MONEY MARKET

About 15 commercial banks were on Tuesday barred from dealing in foreign exchange through the recently created small and medium enterprises, SMEs wholesale forex window. The decision by the Central Bank of Nigeria, CBN, to wield the big stick followed persistent complaints against the erring deposit money banks, DMBs, that...

• Improving dollar supply boosts trade business, executive says • Recession constrains bank lending, drives up bad loans Fidelity Bank Plc expects profit to rise by 30 percent this year as it benefits from investments in high-yielding Nigerian government debt and improving supplies of foreign exchange, even after the country’s...

Access Bank Plc has reported an impressive first quarter profits raising hopes among investors about the Bank’s determination to be the world’s most respected African bank. The Bank’s unaudited financial results for the first quarter (Q1) ended March 31, 2017 showed an increase of 38 per cent in Profit before...

Guaranty Trust Bank (GTBank) plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian Stock Exchange. A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions...

The latest round of results announced by Nigerian banks highlights capital weakness in the sector, with some mid-sized and small banks particularly vulnerable to deteriorating asset quality, Fitch Ratings says. According to Fitch Ratings, headline capital adequacy ratios (CARs) are under severe pressure from inflated foreign-currency risk-weighted assets following last...

The Central Bank Nigeria has offered $150 million in currency forwards at an auction on Monday, it said in a statement, part of its efforts to narrow the spread between official and black market exchange rates and improve foreign exchange liquidity. Traders, citing a notice from the CBN said settlement...

Diamond Bank Plc on yesterday released her 2016 accounts with Profit After Tax (PAT) dropping by 38 per cent to N3.5 billion from N5.7 billion in 2016. The audited 2016 financial results as approved by the Central Bank of Nigeria (CBN), Diamond Bank posted 53 per cent growth year-on-year in...

Two weeks after opening a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items, the Central Bank of Nigeria (CBN) on Friday, April 21, 2017, established a Forex widow for investors and exporters tagged: “Investors’ & Exporters’ FX Window”. A circular...

The Central Bank of Nigeria, has directed Deposit Money Banks to suspend charges on over-the-counter or ATM withdrawals of above N500,000 or deposit of same amount. The apex bank’s Director, Banking and Payments System Department, Dipo Fatokun, in a circular dated April 20, 2017, said all the charges introduced in...

• Let’s protect SMEs, report to CBN To ensure that nobody sabotages its efforts at easing the flow of foreign exchange to Small and Medium Enterprises (SMEs) that need it, the Central Bank of Nigeria (CBN) has released the means of contacting it in case of any frustration encountered in...