The overnight interbank lending rate soared to a record high of 128 per cent on Monday on naira cash shortages after commercial banks funded their account with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Overnight rates opened at 100 per cent on Monday, traders said, after the money market […]
Interbank lending rate jumps to record high
...Continue to readThousands of United Kingdom and Canadian visa applicants and intending travellers wanting to book hotels online were stranded on Monday as Deposit Money Banks stopped their naira debit cards from being used for dollar and other foreign currency-denominated transactions. The DMBs had on Friday stopped their naira debit cards from dispensing dollars to customers via […]
ATM card suspension: Banks reject naira for visa payment
...Continue to readThe World Bank says the worth of its running projects in the Agriculture sector in Nigeria is 1.5 billion dollars. The Senior Chief Agric. Economist of the organisation, Dr Adetunji Oredipe, made this known to newsmen at a live Video Conference to celebrate “End Poverty Day.’’ He said that in Africa, the bank’s strategy to […]
World Bank intervention in Nigeria’s agriculture hits $1.5bn
...Continue to readThe Nigerian Equities Market began the week on a bearish as the Nigerian Stock Exchange (NSE) All-Share Index declined by 0.81 per cent to close at 27,634.99, while market capitalisation ended at N9.492 trillion. Bears dominated the trading session with 26 stocks declined while only seven appreciated. Wema Bank Plc led the seven gainers, rising […]
NSE index falls 0.8% as bears dominate trading
...Continue to readDeposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly. Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card services. Also suspended by the banks are online […]
Dollar scarcity: Banks suspend ATM card usage abroad
...Continue to readThe naira is expected to appreciate further this week following the Central Bank of Nigeria’s approval of dollar sale to Bureau De Change operators. The CBN has given approvals to First Bank of Nigeria Limited and Travelex, a global foreign exchange company, to commence sale of dollars to the BDC operators. Travelex had last week […]
Naira to continue gain on dollar supply to BDCs
...Continue to readThe Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has signed a memorandum of understanding (MoU) with NICON Insurance Limited as part of efforts to reinforce the agenda of diversification of the economy through the empowerment of the informal sector. The parties said the MoU represents their steps towards ensuring the success of Micro, Small […]
SMEDAN, NICON sign MOU on insurance cover for SMEs
...Continue to readFinancial analysts have said that the release of the third quarter results will determine the outcome of the stock market trading sessions this week. The analysts, said the capital market was likely to experience increased trading activities as some investors had begun to take position in terms of investment decisions. They, however, attributed the market […]
Third-quarter results to shape market trend – Analysts
...Continue to readAs part of its strategy to meet Nigeria’s gas requirements, Dangote Industries Limited (DIL) has recently completed the acquisition of Twister B.V., a company headquartered in the Netherlands. Twister B.V. delivers reliable, high-yield and robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors. Twister’s unique separation capabilities […]
Dangote buys gas firm in the Netherlands
...Continue to readBy putting an end to the crude-for-products exchange arrangement, popularly known as crude swap, Nigeria was able to save N102.6bn between April and July this year. In February, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced the replacement of the crude swap arrangement with what he described as the Direct-Sale Direct-Purchase framework, […]
Direct crude sale saves Nigeria N102.6bn
...Continue to readThe Federal Government has said it is investing massively in road construction, public housing and other infrastructure as part of measures to take the country out of recession. It said it had released funds for the payment of debts owed contractors, noting that this had led to the return of most of them to project […]
Releasing funds to contractors will end recession — Fashola
...Continue to readThe country’s external reserves have hit an 11-year low of $24.21bn, according to the latest data from the Central Bank of Nigeria. The development means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira. The country’s external reserves had depleted […]
External reserves hit 11-year low of $24.21bn
...Continue to readThe Nigerian National Petroleum Corporation has embarked on a more rigorous exploration of the Gongola and other frontier inland basins as part of efforts to shore up the oil and gas reserve base across the country. The Group Managing Director, NNPC, Dr. Maikanti Baru, made this disclosure when he paid separate visits to the Governors […]
NNPC increases crude exploration in Gongola, others
...Continue to readIn September, the Consumer Price Index, which measures inflation across the country, increased by 17.9 per cent year-on-year, up from the 17.6 per cent recorded the previous month. According to the National Bureau of Statistics, energy and energy-related prices continue to be the largest increases reflected in the core sub-index. It stated that in September, […]
Inflation rate rises to 17.9% – NBS
...Continue to readThe Central Bank of Nigeria has approved a special secondary market intervention retail sales of foreign exchange for airlines operating in the country. According to a statement from the aviation arm of the Federal Ministry of Transportation on Friday, the arrangement is dedicated to the clearance of the backlog of matured foreign exchange obligations. Also […]
CBN approves special forex sale for airlines, others
...Continue to readThe Nigerian National Petroleum Corporation has increased the number of companies referred to as off-takers of the country’s crude oil from 21 to 27. Last December, the corporation announced the award of its 2016 crude oil term contracts to 21 companies comprising international refiners, trading houses and indigenous downstream firms. But the NNPC revealed on […]
Oando, Forte Oil, 25 others get crude lifting contracts
...Continue to readFirst Bank of Nigeria Limited says it has received the approval of the Central Bank of Nigeria to commence the sale of foreign exchange to licenced Bureau De Change operators. The lender, in a statement on Thursday, said it had strengthened its money transfer services in compliance with the rules and directives of the CBN. […]
First Bank gets approval to sell forex to BDCs
...Continue to readA total of N13.4bn has been disbursed to beneficiaries of the Central Bank of Nigeria’s textile intervention fund, the Bank of Industry has said. Aside from the Federal Government’s N100bn textile revival fund instituted in 2009, the CBN recently put in place additional N50bn intervention fund to facilitate the takeover of the existing debt as […]
Textile fund: BoI disburses N13.4bn to beneficiaries
...Continue to readThe Director, Monetary Policy Department of the Central Bank of Nigeria, Mr. Moses Tule, has emphasised the need for exchange rate stability. He stated this in a paper entitled, ‘Economic management and monetary policy: An assessment of the policy environment in uncertain times’, which was presented at the 21st annual conference of the Association of […]
CBN chief stresses need for exchange rate stability
...Continue to readIntegrated energy company, Forte Oil Plc, has reported a profit after tax (PAT) of N2.8 billion for the nine months ended September 30, 2016, showing a decline of 34.7 per cent compared to N4.3 billion in the corresponding period of 2015. Although the company’s top lines showed growths, higher cost of finance and tax expenses […]
Forte Oil records N3billion profit after tax in nine months
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