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Excess Forex Demand Weighs Down Naira

Excess Forex Demand Weighs Down Naira

PRESSURES on the external sector seem persisting as outstanding foreign exchange demand on Forwards Contracts is now put at about USD4 billion despite several auctions by the Central Bank of Nigeria, CBN, to bring it down. Sources at the apex bank said that CBN believes most of the demands are speculative adding that it would continue […]

Dollar Subdued After U.S. Wage Growth Disappoints

Dollar Subdued After U.S. Wage Growth Disappoints

* U.S. data shows jobs gain, but wages point to low inflation * Fed’s Williams sounds hawkish tone on rate hikes * Market weighs Trump comments on financial deregulation * Aussie slips on weak retail sales data; RBA seen standing pat TOKYO, Feb 6 The dollar started the week on the back foot on Monday, […]

Small Exchange: Nigerian Money-Changers, Guyana’s Forex Intervention

Small Exchange: Nigerian Money-Changers, Guyana’s Forex Intervention

The week’s currency news rounded up. Previously $US1 dollar could be bought for about 465 naira. These days, as a result of tougher restrictions, money-changers cannot accept more than 400 naira for each dollar exchanged . Lagos-based investment bank Vetiva Capital Management’s director Pabin Yinkere says these actions created “an even blacker [ie more secretive] […]

Interbank Lending Rises By 100%

Interbank Lending Rises By 100%

Interbank lending rises by 100% as CBN Mops N392b Lending rates among banks rose by about 100 per cent at the weekend as the Central Bank of Nigeria (CBN) ended the week with a N392 billion auction in Treasury Bill. The forms part of its effort to mop up excess liquidity from the system, as […]

Obaigbona Retires Honourably From CBN

Obaigbona Retires Honourably From CBN

Accolades from the top management and staff of the Central Bank of Nigeria (CBN) yesterday marked the colourful exit of one of the Directors, Mr. Emmanuel Obaigbona, from the bank after 35 years of meritorious service. Described by many as an intellectual and one who stood by his word and impacted the careers of many […]

First bank Gets Global Brands Awards

First bank Gets Global Brands Awards

First Bank of Nigeria limited has won the “Best Banking Brand, Nigeria 2016” and “Best Banking Performer, Nigeria 2016” in the Global Brands Awards. The awards are instituted to identify and recognise the significance of exceptional service delivery and reward performance. According to Global Brands Magazine, the organizers of the award, the awards reflect the […]

Skye Bank Announces Resignation Of Four EDs

Skye Bank Announces Resignation Of Four EDs

Skye Bank Plc has notified the Nigerian Stock Exchange (NSE) of the voluntary resignation of four of its Executive Directors from the services of the bank. This is contained in a notification letter signed by the bank’s Company Secretary / General Counsel, Mr Babatunde Osibodu pasted on the NSE website on Friday. The letter stated […]

Bank Chief Accuses EFCC of Concealing Facts

Bank Chief Accuses EFCC of Concealing Facts

  An Executive Director of First Bank of Nigeria Limited, Dauda Lawal, has accused the Economic and Financial Crimes Commission (EFCC) of falsifying the circumstances under which he surrendered N9.08billion to the commission. EFCC had urged the Federal High Court in Lagos to order the forfeiture of the money allegedly laundered for former Minister of […]

FCMB Partners CBN, Others On Export Trade

FCMB Partners CBN, Others On Export Trade

First City Monument Bank Limited says it has partnered the Central Bank of Nigeria and the Nigerian Export Promotion Council as well as the Nigerian Export-Import Bank to boost export trade as the country steps up efforts to diversify the economy. In a statement on Thursday, the lender said the partnership which included the Nigeria […]

Forex Ban On 41 Items Stays, Says CBN

Forex Ban On 41 Items Stays, Says CBN

  The Central Bank of Nigeria (CBN) has rejected calls by the Organised Private Sector (OPS) to reverse its foreign exchange (forex) ban on 41 goods, which the country can produce. The CBN said it would continue to support the real sector rather than lift the ban. CBN’s Acting Director, Corporate Communications, Mr. Isaac Okoroafor, […]

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