Finance

Sharia-based banking on the rise in Germany

Banks that conform to Islamic financial practice are on the rise among Germany’s Muslim population of around five million, a spokesman for KT Bank, a subsidiary of an Istanbul-based bank, said in Cologne on Friday.

MPC to retain interest rate at 14 percent – Godwin Emefiele

The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has said he expects Monetary Policy Committee, MPC, to retain interest rate at 14 per cent at next week’s MPC meeting.

Access bank approves paternity leave for male staff

Access Bank Plc., has urged male employees of the bank to take advantage of its parental leave policy that extends paid benefits to all mothers and fathers.

Naira exchanges at N360.56 against dollar at investors’ window

The Naira on Wednesday traded at N360.56 against the dollar at the investors’ window, the News Agency of Nigeria (NAN) reports.

Bitcoin falls 7 percent on extended selloff

Bitcoin has skidded more than 11 percent on Wednesday, extending a precipitous downturn in fortunes, with investors spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year.

Bank of Canada raises benchmark interest rate to 1.25%

The Bank of Canada raised its benchmark interest rate by 25 basis points to 1.25 percent Wednesday, pointing to sustained growth in the G7 economy and inflation that is closer to the country's target.

Bitcoin dips below $10,000

Other crypto-currencies including Ethereum, Ripple, Litecoin and Bitcoin Cash have also experienced steep falls over the past day.

Bank of America profit slumps on $2.9 billion tax charge

Bank of America Corp’s fourth-quarter profit nearly halved as it booked a $2.9 billion charge stemming from the new federal tax law.

DMO hails release of capital funding

The Debt Management Office (DMO) says the release of N1.2 trillion for capital projects by the Federal Government in six months is a positive development in the country.

Central bank inaugurates financial inclusion committee in Kano

Kano State Secretary to the State Government, Alhaji Usman Alhaji, has inaugurated the financial inclusion state steering committee at Central Bank of Nigeria, Kano state branch.

NAICOM announces rates for compulsory classes of insurance

The National Insurance Commission (NAICOM) as part of efforts to curb the increasing challenge of rate cutting in the industry on Monday released approved rates for compulsory classes of insurance to the operators.

Germany to add China’s yuan to currency reserves

Germany’s central bank has said it will include China’s yuan in its reserves, giving another boost to Beijing’s drive to internationalise the currency and helping send the unit to two year highs.

Central bank injects $210 million into foreign exchange market

The Central Bank of Nigeria (CBN) has injected another 210 million dollars into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments.

Nigeria is largest shareholder in AfDB with portfolio of $6 billion – official

The Nigeria Country Director of African Development Bank (AfDB), Ebrima Faai, says Nigeria is the bank’s largest shareholder with a portfolio of approximately six billion U.S dollars.

PFAs invest 70 percent of N7.41 trillion pension assets in federal govt securities

Pension Fund Administrators (PFAs) have invested N6.28 trillion out of the N7.41 trillion pension assets in Federal Government’s securities, as at the end of November 2017.

Central bank orders banks to suspend accounts linked with fraud

The Central Bank of Nigeria has ordered the Deposit Money Banks in the country to suspend the bank accounts and Bank Verification Numbers of their customers linked with any fraudulent activities.

Indonesia central bank warns over cryptocurrencies

Indonesia’s central bank has issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system.

Central bank boosts retail secondary market intervention sales with $262.5m

The Central Bank of Nigeria (CBN) has injected $262.5 million in its first retail Secondary Market Intervention Sales (SMIS) for the year under the inter-bank Foreign Exchange Market.

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Roger Federer reached the third round of Roland Garros for the 15th time on Wednesday with a 6-4, 6-3, 6-4 win over German lucky loser Oscar Otte.

Indian Sumit Nagal faces Roger Federer obstacle at US Open

Indian tennis player Sumit Nagal got a dream qualification for the US Open and in the first round on Monday, he is scheduled to meet the legendary Roger Federer.

Minister: ‘Groundbreaking’ of Transport University holds September

The Minister of Transportation, Rotimi Amaechi, on Friday, said the groundbreaking of the Transport University, Daura, would take place in Septemeber.
The National Youth Service Corps (NYSC) has deployed 1,400 corps members to Gombe State for the 2019 Batch B Stream II orientation course.

Taraba: NYSC hands over three suspects with alleged fake certificates to police

The National Youths Service Corps (NYSC) has handed over three young men, posing as graduates of tertiary institutions, caught in possession of fake certificates to the police.

HRW: Lead pollution in Zambia town a public health ’emergency’

Children living in a central Zambian mining town are still exposed to high levels of toxic lead 25 years after the mine closed, Human Rights Watch said on Friday, as lawyers announced plans to take legal action.

Police hunt for suspect linked with rape, murder of housewife in Ekiti

The Ekiti Police Command says a middle aged housewife, Mrs Bukola Olarewaju, who was found dead in Ado Ekiti on Thursday, was raped and strangulated to death by a neighbour.