Download http://bigtheme.net/joomla Free Templates Joomla! 3
Home / Business

Business

CBN bars UBA, GTB, First Bank from FOREX market

The Central Bank of Nigeria (CBN), on Tuesday, barred First Bank, the United Bank for Africa(UBA) and 12 others from dealing in the Small and Medium Entreprises (SME) wholesale Forex window. The other banks affected by the order are FCMB, Keystone Bank, Main Street Bank, Stanbic IBTC, Citi Bank, Enterprise …

Read More »

Expert lauds new Forex policy

A financial expert, Dr Uche Uwaleke, says the new foreign exchange window created for investors will encourage return of portfolio investors to the capital market. Uwaleke, the Head of Banking and Finance Department in Nasarawa State University, Keffi, made the observation in an interview with the News Agency of Nigeria …

Read More »

CBN releases $380m in 2 days, Naira gains

The Central Bank of Nigeria, CBN has pumped a total $380million within two days into the Foreign Exchange Market. And the effect: a further strengthening of the Naira. The first tranche of $280m was released on Tuesday, On Wednesday, the bank offered additional $100 million to authorised dealers to meet …

Read More »

Customs fixes 60% rebate on old cars

The Comptroller-General of Customs, Retired Col. Hameed Ali, has approved placement of 60 per cent rebate across board on vehicles brought from 2015 downward. The customs chief approved the adjustment of points of payment of duty on old vehicles to ease the process. The Acting Public Relations Officer of the …

Read More »

Payporte Company Of The Month

PayPorte can be described as Nigerian’s preferred online retail store when it comes to quality of products and with Operational offices across the United States of America, the United Kingdom and in China, they have been able to deliver on their brand promise; To constantly deliver quality and affordable products …

Read More »

OneCoin – OneLife Merchant Platform Attracts 14,500+ Businesses

DealShaker is an online deals marketplace and advertising service provider with a membership-based customer base. The platform enables business-to-customer and customer-to-customer deal promotions in combination of cash(EUR) and the new-age, mass cryptocurrency – OneCoin. Meanwhile OneCoin – Onelife have signed up 3 million members and the DealShaker platform 14,500+ businesses. …

Read More »

Saving the naira: The Soludo option

The late Professor Sam Aluko was the chairman of the Newswatch Board of Economists. We set up the board to periodically examine our national economy. The board met twice annually – after the federal budget and six months into its operation. We selected the members from the academia and the …

Read More »

SEC pays N30bn unclaimed dividends

Securities and Exchange Commission (SEC) said over N30 billion had so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends. A statement by the management of SEC on Monday in Abuja said that the commission had also extended the free e-Dividend enrollment to …

Read More »

Expert wants review of forex policy

A financial expert on Monday called on the Central Bank of Nigeria (CBN) to review the foreign exchange restriction placed on 41 items imported into the country. Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Keffi, made the suggestion in an interview with the News …

Read More »

Dollar, peso jump over Clinton FBI boost

The US dollar and Mexican peso jumped on Monday as Democrat Hillary Clinton’s campaign for the presidency was boosted by news that she would not face criminal charges related to her use of a private e-mail server. Asian stocks also bounced as the news lifted a cloud over Clinton’s presidential …

Read More »

Forex policy pays cassava growers

Nigeria’s foreign exchange policy has encouraged massive local production and sale of cassava, the Nigeria Cassava Growers Association (NCGA) has said. The association said on Thursday in Abuja that the policy has created more markets for cassava, adding that the demand from both local and foreign processing companies for the …

Read More »

Korea approves $18m grant to AfDB

South Korea has approved $18 million to replenished the KOAFEC Trust Fund domiciled at the African Development Bank (AfDB). The African Development Bank (AfDB) and the Korean Ministry of Strategy and Finance signed the Exchange of Letters for the grant for the year 2017 – 2018. The KOAFEC Trust Fund …

Read More »

Nitel/Mtel creditors accuse liquidator of delay in payment of claims

The creditors of Nigerian Telecommunications Limited (NITEL) and its mobile arm, Mtel, have petitioned the Financial Reporting Council of Nigeria (FRCN) and the Presidential Advisory Committee Against Corruption (PACAC) over alleged delay in payment of their claims by the appointed liquidator for the national carrier. A representative of the creditors, …

Read More »

Job cuts not due to recession: Dangote

The Dangote Group of Companies has denied reports that the disengagement of 36 expatriate and 12 Nigerian workers from the company was due to economic recession in the country, Mr Tony Chiejina, its Head of Corporate Affairs, told the News Agency of Nigeria (NAN) in Lagos on Monday that the …

Read More »

CBN SUSPENDS 195 BUREAU DE CHANGE OVER FAILURE TO RENEW LICENCE

The Central Bank of Nigeria (CBN) has suspended 195 bureau de change (BDC) operators from the Nigerian foreign exchange (forex) market, over their failure to renew their operating licences. The bank also suspended 19 commercial banks from selling their forex remittances to BDCs, instead mandating them to sell only to …

Read More »

IMF introduces zero interest rates

By Rachael Ishaya The International Monetary Fund (IMF), has introduced zero interest rates on all its concessional facilities to low income countries until 2018. The Managing Director, IMF, Ms Christine Lagarde, disclosed this on Thursday at the ongoing IMF/ World Bank 2016 General Meeting in Washington D.C. The theme of …

Read More »

MPC Leaves All Rates Unchanged

The CBN Governor, Mr Godwin Emefiele, on Tuesday read the communique announcing decisions reached at its September meeting in the nation’s capital, Abuja. The committee agreed to keep the Monetary Policy Rate at 14 per cent, the Cash Reserve Ratio at 22.50 per cent and the Liquidity Ratio at 30 …

Read More »

Ending Recession: Our Strategy Has Not Changed – Adeosun

The Minister of Finance, Mrs Kemi Adeosun, says the tactical plan of the Nigerian government to address its economic challenges has not changed in spite of the official confirmation that the country had gone into a recession. Mrs Adeosun was the guest of Channels TV’s breakfast programme, Sunrise Daily on …

Read More »