The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This is the latest measure the government and the Central Bank of Nigeria are considering to stem the volatility in the exchange rate and bolster the …
Following a reassessment of potential sovereign support for the banking sector, Fitch, Ratings, a leading global rating agency has revised down the Support Rating Floors of 10 Nigerian banks to ‘No Floor’ and downgraded nine others’ Support Ratings to ‘5’. According to a statement by Fitch, the long-term Issuer Default Ratings of First Bank of …
Forex crisis: Fitch Downgrades 10 Nigerian banks Read More »
Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. The IMF said its executive board’s approval immediately disbursed an initial loan tranche of $2.75 billion to Egypt’s central bank. The …
IMF board approves Egypt’s $12 billion loan agreement, $2.75 billion disbursed Read More »
Nigeria Deposit Insurance Corporation (NDIC) has called on banks in the country to restore banking services to the North Eastern part of the country. Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim made this call while speaking at the Corporation’s maiden Stakeholders’ Town Hall meeting in Kano, Kano State. He said: “I want to remind all …
NDIC urge banks to restore banking services to North East Read More »
Strong indications have emerged that the leadership of the Senate and the Presidency have reached a deal on the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper earlier rejected by the upper chamber of the National Assembly. A source close to the leadership of the Senate said this was the fallout of the meetings …
Senate Will resolve Buhari’s $30bn loan request this week – Ndume Read More »
Nov 11 Nigeria’s overnight lending rate rose to 22 percent on Friday from 13 percent last week due to tight liquidity worsened by banks inability to get access to their balances with the regulator, traders said. Traders said lenders were demanding as high as 25 percent to place funds on the market overnight and that …
Nigerian overnight lending rate climbs on tight liquidity Read More »
ABUJA-MEMBERS of the House of Representatives Wednesday resolve to probe into the operations of the internet based wonder bank, otherwise known as “MMM Nigeria Scheme” in order to save innocent Nigerians from falling prey to fraudsters in this era of economic recession. Consequently, the House has mandated its committees on banking and currency as well …
Nigerians participating in MMM scheme vulnerable to losing investment Read More »
France and China will set up a fund for joint investment in overseas projects, France’s foreign minister said on Monday, as China’s voracious appetite for overseas acquisitions continues to grow despite some recent stumbles in overseas markets. “Hinkley Point is a very good example of what we’re going to do together, to win contracts in …
France, China to set up joint investment fund for overseas projects Read More »
The manufacturing industry requires the injection of about $1bn to galvanize activities in the sector and enable it to contribute significantly to the economy, the Manufacturers Association of Nigeria has said. The President, MAN, Dr. Frank Jacobs, who said this on Thursday, however, commended the Central Bank of Nigeria for its recent interventions in the …
MAN wants $1bn forex allocation for industrialists Read More »
Economic and financial experts have said that the naira may not fall below 475 against the United States dollar between now and the end of December. This prediction was based on the declining dollar demand and efforts being made by the Central Bank of Nigeria to boost supply of foreign exchange. The experts spoke in …
