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Author name: Rosabon

Nigerian interbank rate flat as market awaits monthly budget cash flow

Finance / By / November 29, 2016

Nigeria’s overnight interbank lending rate held steady for the second consecutive week at 14 percent on Friday even as the market anticipated the injection of October budgetary allocations to government agencies to boost liquidity in the system. On Wednesday, Nigeria distributed 420 billion naira ($1.34 billion) between its three tiers of government from crude oil …

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OPEC Head To meet Iran oil minister over Upcoming Meeting

Finance / By / November 22, 2016

OPEC Secretary-General Mohammed Barkindo and Iran’s Oil Minister Bijan Zanganeh will meet in Tehran on Saturday to discuss issues linked to an upcoming OPEC meeting, the ministry’s official website reported. “Consultation about the topics of the OPEC ministers meeting in Vienna on November 30 … as well as reviewing recent developments of the oil market …

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40 Arrested By DSS in Kano Bureau De Change Raid

Finance / By / November 22, 2016

DSS Operative Friday afternoon in Kano raided Bureau de change spots and arrested no fewer than 40 currency dealers. Eyewitness, Umar Iliya explained that the operatives stormed the Wapa area at about noon, seized selected men and took them away in security van. The witness said the operation caused a stir culminating in a pandemonium …

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Nigeria’s GDP could expand 2.5% next year if oil output rises – Moody

Finance / By / November 22, 2016

Nigeria’s economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody’s analyst said. Africa’s largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed …

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Hoard Dollars, Go to Jail – FG

Finance / By / November 22, 2016

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 …

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Forex crisis: Fitch Downgrades 10 Nigerian banks

Finance / By / November 22, 2016

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 …

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IMF board approves Egypt’s $12 billion loan agreement, $2.75 billion disbursed

Finance / By / November 14, 2016

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 …

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NDIC urge banks to restore banking services to North East

Finance / By / November 14, 2016

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 …

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Senate Will resolve Buhari’s $30bn loan request this week – Ndume

Finance / By / November 14, 2016

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 …

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