Finance

Venezuela to launch oil-backed digital currency

Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S led financial sanctions, announcing the launch of the “petro” backed by oil reserves to shore up a collapsed economy, Media report on Monday.

Ifeanyi Emefiele is the best central bank chief in history – Jim Ovia

Jim Ovia, Zenith Bank Plc chairman, says Godwin Emefiele is the best governor the Central Bank of Nigeria (CBN) has ever had.

Bitcoin surges closer to $12,000 mark

The price of cryptocurrency bitcoin surged to 11,800 dollars on Sunday afternoon – its highest level yet.

Agric sector, others to attract N1.8 trillion investments from NIRSAL

The Nigeria Incentives Risk-based Sharing for Agricultural Lending is working at mobilising a total investment of $6bn (N1.83tn) annually into the agricultural value chain as well as other sectors of the economy.

Central bank injects $3.6bn into forex market in 10 months

The Central Bank of Nigeria (CBN) has reportedly injected $3.6bn into the forex market since February.

Naira appreciates by 30.3% against dollar in 10 months

The naira has appreciated by 30.3 per cent since February when the Central Bank of Nigeria began its aggressive interventions at the foreign exchange market, the News Agency of Nigeria reports.

442,615 depositors of failed banks get N105bn payout from NDIC

Managing Director of Nigerian Deposit Insurance Corporation, Umaru Ibrahim, on Thursday in Kano said the corporation has, so far, paid N105bn to 442,615 Depositors of Closed Deposit Money Banks as at the end of September 2017.

Central bank partners with Foundation to tackle unemployment in Nigeria

The Central Bank of Nigeria (CBN) says it is partnering Chief Emmanuel Iwuanyanwu Foundation to tackle the lingering unemployment in Nigeria and Imo in particular.

Economist suggests ways to check poverty

The Central Bank of Nigeria (CBN) should reduce the lending rate and take other steps to stimulate the economy, to reduce the suffering of the masses, an economist, Mr Boniface Ekezie, has said.

Bitcoin tops $11,000, but fades after sharp rally

Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.

Heritage Bank extends agent banking frontiers to Ogijo

Heritage Bank Plc has registered its presence in Ogijo in the Sagamu Local Government Area of Ogun State with the commissioning of Dunmop Ventures as agent banking partner under the financial inclusion policy of the Central Bank of Nigeria, which is designed to bring banking services to the under-banked in Nigeria.

Fidelity Bank elevates 256 staff

Fidelity Bank Plc has announced that it recently elevated a total of 256 staff across various grade levels of the bank.

Nigeria’s $3bn Eurobond over-subscribed by almost four times

The $3 billion Eurobond floated by the federal government through the Debt Management Office and the ministry of finance was oversubscribed by almost four times.

Bitcoin surges past $10,000

Bitcoin is now worth over $10,000. The cryptocurrency, which crossed the milestone for the first time since its creation in 2008, surged past $10,000 on Tuesday evening as it climbs toward $11,000, according to research site CoinDesk.

Central bank boosts forex market with $210 million

Central Bank of Nigeria (CBN) on Tuesday announced the injection of another $210 million to boost liquidity in the inter-bank foreign exchange market.

Naira maintains N362.5 to dollar at parallel market

The Naira on Tuesday maintained N362.5 to the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

Central bank to sack bank chiefs with bad loans – NDIC

Bank directors with Non-Performing Loans are to quit or be sacked, according to a new Code of Corporate Governance approved by the Central Bank of Nigeria.

Bitcoin will end a bubble – experts

Several international bankers have sounded a warning about the mega risks involved in embracing bitcoin, which this week soared to a new record high of more than $8,000. Six years ago, it traded for just one dollar.

Recent Stories

Kogi government set to inaugurate N4 billion rice mill

The Kogi State Government is set to inaugurate a newly-constructed rice mill worth over N4 billion and with the capacity to produce 50 tonnes of rice per day.
The day after their exquisite and efficient performance against the Bafana Bafana of South Africa Conquerors of seven-time champions and host nation Egypt) that saw them reach the semi-finals of AFCON 2019, the Super Eagles received pledges of more dollar rain from two of Africa’s richest businessmen.

Friendly: NFF confirms Super Eagles, Brazil clash for October 13

The Nigeria Football Federation (NFF) has confirmed that the Super Eagles would slug it out with South American giant, Brazil in a friendly match, expected to take place in Singapore on Sunday, October 13, 2019.

Police: Eight women found dead in Rivers hotels

Rivers State Police Command has confirmed that eight female have so far been killed by suspected serial killers in different hotels in Port Harcourt and environs in the last two months.
Youths in Sapele and its environ have staged a peaceful rally in support of the efforts of the Economic and Financial Crimes Commission, EFCC, to rid Delta State and the entire country of cybercrimes and other forms of economic and financial crimes.

Delta youths march against ‘Yahoo Yahoo’ boys

Youths in Sapele and its environ have staged a peaceful rally in support of the efforts of the Economic and Financial Crimes Commission, EFCC, to rid Delta State and the entire country of cybercrimes and other forms of economic and financial crimes.
Reigning Commonwealth champion, Nigeria’s Odunayo Adekuoroye has set a gold medal target for herself at both the Tokyo 2020 Olympic Games and next month’s Africa Games billed for next month in Morocco.

WWC: Odunayo Adekuoroye targets gold

Two-time Commonwealth Games gold medalist, Odunayo Adekuoroye, says her next target is to become a world champion by winning gold at the ongoing 2019 Senior Wrestling World Championships in Nur-Sultan, Kazakhstan.