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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 […]

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 […]

May Speech Boost Pound Sterling Value

May Speech Boost Pound Sterling Value

  Sterling saw its biggest gain ever since the 2008 financial crisis on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain’s deal to leave the EU and said it would seek to stay a key European partner. The pound, already up more than 1 percent as May began a keenly-awaited speech […]

Bitcoin Quietly Doubles As Global Currency Markets Collapse

Bitcoin Quietly Doubles As Global Currency Markets Collapse

The price of bitcoin more than doubled in 2016! What is Bitcoin? It’s been a year since I argued that bitcoin was too big to fail, but it has only got stronger. And yet, you don’t have to look far to find a new death knell for the digital currency. These prognostications may be loud […]

Interbank Rate Now 50% On CBN Forex Sales

Interbank Rate Now 50% On CBN Forex Sales

Nigeria is in its first recession in 25 years, caused by low global oil prices, which have cut the supply of dollars needed to fund imports. The Interbank rate rose sharply to around 50 per cent on Friday, from an average of 4.5 per cent on Thursday, after the Central Bank of Nigeria debited commercial banks’ […]

Spanish Banks To Pay Customers $4.2 billion After European Court’s Loan Ruling

After Europe’s top court unexpectedly overturned a Spanish ruling that capped liabilities relating to a disputed mortgage clause, Spanish banks have been asked to repay customers more than 4 billion euros ($4.2 billion). This however, poses new challenge to some lenders. Banks will have to compensate customers for what they lost even before May 2013, when […]

Japan Now Largest Holder Of U.S. Treasuries Over China

Japan Now Largest Holder Of U.S. Treasuries Over China

Japan overtook China as America’s top foreign creditor, as its holdings edged down at a slower pace. China’s holdings of U.S. Treasuries declined to the lowest in more than six years as the world’s second-largest economy uses its currency reserves to support the yuan.  A monthly Treasury Department report showed China held $1.12 trillion in […]

Nigeria’s $29.9bn Loan From China Threatened Due To Relationship With Taiwan

Nigeria’s $29.9bn Loan From China Threatened Due To Relationship With Taiwan

China is upset by the Federal Government’s diplomatic recognition of Taiwan as a sovereign nation. China may withhold part of the $29.9bn loans on which Nigeria partly pins its hope of financing next year budget should Nigeria continue to recognize Taiwan as a sovereign nation.  The “cold war” over Taiwan may also affect the implementation of the […]

Naira To Dollar Exchange Rate Today – Official/Black Market Rate

Naira To Dollar Exchange Rate Today – Official/Black Market Rate

Naira Exchange Rates – Black Market Lagos/Abuja/Kano Parallel Market.  NGN (Naira)     US DOLLAR     EURO           GBP                 Cameroon CFA Benin CFA         GHS Buying/Selling RATE RATE RATE RATE RATE RATE Today 490 / 497 510 / 517 588 / 595 […]

Sterling Falls To $1.25, Eyes On BoE, sales

Sterling fell almost half a percent in morning trade in Europe on Thursday, suffering along with a raft of other currencies against the dollar after the U.S. Federal Reserve raised its forecasts for interest rates next year. The pound has been threatening to break past resistance around $1.27-$1.28 all week but in early deals in […]

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