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Money & Capital Market

Again, CBN Suspends Bdcs From Dollar Sales

Naira

*Naira slumps to 251/$ on parallel market Just like it did last Wednesday, the Central Bank of Nigeria (CBN) yesterday shut out Bureaux De Change (BDC) from its weekly dollar sales on the grounds that they did not comply with documentation requirements. Forex dealers said the development led to a scarcity of the greenback and the subsequent depreciation of the ...

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Naira Firms Against Dollar On Parallel Market

DOLLAR-NAIRA

The naira traded at N250 to the dollar on the parallel market yesterday, just up from Friday’s low of N251, as dollar shortages hit Bureaux De Change (BDC) operators, traders said. Nearly half of 2,818 bureaux de change operators were denied access to the Central Bank of Nigeria’s (CBN) dollar sale last week because of incomplete documentation, weakening the naira. ...

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Private Sector Owes Banks N18.7trn

Governor of Central Bank of Nigeria CBN Mr Godwin Emefiele

The Organised Private Sector (OPS) owes banks N18.7 trillion as at September. Also, the banks’ credit facilities to the private sector grew by 0.5 per cent month-on-month. Government’s credit facilities from banks also rose to 0.9 per cent during the period to N2.8 trillion. Afriinvest, financial analysts, explained that the amount was still low contrary to the statutory obligations of ...

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Naira Hits 242 As CBN Cuts Dollar Supply

DOLLAR-NAIRA

The Naira fell to 242 against the United States dollar at the parallel market on Monday after the Central Bank of Nigeria cut dollar supply to Bureaux de Change operators in a bid to conserve the external reserves. The naira, which traded at 238 against the dollar on the streets of the nation’s major cities on Friday, depreciated considerably as ...

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Monetary Policy Committee Meets Today

Godwin Emefiele, CBN Governor

…TSA, CRR, Dom. Accounts on the cards The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, will hold its 247th Meeting in Abuja between today and tomorrow to review effects of the Single Treasury Account policy on banks, among other policy measures. Sources said the committee is expected to come out with far-reaching policy decisions on the ...

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NEC Okays Sharing Of $150m NLNG Dividend Among Tiers Of Govt

Foreign Reserves

The National Economic Council (NEC) has approved the sharing of the sum of $150 million among the different tiers of government out of the $400 million dividends paid by the Nigerian Liquefied Natural Gas (NLNG). The council reached the decision at its meeting presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja, on Thursday. Briefing State House ...

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CBN Suspends N213bn Power Intervention Funds’ Disbursement

cbn_16

The Central Bank of Nigeria (CBN) has suspended the disbursements of N213 billion power intervention funds to electricity generation and distribution firms. The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, made the disclosure yesterday at a joint press conference between BPE and Eko Electricity Distribution Company (EKEDC) in Lagos. Dikki maintained that the embargo on the funds ...

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REMITA: Accountant-General, CBN Meet Systemspecs Today

REMITA

The Office of the Accountant General of the Federation (OAGF) and the Central Bank of Nigeria (CBN) will today meet with SystemSpecs, banks and other stakeholders on the tariff for the transactions fees to be charged under the Treasury Singles Account (TSA). Our investigations reveal that the meeting, which was at the instance of the OAGF and the CBN, will ...

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Market Remains Under Pressure, Pares By 1.14%

The Nigerian Stock Exchange (NSE)

…Nigeria to be excluded from Barclays Index The NSEASI pared during the week, declining by 1.14% to bring the YtD return to -16.78%, with market returning negative on three (3) trading days during the week. The volume and value of transactions both advanced by 5.88% and 34.96% accordingly, as 29 stocks advanced against 40 decliners, to peg the market breadth ...

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CBN Denies N25bn Fraud In TSA Implementation

Godwin Emefiele, CBN Governor

.Systemspecs returns N8bn to apex bank .Kolade, Ndukwe, Obaro on firm’s board   The Central Bank of Nigeria (CBN) has defended the implementation of the Treasury Single Account (TSA) and dismissed allegations that Nigeria lost N25 billion to its implementation. Its clarification came against the backdrop of Wednesday’s decision by the Senate that the CBN and the Federal Ministry of ...

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CBN Measures Curb External Reserves Depletion-FBN Capital

Godwin Emefiele, CBN Governor

Nigeria’s rate of external reserves depletion decreased significantly in the month of October due to Central Bank of Nigeria’s (CBN) measures, analysts at FBN Capital have said. In a note made available to the New Telegraph, the analysts also noted that the slowdown in the country’s Gross Domestic Product (GDP) growth contributed to the reduced rate of reserves depletion. According ...

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Stanbic IBTC Reports 46.3% Fall In 9-Month Profit

*Shareholder Wants Regular Forensic Audit Of Companies There may be more troubles ahead for shareholders of Stanbic IBTC Holdings Plc, following the submission of the group’s un-audited accounts showing that nine-month profits fell by almost half, despite a 10 per cent rise in earnings income. The group was heavily impacted by the huge 521.3 per cent increase in loan loss ...

