ASSETS & FINANCIALS

Foreign currency speculators, who launched an unprecedented attack against the naira in the last two weeks, got their fingers burnt on Tuesday when the nation’s currency staged a major recovery, rising to N310 to a dollar at the close of …

The Managing Director, MD, of Capital Oil and Gas, Dr. Ifeanyi Ubah, yesterday, followed up his claim to a magic wand that would firm the Naira to an exchange rate of N200 = $1  within 30 days, with fresh claims …

The Minister of Industry, Trade and Investment (MITI) Dr.  Okechukwu  Enelamah, said yesterday, that over two million micro traders, farmers and artisans across the country will benefit from the Federal Government’s N500 billion Social Protection programme (SPP) Fund for 2016. …

Governor Akinwunmi Ambode of Lagos State, yesterday, said arrangements had been concluded to set up a Microfinance Bank to aid artisans and small business operators. Ambode disclosed this while answering questions from the business community at the 5th edition of …

Union Bank of Nigeria Plc’s community investment focus on talent development, agriculture and financial empowerment has led to the bank’s partnership with LEAP Africa in implementing the 2015/2016 Social Innovators Programme (SIP). The Fellowship programme, which commenced with a week-long …

The acute scarcity of foreign exchange, especially the United States dollar, made the naira to fall further on Tuesday to 352 against the greenback at the parallel market. The increasing pressure on the naira is caused by high demand for …

The Asset Management Corporation of Nigeria (AMCON) has invited prospective investors to express interest for the acquisition of its shares in Keystone Bank Limited. The corporation made this call in a public notice published in a national daily on Monday. …

First City Monument Bank (FCMB) has said it plans to expand in at least two African countries as the plunge in oil prices reduces opportunities and income for banks operating in the continent’s biggest producer of the commodity. “We have …

The naira, yesterday, suffered its biggest daily depreciation against the  dollar  as it exchanged for N345 to a dollar in the parallel market. This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market …

The World Bank loan commitment to Nigeria has risen to $6.29bn, statistics from the Debt Management Office have shown. According to the latest debt figures from the DMO, the World Bank’s total commitment to the country as of December 31, …

Nigeria’s telecommunications giant MTN, again earned itself another controversy yesterday as the Consumer Protection Council (CPC) has directed it to pay one million, eight hundred and fifty Naira (N1,850,000) to one of the winners of its Ultimate Wonder Promo for lack of …

Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) will no longer issue foreign exchange for payment of school  fees and medical bills which constitute 15 per cent of foreign currency demands in the country. Speaking at the end …

Senate President, Bukola Saraki, has lamented that ineffective implementation of past budgets and abandonment of projects have led to wastage that has negatively affected the nation’s economy in the last 16 years. Saraki, according to a statement on Thursday by …

The Central Bank of Nigeria has extended the Bank Verification Number registration exercise for Nigerians abroad from January 31 to June 30, 2016. The CBN, in a circular on Thursday, said the extension would allow Nigerian bank customers in the …

FirstBank of Nigeria Limited, a subsidiary of FBN Holdings Plc, has thrown its weight behind the development of trade financing in Nigeria and beyond. This, according to the bank, informed the collaborative effort with FBNBank (UK) Limited, a subsidiary of …

Tension is brewing among three key government agencies over the implementation of the stamp duty recently reintroduced to the banking industry by the Central of Bank of Nigeria. Investigation by our correspondent showed that there had been several closed-door meetings …

The Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought …

The ongoing conflict between stakeholders and the Central Bank of Nigeria over the export repatriation policy, which came into force in February 2015, has forced some non-oil exporters to abandon the sector, while others have gone underground to carry out …

The federal government has said it is depending largely on revenues from the non-oil sectors of the economy to fund the 2016 budget of N6.08 trillion. The minister of budget and national planning, Senator Udoma Udo Udoma, stated this during …

Despite intense pressure from the International Monetary Fund (IMF), the Organised Private Sector and other stakeholders, the Central Bank  of Nigeria (CBN), last week kept its benchmark interest rate at 11 percent and left the naira exchange rate fixed at N197 to …