MONEY MARKET

Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has called on the members of the public to ignore rumours making the rounds that some financial institutions are now distressed. He said the assurance has become necessary to avert further slide in confidence against banks, adding that...

Nigeria's overnight interbank lending rate rose sharply to 29.5 percent on Friday, up from 19 percent last week, after the central bank sold treasury bills to soak up liquidity from the banking system in a bid to curb pressure on the naira. Traders said the central bank sold about 17...

The Managing Director of Heritage Bank Plc, Ifie Sekibo, has said the N2 billion long-term facility by the bank and Central Bank of Nigeria under the Commercial Agriculture Credit Scheme (CACS) gave to Triton Aqua Africa Limited (TAAL) has continued to boost job creation Sekibo disclosed this at the weekend,...

The Central Bank of Nigeria (CBN) has expressed concern over the low level returns performance of Other Financial Institutions (OFIs) on anti- money laundering and combating financing of terrorism (AML/CFT) contrary to its regulatory requirement. In a circular signed by Director, Other Financial Institutions Supervision Department, CBN, Mrs. Tokunbo Martins,...

The Nigerian naira traded at about 400 to the dollar in deals for investors on Monday, traders told Reuters, two weeks after the Central Bank of Nigeria (CBN) allowed investor trade in the currency at market-determined rates. Trading sources said investors were demanding rates above 400 naira per dollar while...

As part of its efforts at dominating Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged UBA Magic Banking and enabled by dialling *919# within Nigeria. The product with USSD code *919#...

The Central Bank of Nigeria plans to offer $100 million in forwards at an auction on Monday to improve liquidity on the currency markets but did not disclose the settlement period, traders said, citing a memo from the regulator. Traders said the dollar auction would be both for spot and...

Nigeria's Wema Bank is still open to mergers and acquisitions to build scale after it dropped a bid to buy a rival last year, but is focused on growing its own retail business, its chief executive told Reuters on Friday. Segun Oloketuyi put in a bid for Keystone Bank, one...

Keystone Bank was yesterday readmitted into the spot and wholesale forwards segment of the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) sequel to the provision of evidence of sales of FX to Small and Medium scale Enterprises (SMEs) since the introduction of the special window for...

The Managing Director, Wema Bank Plc, Mr. Segun Oloketuyi has said the financial institution is targeting three million customers by 2020 with the launching of ALAT, said to be the first fully digital bank in Nigeria. Oloketuyi said Wema Bank was happy to power ALAT as the first Digital Bank...