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FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

The board of FCMB Group Plc, on Monday announced the appointment of Adam Nuru, formerly Executive Director, Business Development of its flagship First City Monument Bank Limited, as new chief executive. He replaces Ladi Balogun who steps down after a decade in the saddle in line with the directive of the Central Bank of Nigeria […]

Experts Insist CBN Must Float Naira

Experts Insist CBN Must Float Naira

Economic experts yesterday in Lagos insisted that the Central Bank of Nigeria (CBN) must float the naira to deliver the nation from the current economic quagmire, noting that the current policy of the apex bank on forex lack direction and does not boost confidence of investors. The experts, who gathered at a breakfast meeting organised […]

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

CBN Pegs Dollar Rate For School Fees & PTA At N375 Per $

In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance […]

Banks Partnership With Fintech Is Key To Drive Financial Inclusion

Banks Partnership With Fintech Is Key To Drive Financial Inclusion

As financial technology (FinTech) gradually seeps into the growth strategies of traditional banks, expert have expressed concern that the two components would need to work together in order to drive financial inclusion in the sector. The basis for this concern is stemmed from the global best practices where Fintech, the term coined for financial services […]

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 […]

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 […]

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