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CBN Sells N310b Treasury Bills

CBN Sells N310b Treasury Bills

The Central Bank of Nigeria (CBN) has raised N310.14 billion (about $985 million) at an auction of treasury bills at yields lower than the inflation rate The bank sold N222 billion of one-year treasury bills at a yield of 18.49 per cent, lower than inflation at 18.72 per cent and compared with 18.44 per cent […]

BDCs Demand $30,000 Weekly Allocation

BDCs Demand $30,000 Weekly Allocation

Bureaux De Change (BDC) operators yesterday called on the Central Bank of Nigeria (CBN) to review their $8,000 weekly allocations upwards to $30,000 as dollar liquidity in the economy continues to improve.   The operators also urged the apex bank to harmonise the rate at which the dollars are sold to BDCs with the rates […]

Why Naira Is Appreciating

Why Naira Is Appreciating

The Central Bank of Nigeria (CBN) said yesterday that the currency’s appreciation against others  was the result of its market monitoring and intervention.   Its spokesman  Isaac Okorafor refuted the claim that illegal sale of foreign currencies at ridiculous rates was responsible for the change in Forex policy. Okorafor, who spoke in Sokoto, also explained […]

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

NDIC Urges Depositors To Report Banks Indulging In Sharp Practices

The Nigerian Deposit Insurance Corporation (NDIC) has urged depositors to report any sharp practices by commercial banks. It also called on Nigerians to shun dubious financial schemes and wonder banks which have continued to defraud unsuspecting members of the public. Speaking at the NDIC Day at the ongoing 38th Kaduna International Trade Fair on Thursday, […]

GTBank Wins Six EPIS Awards

GTBank Wins Six EPIS Awards

Guaranty Trust Bank Plc (GTBank) said it reaffirmed its position as Nigeria’s leading financial institution on e-payments with its emergence as a multiple award winner during the 2017 Electronic Payment Incentive Scheme (EPIS) awards organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS) recently. With six awards, GTBank took […]

Nigeria Central Bank To Clear Backlog Of Dollar Demand For Importers

Nigeria Central Bank To Clear Backlog Of Dollar Demand For Importers

Nigeria’s central bank said on Thursday it will sell dollars via a book-building process to clear a backlog of dollar demand for companies importing machinery, airline equipment and petroleum products. Companies would be required to pay the naira equivalent for their dollar bids on the spot market on Thursday, while the dollars will be delivered […]

19 Stocks Depreciate, Market Sheds N50bn

19 Stocks Depreciate, Market Sheds N50bn

The equities market on Wednesday went down again by N50bn after 19 stocks closed in the red. At the close of trading on the floor of the Nigerian Stock Exchange, the NSE market capitalisation dropped to N8.715tn from N8.765tn, while the All-Share Index closed at 25,183.10 basis points from 25,329.06 basis points.     A total […]

$500m Loan Targets Out Of School Children – World Bank

$500m Loan Targets Out Of School Children – World Bank

Nigeria’s effort to address  the problem of out-of-school children has been boosted by World Bank’s plan to offer a $500 million loan. An official of the bank and a Senior Education Specialist, Dr Olatunde Adekola, made this known in Sokoto. Leading a five-man team to state Governor Aminu Tambuwal, Adekola explained that the loan would […]

Diamond Bank Fetes Essay/Art Winners

Diamond Bank Fetes Essay/Art Winners

Essays and artworks of winners of 2016 Vision of the Child (VoTC) were on display at the Diamond Bank headquarters in Victoria Island, Lagos, last week as entries opened for the 2017 edition of the competition.   The winners, drawn from both public and private primary and secondary schools, whose literary and visual art works […]

CBN’s Reports On PMI Indicates Decline In Economic Activities

CBN’s Reports On  PMI Indicates Decline In Economic Activities

THE Central Bank of Nigeria, CBN, yesterday, released its Purchasing Managers Index (PMI) report for February, 2017 which indicated continued decline in economic activities, coming against the backdrop of the bottoming-out of recessionary trend as reported earlier in the week by the National Bureau of Statistics, NBS. The PMI is based on survey of purchasing […]

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