital into the country. Industry experts, including the Chief Executive Officer , Financial Derivatives Company Limited , Bismarck Rewane […]

Guaranty Trust Bank Extends ICS Banks Core System Roll- Out To Tanzania

Guaranty Trust Bank Extends ICS Banks Core System Roll- Out To Tanzania

Guaranty Trust Bank (GTBank), a Nigeria-based bank operating across multiple countries in Africa, has extended the roll-out of its core banking system, ICS Banks, to Tanzania. The solution is supplied by ICS Financial Systems (ICSFS). Banking Technology understands this is the second core banking software project for ICSFS in Tanzania, following an earlier deal with […]

Nigeria’s Fx Market Posts Dollar Trades At Near Record Low

Nigeria’s Fx Market Posts Dollar Trades At Near Record Low

Nigeria’s interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, Thomson Reuters data showed on Monday. The local currency traded at a record low of 375.50 to the dollar last November on the official interbank market before it reversed losses. The interbank […]

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