MONEY MARKET

There are indications that Nigerian electronic payment system in the next few months will welcome new pricing policy, as the Central Bank of Nigeria (CBN) has deregulated the Merchant Service Charge (MSC) and will be implementing a new pricing regime on electronic transactions by the second quarter (Q2) of 2017....

Stocks down 6% Naira, Nigeria currency lost around a third of its official value against the dollar in 2016 while the stock market declined 6.17 percent over the same period, reflecting the economic crisis in Africa’s biggest economy. According to Reuters report, the currency closed at 305 to the dollar...

The Central Bank of Nigeria (CBN) sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June. According to Reuters report, outstanding dollar demand was...

By Niyi Jacobs Indications have emerged that the Central Bank of Nigeria (CBN) has granted some Nigerian companies’ requests with over $1.53 billion through the inter-bank, representing a sum of N1trillion between November and December 2016. This was revealed in a statement from the apex bank at the weekend. CBN...

The local currency, Naira on Monday appreciated by N5 to close at N480 per US dollar, against N487 to a dollar it exchanged when the foreign exchange market closed for the week on Friday. The Naira, had maintained rate at N485 against the dollar for about two weeks but fell...

Skye Bank customers have expressed delight at the experience they have enjoyed for being customers of the bank’s priority accounts named Skye Select Account. Okechukwu Okafor, a Lagos based business man who operates a Skye Select account expressed his appreciation to the bank, saying “I was travelling with some of...

By Abdul Olalekan The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians to desist from dealing with wonder banks as well as online schemes such as,  Mavrodi Mundial Movement (MMM), stating that anybody transacting business with these institutions is doing so at his own risk. The Managing Director/CEO, NDIC, Mr....

The Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) have commissioned a study on the establishment of an institution that would take after the Asset Management Company of Nigeria at its expiration. The institution, which is being scripted as a private sector-led initiative to avoid the...

..As CBN plans to sell N1.23b worth of TB in Q1 2017 The Nigerian currency, Naira, on Thursday steady at the parallel market at N485 against the dollar compared with N483 to a dollar, traded on Wednesday. This is even as the Federal Government plans to raise about N1.23 billion...

The Central Bank of Nigeria (CBN) has asked banks to submit bids for a "special currency auction" targeting fuel importers to meet demand for matured letters of credit, traders said on Monday. According to Reuters’ report monitored by Business247 News Online, traders said the central bank sent a message to...