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Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

Stocks Drop, Bonds Gain, Euro Falls on ECB Minutes

The euro fell against all its major peers and European stocks dropped as minutes from the region’s last central bank meeting revealed concern among officials that the currency could overheat. All major U.S. equity gauges were down in early trading. The Stoxx Europe 600 Index briefly reversed its decline before sliding again as weakness in […]

Morgan Stanley Predicts Euro Parity With Sterling For 2018

Morgan Stanley Predicts Euro Parity With Sterling For 2018

U.S. investment bank Morgan Stanley raised its currency forecasts for the euro on Friday, predicting it would hit $1.25 early next year and be one-for-one versus the Britain’s pound sterling, for the first time in its 18-year history. Morgan Stanley also cut its forecast for the Mexican peso to 20 per dollar MXN= in the third quarter […]

CBN Inter-Bank Forex Market To The Tune of $364m

CBN Inter-Bank Forex Market To The Tune of $364m

The Central Bank of Nigeria (CBN) on Tuesday, August 15, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market. A breakdown of Tuesday’s forex intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also […]

Ghana Central Bank Takes Over 2 Distressed Banks, Customers Panic

Ghana Central Bank Takes Over 2 Distressed Banks, Customers Panic

There is a state of panic among customers of two commercial banks in Ghana after the Bank of Ghana (BoG) announced a takeover of the banks. Most patrons of UT bank and Capital bank, thronged the premises on Monday morning after an announcement that the operating licenses of the two outfits had been revoked. A […]

Diamond Bank Replies Nigerian Man Who Mistakenly Credited With N7.3m

Diamond Bank Replies Nigerian Man Who Mistakenly Credited With N7.3m

Diamond Bank has responded via Social Media, after a Twitter User, @raynergy called on the bank to help resolve the N7.3m that was mistakenly transferred to his account by a Company. The User, @raynergy wrote on Twitter earlier: Dear @DiamondBankNG exactly at this time yesterday 7,310,000.00, seven million three hundred and ten thousand was transferred […]

GTBank 2017 Half Year Profit Hit N100bn

GTBank 2017 Half Year Profit Hit N100bn

A review of the Guaranty Trust Bank (GTBank)  half year performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income […]

H1 2017: Tier-2 Banks Lose N233bn Deposits As Customers Demand Higher Interest Rate

H1 2017: Tier-2 Banks Lose N233bn Deposits As Customers Demand Higher Interest Rate

TIER 2 banks suffered N233 billion  decline in deposit in the first half of the year (H1 2017) owing to demand for higher deposit rate by customers. Banks’ customers were said to be pressurizing for higher deposit rate against the backdrop of the high interest rate regime created by the monetary policy of the Central […]

Nigeria’s Mutual Fund Assets Hit N300 Billion

Nigeria’s Mutual Fund Assets Hit N300 Billion

The level of professionalism and quality of investments will be difficult to match by other mutual fund managers in Nigeria and the West African sub-region The high level of professionalism and quality of mutual funds in Nigeria has elicited increased patronage and subscription rate by individual, retail and institutional investors, a Senior Fund Manager and […]

Banks Borrowing From CBN Drops By 19% To N3.4trn

Banks Borrowing From CBN Drops By 19% To N3.4trn

Commercial banks borrowing from Central Bank of Nigeria (CBN) with the use of Standing Lending Facility (SLF) window dropped by 19 per cent to N3.36 trillion in July from N4.2 trillion recorded in June this year. Banks continued to access the Standing Facilities window to square-up their positions by borrowing from the CBN at the […]

EFCC Quizzes Ex-Skye Bank Chairman Over N1bn Jonathan’s Campaign Fund

EFCC Quizzes Ex-Skye Bank Chairman Over N1bn Jonathan’s Campaign Fund

Interrogation of Ayeni, who was accompanied to EFCC’s office by his counsel, began on Thursday The Economic and Financial Crimes Commission (EFCC) has quizzed a former Chairman of Skye Bank Plc, Mr. Tunde Ayeni, for alleged multiple fraud, including a controversial N1 billion donation to the campaign fund of ex-President Goodluck Jonathan in 2011 by […]

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