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Nigeria’s Recession Will Begin To End ‘Slowly’ But ‘Painfully’ In July 2017

Nigeria’s Recession Will Begin To End ‘Slowly’ But ‘Painfully’ In July 2017

A leading economist and financial derivatives analyst, Bismarck Rewane, has predicted that Nigeria will start to experience a ‘slow’ but ‘painful’ recovery process from the current economic recession rocking the nation in July 2017. He disclosed this while addressing the media on the state of Nigeria’s economy. Rewane noted that the government’s quest to increase […]

New Forex Policy Will Strengthen Naira

New Forex Policy Will Strengthen Naira

The newly introduced foreign exchange policy by the Central Bank of Nigeria (CBN) will help shore up the naira, an official of the bank has said.   Mr Emmanuel Ukeje, the Special Adviser to the CBN Governor on Financial Markets, said this in an interview in Abuja on Thursday. Ukeje described as baseless the argument […]

Dollar Drifts As Impact From Fed Minutes And Mnuchin Fade Aussie Slips

Dollar Drifts As Impact From Fed Minutes And Mnuchin Fade Aussie Slips

The dollar drifted on Thursday as impact from the Federal Reserve’s policy meeting minutes and supportive comments from a top U.S. official faded, while the Australian dollar slipped in the wake of downbeat economic data. The greenback was little changed at 113.300 yen JPY=. The U.S. currency fell to a low of 112.905 yen overnight following the […]

Naira Firms On Black Market After Central Bank Action

Naira Firms On Black Market After Central Bank Action

Feb 22 Nigeria’s naira firmed 1.1 percent to 510 on the black market on Wednesday, bureau de change (BDC) traders said, after the central bank started to supply dollars for retail transactions in a bid to narrow the spread with the official exchange rate. Most BDCs were showing only offers to sell at 510 with […]

Naira Records Little Gain Closes At 512/dollar

Naira Records Little Gain Closes At 512/dollar

The naira recorded slight gain on Tuesday and closed at 512 against the United States dollar on the parallel market, a day after the Central Bank of Nigeria introduced a new foreign exchange policy action. The CBN had on Monday announced its decision to begin sale of $1m weekly to each of the country’s 21 […]

Nigeria To Borrow $2.3bn From World Bank

Nigeria To Borrow $2.3bn From World Bank

Amidst growing concern over its soaning debt profile estimated at over $57.3 billion, the Federal Government yesterday hinted it was close to signing about $2.3 billion from the World Bank and the Chinese EXIM Bank to fund key infrastruture projects in the 2017 budget. Finance Minister, Mrs.Kemi Adeosun, who spoke to CNBC Africa said Nigeria […]

CBN Intervenes In Forex Market With $500m

CBN Intervenes In Forex Market With $500m

The Central Bank of Nigeria (CBN) Tuesday announced a $500 million intervention in the foreign exchange to further boost the liquidity of authorised dealers to meet end users. In a circular to all authorised dealers Tuesday, the apex bank said the sale will be in the form of a Special Wholesale Intervention Forward not exceeding […]

Mortgage Bank To Get N500b Recapitalisation

The Federal Mortgage Bank of Nigeria is to be recapitalised to the tune of N500 billion. The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who dropped the hint yesterday during the commissioning of the ministerial pilot housing scheme in Ardo-Kola Local Council of Taraba State, said the move would go a […]

CBN Raises Intervention At InterBank Market To $6m

CBN Raises Intervention At InterBank Market To $6m

A day after fine-tuning the foreign exchange policy, the Central Bank of Nigeria (CBN) made good its pledge to increase daily intervention at the interbank market, raising it from $1.5 million to $6 million. However, the official exchange rate remained at N305.25 per dollar, although the CBN’s intervention was auctioned at N304.75 per dollar. The […]

Bank Worker Challenges Termination Of Appointment

Bank Worker Challenges Termination Of Appointment

A senior member of Ecobank Nigeria Limited has sued it before the National Industrial Court, (NIC), Lagos for wrongful termination of employment. The plaintiff, Gbite Mathew Adegoke is claiming N1.2 billion as damages and special damages having suffered near paralysis in the course of being on official duty. The bank has however denied owing him […]

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