Finance

BDCs allege banks benefit from their losses

Bureau De Change (BDC) operators have said they are badly affected by the trending “uncompetitive rate”, which comes as the Central Bank of Nigeria (CBN) sells dollars to them at higher rate compared to what it sells to commercial banks.

Fed govt, states, local councils shared N2.8trn in 6 months – NEITI

The Nigeria Extractive Industries Transparency Initiatives (NEITI) says the three tiers of government shared 2.788 trillion in the first half of 2017.

Ruble bounces off against dollar

The Russian ruble bounced off four-week highs against the dollar on Friday, pressured by globally increased risk aversion that outweighed support from higher oil prices.

Ecobank unveils premier banking lounge

Ecobank Nigeria has unveiled a world class Lounge in Port Harcourt for its premier banking customers in the South-South region of the country.

Naira falls against dollar at parallel market

The naira on Thursday continued to fall against the dollar at the parallel market, the News Agency of Nigeria reports.

SA’s Standard Bank lifts first-half profit by 11 per cent

Standard Bank, Africa’s No.2 lender by market-value, reported an 11 per cent rise in half-year profit on Thursday, as a rebound in commodity prices boosted demand for loans from clients in the oil and mining industry.

Forex crisis: Manufacturers groan despite central bank’s intervention

Experts are insisting that the intervention of the Central Bank of Nigeria in the foreign exchange market can only be temporary.

Bank of Industry disburses micro-credit loans to 7000 in Ogun

The Bank of Industry (BoI) has disbursed over N450 million micro credit loans to more than 7,000 beneficiaries under the Federal Government’s Government Enterprise and Empowerment Programme (GEEP) in Ogun State.

TSA: Fed govt saves N108bn from bank charges

The Federal Government has saved a total of N108.1bn from charges imposed by banks for managing funds belonging to its ministries, departments and agencies since the commencement of the Treasury Single Account in September 2015.

FirstBank promotes over 3000 staff

FirstBank of Nigeria Limited has promoted over 3000 of its workforce in its recent promotion exercise targeted at rewarding staff for strong performance in driving the Bank’s business.

Customer alerts bank to reverse over N7.3 million mistaken transfer

A Nigerian engineer on Tuesday drew the attention of his bank following a mistaken transfer of over 7.3 million naira (equivalent to about $20,100) into his account.

Namibia cuts lending rate to 6.75%

Namibia’s central bank on Wednesday cut its benchmark lending rate by 25 basis points to 6.75 per cent.

Naira crashes to N370 on lack of dollar supply

The naira depreciated against the United States dollar at the parallel market on Tuesday to 370, down from 368/dollar on Monday.

Central bank injects $364m into inter-bank forex market

The Central Bank of Nigeria (CBN) on Tuesday, August 15, 2017, intervened in the Inter-Bank Foreign Exchange Market to the tune of $364million in a bid to sustain liquidity in the market.

South Africa’s rand slips as court sets to rule on central bank’s mandate

South Africa’s rand was slightly weaker on Tuesday ahead of a court ruling on the Central Bank’s inflation targeting mandate and an economic update by ratings agency, Moody’s.

Nigeria to auction N135bn bonds August 23 – DMO

The Federal Government has offered for subscription by auction, N135 billion bonds in its August 23 auction, according to the Debt Management Office (DMO).

Zenith Bank provides for 30% of 9mobile’s loan

Zenith Bank says it has made a provision on 30 percent of its loan to 9mobile, telecommunications company formerly known as Etisalat.

FIRS, JTB share data of high-income earners

The Joint Tax Board and the Federal Inland Revenue Service have started sharing data of high net worth individuals to profile income earners and taxpayers in order to get them pay appropriate taxes.

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Banco BTG Pactual SA

Nigerian oil field sale triggers police raid on Brazil’s largest bank

Brazil’s federal police on Friday raided the headquarters of Latin America’s largest independent investment bank, Banco BTG Pactual SA, and the addresses of its founder Andre Esteves, federal prosecutors said in a statement.

Minimum wage negotiations to continue September 4

The Joint National Public Service Negotiating Council (JNPSNC), and representatives of the Federal Government will reconvene on Sept. 4 to continue negotiations on the new national minimum wage.

Ministry speaks on video showing ‘harassment’ of foreign affairs minister in Vienna

The Ministry of Foreign Affairs has dismissed a video that has gone viral on social media showing the Minister of Foreign Affairs, Geoffrey Onyeama, being chased out of a meeting in Vienna, Austria.
The Nigeria Immigration Service (NIS) generated N39.06 billion in 2018 as against N35.72 billion it generated as local revenue in 2017, the National Bureau of Statistics (NBS) said.

NIS commences e-registration of immigrants

Zone ‘A’ headquarters of the Nigeria Immigration Service, NIS Ikeja, Lagos, has kicked off the e-registration exercise of migrants in line with the Federal Government directive.
Vehicles seized by the military for transporting Boko Haram insurgents’ fishery products to Maiduguri markets

Nigerian Army: Boko Haram engaging in fishery trade to fund insurgency

The Nigerian Army has warned traders and Borno communities against engaging in illegal fishery trade with Boko Haram insurgents.