The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. That now takes the rate…
The Economic and Financial Crimes Commission has commenced investigation of the directors of the defunct Skye Bank for prosecution. Under the watch of the Dr. Olatunde Ayeni led board of directors, the defunct Skye Bank went from N1.4 trillion asset in 2014 to negative asset base of N786 trillion as at the time its license…
According to recent CBN report, which indicated that the rate of default in household loan repayments is on the increase in the third quarter of 2019, Q3’19. The report did not give absolute figures. The report stated: “In the current quarter relative to the previous quarter, lenders reported an increase in the availability of secured…
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN…
Equities Market • The Nigerian equities market recorded a marginal decline, as both NSE ASI and market capitalization decreased by 0.46% respectively, as they both closed at 33,114.44 points and N12,089tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 13.46%. • Volume and value of trade and No of trades all…
