MONEY MARKET

By Niyi Olaoye The former Director-General of the Nigerian Stock Exchange (NSE), Professor (Mrs) Ndi Okereke-Onyiuke, has urged the Federal Government to wind down the operations of the Nigeria Deposit Insurance Corporation (NDIC) and merge it with the Assets Management Corporation of Nigeria (AMCON). The advice came on the tail...

The Central Bank of Nigeria (CBN) has reaffirmed 35 International Money Transfer Operators (IMTOs) to remit money to Nigeria on behalf of Nigerians in the Diaspora. The apex bank in a statement issued and signed by, Ag. Director, Corporate Communications Mr. Isaac Okorafor on Tuesday stated that from November 9,...

Nigeria's naira weakened to a record low of 375.50 to the dollar on Tuesday on the official interbank market, according to Thomson Reuters data. The currency had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on...

By Niyi Jacobs Fidelity Bank Plc has gone live on the NIBSS mCash product which will allow it’s registered merchants to receive payments from customers using their phones. The launch which was in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS), other banks and leading telecommunications companies, is called ‘microCash’...

Despite general depression in corporate earnings due to the dwindling global oil price, 11 Deposit Money Banks (DMBs), according to Business247 News Online investigation, granted an increase of N3.59 trillion loans to their customers in nine-month ended September, 2016. The total loans and advances of the leading Deposit Money Banks...

Nigeria's overnight interbank lending rate rose to 13 percent on Friday from 10 percent as some commercial banks were unable to access credit lines due to technical problems at the Central Bank of Nigeria (CBN) system, traders told Reuters. "We have been trading blind as we have not been able...

Heritage Bank Plc has said that it was committed to sustainable growth with the aim of emerging as a systemic important bank in Nigeria despite the headwinds facing the macro-economic environment. Chairman of the bank, Mr. Akinsola Akinfemiwa, stated this at the bank’s premier investor forum held in Lagos, remarking...

The Central Bank of Nigeria will sell N123 billion worth of Treasury bills on Wednesday to mop up liquidity even as the rates in the secondary market in the last one week have remained relatively stable from previous weeks. According to analysts at Capital Bancorp, due to current market conditions,...

The Naira on Thursday appreciated at the forex market barely 24 hours after liquidity challenges forced it to depreciate thrice in six hours. The Nigerian currency gained five points to close at N465 at the parallel market, from N470 it traded on Wednesday, while the Pound Sterling and the Euro...

Nigeria's naira hit its weakest level on the black market in more than a week at 460 to the dollar on Wednesday, as a central bank move to channel dollars to retail currency outlets failed to ease liquidity shortages, traders said. According to Reuters’ report monitored by Business247 News Online,...