The Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) have commissioned a study on the establishment of an institution that would take after the Asset Management Company of Nigeria (AMCON) at its expiration. The institution, which is being scripted as a private sector-led initiative to avoid the use of public fund …
CBN, NDIC plan AMCON’s replacement, Warn on Bitcoin transactions Read More »
Hold your horses! Take a break from your busy day and get an eyeful at what went down on the 27th of November, 2016. It was a spectacle indeed as “The Cobalt Tie Dinner” was hosted by The Concept Group specially for its exclusive Clienteles. There’s nothing more exciting than when a group of like-minded …
Oil prices have risen to their highest in nearly a month, as expectations grow among traders and investors that OPEC will agree to cut production, but market watchers reckon a deal may pack less punch than Saudi Arabia and its partners want. Brent crude has risen 6.5 percent in the last two weeks, hitting nearly …
Oil may rise to $55 if all producers cooperate – Iran Read More »
The Central Bank of Nigeria (CBN) yesterday said it was not planning to amend the Foreign Exchange Act or recommend jail term for anyone that holds the dollar for more than 30 days. Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor stated this in a statement issued yesterday in response to a report by Reuters …
Nigeria, typically Africa’s biggest crude oil producer, is considering importing crude from neighbouring Niger due to militant attacks on pipelines in the Niger Delta that feed its refineries, a state oil company spokesman said on Friday. Nigeria’s crude production, which was 2.1 million barrels per day (bpd) at the start of 2016, fell by around …
Militant Attack – Nigeria considers importing crude oil from Niger Republic Read More »
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 …
Nigerian interbank rate flat as market awaits monthly budget cash flow Read More »
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 …
Nigeria’s GDP could expand 2.5% next year if oil output rises – Moody Read More »
The Central Bank of Nigeria, CBN is to provide about N750bn for the recapitalization of the Bank of Agriculture before the end of next year, the Federal Government has said. According to the government, the restructuring and recapitalization of the BoA will enable the bank to attract up to N1tn to effectively provide loans at …
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 »
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 »
