The euro climbed against other currencies Wednesday on reports Italy may yield ground over a budget stalemate with the European Union. The common currency EURUSD, +0.2078% EURUSD, +0.2078% rose to $1.1584 from $1.1549, making headway during the Asian trading session after a report in Italian daily newspaper Corriere della Sera that the government’s budget deficit…
The Nigerian Deposit Insurers Corporation says it has recovered N28.84bn from debtors of failed banks. The Managing Director, NDIC, Umaru Ibrahim, said this at the corporation’s Special Day at the ongoing Abuja International Trade Fair on Tuesday. Giving further analysis of the recovered debts, Ibrahim said N21.85bn was realised from the sale of physical assets…
The nation’s foreign exchange reserves fell by $1.457bn in September, the latest data from the Central Bank of Nigeria showed on Monday. The external reserves, which stood at $45.838bn at the end of August, declined to $44.380bn on September 27, 2018. Figures from the CBN had earlier revealed that the reserves, which had continued to…
The Chartered Institute of Stockbrokers (CIS), has urged the telecom giant, MTN, to dispatch with all regulatory headwinds properly before coming to the stock market for public offering to Nigerians, to enable it list at optimal price favourable to the company and investors. A member of the CIS 2018 Conference Committee, Akeem Oyewale, gave the…
Academy Press has bemoaned the inability to access foreign exchange (forex) under the current flexible exchange policy, urging government to address the issue to improve productivity and increase shareholders value Specifically, the Managing Director, Olugbenga Ladipo at the company’s 54th yearly general meeting held in Lagos, on Friday, said non-accessibility of forex affected the company’s…
Equities Market The Nigerian equities market declined for the second time this week, as both NSE ASI and market capitalization decreased by 0.61% respectively, as they both closed at 32,763.35 points and N11,961.15 tr respectively, at today’s trading activity. Year-to-Date ASI is at a negative of 14.38%. Volume of trades and No of trades all…
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…
