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ASSETS & FINANCIALS

Assets and Financial is MMS Plus featured news items on the capital and money market. It takes you into the financial and stock world, with company performance measurement

To boost revenues, FG posts treasurers to MDAs

To boost revenues, FG posts treasurers to MDAs

The Federal Government on Tuesday commenced the deployment of professional treasury officers to revenue generating ministries, departments and agencies in a bid to improve the country’s revenue base. Minister of Finance, Budget and National Planning, Zainab Ahmed, said an important ...

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Flour Mills appoints Jumia boss to its board

Flour Mills appoints Jumia boss to its board

Flour Mills of Nigeria Plc has appointed the current Chair of Jumia Nigeria Board, Juliet Anammah, to its Board of Directors. In a regulatory filing by the firm to the Nigerian Stock Exchange, her appointment is effective September 10, 2020. ...

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First Bank appoints Muoyo non-executive director

First Bank appoints Muoyo non-executive director

First Bank of Nigeria Limited has appointed Mrs Oluwande Muoyo a non-executive director. The bank said this in a statement on Tuesday titled ‘First Bank announces appointment of Mrs Oluwande Mouyo as non-executive director.’ It stated that Muoyo joined the ...

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CBN prepares for recession, reduces benchmark lending rate to 11.5%

CBN prepares for recession, reduces benchmark lending rate to 11.5%

…seeks alternative revenues against rising debt The Central Bank of Nigeria on Tuesday reduced the Monetary Policy Rate by 100 basis points from 12.5 per cent to 11.5 per cent after its two-day Monetary Policy Committee meeting in Abuja. The ...

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CBN decries speculation as naira plunges, exchanges for 465/$

CBN decries speculation as naira plunges, exchanges for 465/$

Declining export receipts from oil and speculative activities of the Bureau De Change operators among other challenges of the COVID-19 pandemic on the economy will put more pressure on the naira. The Central Bank of Nigeria said this in its ...

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FG apologises, says self-certification order not for everyone

FG apologises, says self-certification order not for everyone

The Federal Government on Friday, apologised to Nigerians over a tweet on its twitter account on Thursday, which notified the general public that all account holders in financial institutions (banks, insurance companies, etc) were required to obtain, complete and submit ...

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CBN grants Greenwich Merchant Bank operational licence

CBN grants Greenwich Merchant Bank operational licence

The Central Bank of Nigeria has granted Greenwich Trust Limited a licence to operate as a merchant bank in the country. An email from Greenwich Trust Limited on Thursday said the entity would be known as Greenwich Merchant Bank Limited. ...

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FG orders all bank, other account holders to re-register

FG orders all bank, other account holders to re-register

The Federal Government has ordered all account holders in the country’s financial institutions to register their details again. The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders. This new ...

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Banks to phase out old cheque books December 31

Banks to phase out old cheque books December 31

Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020. They have also urged customers to request new cheque books. One of the ...

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Inventories hit N402 billion amid weakened purchasing power, forex concerns

Inventories hit N402 billion amid weakened purchasing power, forex concerns

Despite struggling to access foreign exchange to secure raw materials, local manufacturers have decried the rising level of inventory, especially for unsold manufactured goods, adding that weakened disposable income of consumers has worsened the situation. Similarly, irregular electricity supply from ...

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CBN demands details of 12 top Nigerian businessmen, others’ domiciliary accounts

CBN demands details of 12 top Nigerian businessmen, others’ domiciliary accounts

• Adebutu, family members, Bet9ja co-founder, foreign nationals on list The Central Bank of Nigeria has ordered banks to provide the domiciliary account statements of some high profile customers and other accounts linked to the customers through the Bank Verification ...

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Inflation hits 29-month high

Inflation hits 29-month high

• Prices spike at 13.22%, Buhari, Emefiele see hope • Imported food tops with 17.3% rate • Food inflation worst in Kogi, Kwara, Edo • CBN blames VAT regime, border closure Nigeria’s inflation rate broke a 29-month moving average to ...

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Farmers ask CBN to identify bank-funded poultry projects

Farmers ask CBN to identify bank-funded poultry projects

The Poultry Association of Nigeria on Monday said it was interested in knowing the identities of 166 ongoing poultry projects funded by the Central Bank of Nigeria across the country. President of PAN, Ezekiel Ibrahim, made the call on behalf ...

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Top 10 exporters earned $74.78m in one month

Top 10 exporters earned $74.78m in one month

Top 10 exporters earned $74.78m from export proceeds in May despite lockdown introduced by the Federal Government to contain the COVID-19 pandemic spread according to the Central bank of Nigeria. The CBN stated this in its monthly economic report for ...

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CBN, DBN urge MfBs to improve sustainable banking

FG apologises, says self-certification order not for everyone

The Development Bank of Nigeria and the Central Bank of Nigeria have urged microfinance banks and other participating financial institutions to improve their sustainability efforts and become more responsive to their social and ecological environment. The banks said this was ...

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FG inaugurates N75bn SMEs COVID-19 stimulus schemes

FG inaugurates N75bn SMEs COVID-19 stimulus schemes

The Federal Government on Thursday flagged off two schemes to financially support about 1.7 million micro, small and medium enterprises across the country with N75bn. At a briefing on the flag-off of the National MSME Survival Fund and the Guaranteed ...

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Naira plunges, exchanges for N440/$

Naira plunges, exchanges for N440/$

The naira exchanged to the dollars for N440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday. The naira had last week dropped from N480/$ to N420/$, following the ...

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Budget: National Assembly pledges allocation to youth development

Budget: National Assembly pledges allocation to youth development

President of the Senate, Ahmad Lawan, said on Thursday that the National Assembly would allocate huge resources for youth development in the 2021 national budget. He said the arrangement would enable government to address the challenges facing Nigerian youths as ...

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Nigeria’s cocoa production falls as Ghana, Côte d’Ivoire enjoy boom

Nigeria’s cocoa production falls as Ghana, Côte d’Ivoire enjoy boom

• Production falls from 300,000 to 245,000 metric tonnes • Low budgets, poor grading, others identified as factors • Researcher blames scrapping of cocoa boards Production of cocoa as cash crop has dropped due to inadequate financing, among other factors. ...

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Stock market falls further, investors lose N38bn

Stock market falls further, investors lose N38bn

Trading activities on the floor of the Nigerian Stock Exchange closed on a negative note on Wednesday to sustain negative sentiment following losses recorded by some blue-chip firms. The market breadth equally closed negative, with seven gainers against 23 losers. ...

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