Nigeria’s central bank sold about 400 billion naira ($1.27 billion) of Treasury bills on Friday, lifting the interbank lending rate up to 12 percent, traders said. The bank sold 82 billion naira in 181-day Treasury bills at 18 percent and…
Category: Finance
Banks scramble for fresh capital as naira weakens further
Rising non-performing loans and imminent fall in naira value have put banks in a precarious position and needing to raise fresh capital in a distressed economy. Palpable fear has gripped the chief executives of many large-tier and mid-tier Deposit Money…
Naira hits 500/dollar, faces further decline
The naira has depreciated further against the United States dollar at the parallel market to 500, from 498. The development came barely one week after the naira touched 500/dollar briefly and returned to 498/dollar. The local currency had been stable…
Five Tips for Taking a Personal Loan
The word “Loan” has always been considered a scary term for many but with the revolving advantages it has in the 21st Century it has become a welcomed one. Taking a loan should not turn out to be a bad…
Nigeria lost $30bn to oil export drop in 1 year – NEPC
The Executive Director of Nigerian Export Promotion council (NEPC), Segun Awolowo, has revealed that the country lost over $30 billion due to fall in crude export in 2015. Awolowo disclosed this in Abuja last Thursday when he hosted a delegation…
China Exim bank approves N408bn for Lagos-Ibadan rail project
About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for the project…
Nigeria’s record 2017 budget passes second reading
Nigeria’s 2017 budget moved a step closer on Thursday to becoming law, as it passed its second reading in the upper house of parliament. The record 7.298 trillion naira ($24 billion) budget is a key part of President Muhammadu Buhari’s…
Federal Government has recovered N18bn looted funds —Minister
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, says the Federal Government has recovered N15 billion and another $10.5 million so far in its asset recovery drive. Malami disclosed this on Thursday, in Abuja, when the…
Nigerian interbank rate eases on liquidity injection
Nigeria’s interbank lending rate dropped 6.5 percentage points on Friday to 5 percent on average as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds, traders said. The cost of borrowing among commercial…
Nigeria Customs Service targets N900bn revenue in 2017
Despite the fact that it is yet to be given an official revenue target for 2017, Nigeria Customs Service (NCS) says it is targeting between N700billion and N900billion for the year. This was stated by the Comptroller-General of Customs (CGC),…
