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$530m Injection: Forex Intervention That Relieved Naira

$530m Injection: Forex Intervention That Relieved Naira

The sustained appreciation of Nigeria’s national currency since last week’s intervention by the Central Bank of Nigeria (CBN) has again rekindled the hope of most Nigerians in the ability of the apex regulator to manage the nation’s foreign exchange market against the vicissitudes of the global economy caused by collapse of commodity prices. Before that […]

Fish Farmers Want Middlemen Removed From CBN Loan Scheme

Fish Farmers Want Middlemen Removed From CBN Loan Scheme

The Federal Government has been called upon to prevail on the Central Bank of Nigeria (CBN) to dismantle the middlemen in its Anchor Borrowers’ Programme to farmers nationwide. President of United Ufuoma Fish Farmers Association, John Ihesinaulo, who made the appeal in Ekpan, Uvwie Local Council of Delta State, noted that the agents were posing […]

CBN Releases Corporate Governance Code For Other Financial Institutions

CBN Releases Corporate Governance Code For Other Financial Institutions

The Central Bank of Nigeria (CBN) has developed distinct governance codes of corporate governance for Other Financial Institutions (OFIs) under its supervision. These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies. The central bank also explained in draft guidelines for the OFIs on its […]

NSE Admits Nigeria’s First FX Denominated Bonds

NSE Admits Nigeria’s First FX Denominated Bonds

The Nigerian Stock Exchange (NSE) has announced the listing of $1 billion Federal Government (FGN) Eurobond which will be issued under the country’s newly established Global Medium Term Note programme on the floor of the Exchange today.   The 15-year domestic Sovereign Eurobond priced at par and at a coupon of 7.875 per cent per […]

Naira Strengthens Against Dollar, Closes At N425

Naira Strengthens Against Dollar, Closes At N425

The dollar free fall continued as the Naira strengthened across all segments. The Nigerian Naira gained N20 against the US dollar on Tuesday to close at N425, from N445 it traded on Monday.   At the Bureau De Change segment, the local currency was sold at N425 to a dollar and bought at N415. While […]

Bank Of Industry Move To Deepen MSMEs’ Credit Delivery

Bank Of Industry Move To Deepen MSMEs’ Credit Delivery

The Kwara State Government has extolled the Bank of Industry’s (BoI) resilience in driving Micro Small and Medium Enterprise (MSME) development in the country, noting that the Development Finance Institution’s (DFI) effort in ensuring that entrepreneurs get equal access to credit facilities, reflects its strong commitment towards entrepreneurship development in Nigeria. The Governor, Kwara State, […]

South Africa’s Nedbank & Value of Ecobank Stake

South Africa’s Nedbank & Value of Ecobank Stake

South Africa’s Nedbank booked a $293 million writedown on the value of its stake in sub-Saharan lender Ecobank on Tuesday and reported its slowest growth in annual profit since 2009. Ecobank Transnational Incorporation’s operations in central and west Africa are exposed to some economies that have been pressured by the commodity price slide and unfavourable […]

Nigerian Economy Marginally Beating IMF Forecast

Nigerian Economy Marginally Beating IMF Forecast

The Nigerian economy contracted by 1.5 per cent in 2016, the first full-year contraction since 1991, and slightly beat the forecast by the International Monetary Fund (IMF), which initially predicted a contraction in the country’s Gross Domestic Product (GDP) by 1.8 per cent, but later revised it to 1.7 per cent. In contrast, the Nigerian […]

Black Market Attack Is Just A Improvisation Till Nigeria Floats The Naira

Black Market Attack Is Just A Improvisation Till Nigeria Floats The Naira

The rally, sparked by increased sales of foreign exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. […]

N4bn To Fund Benue SMEs – BoI

N4bn To Fund Benue SMEs – BoI

The Bank of Industry (BoI) and Benue State government have announced plans to increase the base of the state’s Small and Medium Enterprises Development Fund to N4 billion.   The Acting Managing Director of BoI, Mr. Waheed Olagunju, made the disclosure at a ceremony to mark the official commissioning of BoI State office in Makurdi, […]

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