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Extend BVN Exercise For Nigerians In Diaspora, Envoy Urges CBN

Central Bank of Nigeria (CBN)

Nigeria`s Consul General in South Africa, Amb. Uche Ajulu-Okeke, has urged the Central Bank of Nigeria (CBN) to extend the Bank Verification Number (BVN) exercise for Nigerians in the Diaspora to Dec. 31. Ajulu-Okeke made the plea when she visited a centre set up by Online Integrated Solution Services (OIS), a consultancy firm that processes visa applications and conducts BVN ...

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Making A Success Of BVN Enrolment In Nigeria

Godwin Emefiele, CBN Governor

By Sola Alabadan, Lagos Essence Of Bank Verification Number On February 14, 2014, the Central Bank of Nigeria (CBN), through the Banker’ Committee and in collaboration with all banks in Nigeria on February 14, 2014 launched a centralised biometric identification system for the banking industry tagged Bank Verification Number (BVN). It is an initiative aimed at ensuring unique identity for ...

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MPC Easing Stance Buoys Nigerian Bourse – Analysts

Stories by Bamidele Ogunwusi, Lagos Analysts at United Capital have stated that the rob-off effect of monetary easing by the MPC supported by attractive valuation on stocks pushed allocation increase in equities last week, driving the local bourse marginally northwards as the market traded positive in two out of three trading sessions. The benchmark index clawed back 70 basis points, ...

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IMF Warns On Emerging Market Firms’ $18tr Debt

By Sola Alabadan, Lagos The International Monetary Fund (IMF) on Tuesday issued a warning that emerging market firms, which together have amassed a record $18 trillion of debt, need careful monitoring, as the era of record low global interest rates comes to an end. The IMF, in its latest Global Financial Stability report said the biggest rises in ‘leverage’ – ...

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GCR Accords Custodian Life Assurance A-

Custodian Life Assurance Limited has been assigned an A rating by Global Credit Rating Co, the world’s leading emerging markets focused ratings Agency. An A- Rating is indicative of strong financial security. The insurer is a wholly owned subsidiary of Custodian and Allied Plc, a well-established brand in the Nigerian insurance industry. In assigning the A- rating to the company, ...

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Renaissance Capital Reports 21% Profit Growth

Renaissance Capital, a frontier markets investment bank, has reported a 20.8 per cent growth in net profits for the six months ended June 30, 2015. During the reporting period, the firm’s net profit increased by 20.8 percent to $10.5 million compared with $8.7 million in first quarter 2014. A statement made available by the company’s management said continued focus on ...

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BGL, Subsidiaries Remain Suspended – SEC

Mounir Gwarzo, SEC DG

Stories by Bamidele Ogunwusi, Lagos The Securities and Exchange Commission, (SEC), has said that BGL and its subsidiaries and sponsored individuals remain suspended from operating in the nation’s capital market. A statement by the commission stated that, “This is to inform the general public that on September 17, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & ...

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CBN Pushes For Responsible Lending, Ethical Debt Collection Practices

Stories by Sola Alabadan, Lagos In order to ensure that consumers are treated fairly by financial institutions, the Central Bank of Nigeria (CBN) is striving to make sure that financial operators establish structures to prohibit predatory lending and hence support a positive credit culture in the industry. This is in accordance with the Consumer Protection Framework (CPF) developed by the ...

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Chams Promises Improved Shareholder’s Value

Management of Chams Plc has promised its shareholders that it is poised to deliver sustainable value to them and other stakeholders. The outgoing Group Managing Director of Chams Plc, Mr. Demola Aladekomo, stated this while addressing stockbrokers during the bell ringing ceremony at the floor of the Nigerian Stock Exchange (NSE) in Lagos. He said that the company has embarked ...

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Sterling Bank Partners FG On e-PASS

By Bamidele Ogunwusi, Lagos The Federal Government has entered into a partnership agreement with Sterling Bank Plc and a project contractor, Continental Transfert Technique for the collection and payment accounting for a project called ‘e-PASS. The project will commence today September 22. The e-PASS project is a scheme designed by the Federal Government to ensure that all Non-ECOWAS immigrants visiting ...

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N220b MSMEs Fund: ASBON Faults Drawdown Criteria

The Association of Small Business Owners (ASBON) has faulted the drawdown criteria for the N220 billion Micro Small and Medium Enterprises (MSMEs) fund instituted by the Central Bank of Nigeria (CBN) are unrealistic and are beyond the reach of small business owners. The President of ASBON, Dr. Femi Egbesola, stated this in Lagos during an annual conference with the theme: ...

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Casualisation By Banks Worries CIBN

Worried about the negative impacts of contract staff deployed in most deposit money banks, the Chartered Institute of Bankers of Nigeria (CIBN) plans to send a proposal to the Central Bank of Nigeria (CBN) on the issue. The President of the Institute, Mrs. Debola Osibogun, disclosed this when the Council Members of CIBN paid a courtesy call on the Nigeria ...

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Cowry Asset Completes N3b Zamfara State Bond Deal

Cowry Asset Management Limited has fully paid N3 billion in fulfillment of its underwriting commitment under the N7 billion Zamfara State Government Bond. The N3 billion paid by Cowry Asset represents 42.86 per cent of the total value of the bond issue, the highest by any of the three underwriters to the bond issue. The N7 billion Zamfara State Government ...

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