archiveJune 2016

Nigeria's commercial banks have asked customers to submit bids ahead of the start of new interbank foreign exchange trading on Monday, a senior banking source told Reuters on Saturday. The central bank said on Wednesday it would begin market-driven trading of the naira to alleviate chronic foreign exchange shortages, but...

Three-day gaining  streak of N760.13 billion on the Nigerian Stock Exchange (NSE) pushed the  Market Capitalisation to N10 trillion mark which was last achieved in November, 2015. The market has continued to respond positively to the release of the guidelines on the Forex Policy by the Central Bank of Nigeria....

  The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigerian National Petroleum Corporation (NNPC) withheld $12.9billion revenue between 2005 and 2013. The Executive Secretary of NEITI, Mr. Waziri Adio who disclosed this on Friday during a visit to the Chairman of the Economic and Financial Crimes Commission...

Niyi OLAOYE Standard & Poors (S&P),a global scale ratings company, has downgraded Skye Bank Plc  rating to 'CCC+' from 'B-' and the national scale rating to 'ngB+' from 'ngBB' , placing both on the CreditWatch with negative implications. According to the report from financial rating company, the decision was based...

Nigeria Customs Service (NCS), has no authentic statistics of the industries and factories operating in the country due to the past government policies. It was learnt that government policy had de-excising industry in  the country. Miffed by this, the Comptroller General of the service, Col  Hameed Ali (rtd), told stakeholders...

The delay by the Central Bank of Nigerian (CBN) over deciding the direction of its currency has forced Danish group Sydinvest to suspend its Africa-focused fund, the group has announced. According to agency reports, the Sydinvest Afrika fund, which is managed by Nicolaj Jeppesen, was formally closed to investors on...

The International Monetary Fund (IMF) said on Thursday that it welcomed the decision by the Central Bank of Nigeria (CBN) to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. IMF spokesman Gerry Rice told a weekly news...

Renowned lawyer, Dr Olisa Agbakoba (SAN), has applauded the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele concerning newly announced Foreign Exchange Policy saying that the impact of a single foreign exchange market will have the best possible outcome for the Nigerian economy. He pointed out that...

With the recent announcement by the Central Bank of Nigeria (CBN) to allow the Naira exchange rate to be market-driven, experts have concluded that though foreign investments might return to the country in future, the move is going to make Nigerian’s low income earners poorer. NIYI OLAOYE writes. The Central...

Niyi Olaoye Chief Executive Officer, Nigerian Interbank Settlement System (NIBSS), Mr. Ade Shonubi, has advised Nigerians banks and electronic payment firms to develop products that would help capture the over 60 million unbanked population in the country. He explained that the reality is that the banking institution in Nigeria is...