MONEY MARKET

Data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that 19 per cent of the declined transactions on Point of Sales (POS) terminals all over the country are traceable to customers’ errors. This decline also listed failed PoS transactions at 256,228, indicating a high failure rate of 18.9 per...

The Central Bank of Nigeria (CBN) has asked banks to back all Treasury Bills bids with customer demand, The Nation reported that it learnt. The directive is part of the bank’s plan to improve lending to domestic economy. In the past, banks have bought government debt rather than assume risk...

The interbank segment of the Nigerian foreign exchange market received a fresh boost of 210 million dollars from the Central Bank of Nigeria (CBN) on Tuesday. The CBN Director of Corporate Communications Department, Mr. Isaac Okorafor, said this in a statement in Abuja.. He said the figures released by CBN...

  The naira appreciated marginally against the dollar at the parallel market on Thursday, exchanging at N359 to the dollar. The naira was traded at the segment  at N461 and N407 against the Pound Sterling and the Euro, respectively. At the Bureau De Change (BDC) window, the naira was sold...

  The Central Bank of Nigeria (CBN) said lenders will no longer receive interest payments on deposits exceeding N2 billion ($5.5 million). The CBN said in statement posted on its website on Wednesday: “Any deposit by a bank in excess of 2 billion naira shall not be remunerated.” The statement...

  Nigeria-focused mobile payments company OPay raised $50 million from investors, cash it plans to use to expand the scale and scope of services in its core market and expand to new countries in Africa. According to Mobile World Live news monitored by Business247 News, Backers taking part in the...

Fidelity Bank Plc is collaborating with PricewaterhouseCoopers (PwC) to provide funding for Small and Medium Enterprises (SMEs) operating in Nigeria. Mr Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding Connect,’ to deepen funding, which remained the...

  Some financial analysts on Tuesday in Abuja lauded the Central Bank of Nigeria (CBN) over its policy to recapitalise the country’s banking sector. The CBN Governor, Mr Godwin Emefiele, while unveiling his economic agenda for the next five years, noted that the drop in value of the naira to...

  The Central Bank of Nigeria (CBN) may have decided to allow the naira to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates, data on its website show. The apex bank stopped publishing the fixed naira exchange rate on its website and it...

  A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said. The National Bureau of Statistics said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels...