Wednesday, May 22, 2019

Oluseyi Awojulugbe

    NSE asks MTN to make shares available for trading

NSE asks MTN to make shares available for trading

The Nigerian Stock Exchange (NSE) says it has requested that MTN make its shares available for trading.At present, shares of the telco have only been traded in negotiated or cross deals.In a statement released on its website, the exchange expressed concerns that dealing members who have not been involved in ongoing cross deals have been unable to trade on behalf [...]

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    CBN to limit banks’ access to bonds, treasury bills

CBN to limit banks’ access to bonds, treasury bills

The monetary policy committee of the Central Bank of Nigeria (CBN) has directed that a regulatory framework that will limit the access of banks to bonds and treasury bills be put in place.Godwin Emefiele, CBN governor, made this known in Abuja on Tuesday while addressing the press at the end of the committee's meeting."Unfortunately, we have observed that rather than [...]

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    Rewane: No recession in view for Nigeria

Rewane: No recession in view for Nigeria

Bismarck Rewane, an economist and the managing director of Financial Derivatives, says the Nigerian economy will not fall back into recession.Rewane gave the assurance at the USA Fair 2019 on Tuesday in Lagos while speaking on 'Forecast and Recommendations for the Nigerian Economy in Buhari’s Second Term'.According to him, Nigeria’s GDP at $482 billion, growth rate at two percent, and the [...]

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    CBN MPC holds interest rate at 13.5% to ‘understand growth trend’

CBN MPC holds interest rate at 13.5% to ‘understand growth trend’

The monetary policy committee of the Central Bank of Nigeria (CBN)  says it has agreed to keep the monetary policy rate, which measures interest rate at 13.5%.Addressing the press in Abuja on Tuesday after the meeting of the committee, Godwin Emefiele, governor of the apex bank, said nine members voted to hold rates.The asymmetric corridor was retained at +200/-500 basis [...]

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    Unity Bank denies holding TSA funds, says ‘we transferred balances since 2016’

Unity Bank denies holding TSA funds, says ‘we transferred balances since 2016’

The management of Unity Bank has denied accusations of holding on to treasury single account (TSA) funds levelled by the special presidential investigation panel for recovery of public property.In a statement released on Tuesday, the bank said it had transferred all the balances belonging to ministries, departments and agencies of government to the treasury single account held by the Central [...]

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    Shittu: Communications ministry pushing for ICT development bank

Shittu: Communications ministry pushing for ICT development bank

Adebayo Shittu, minister of communications, says the ministry is pushing for the establishment of an information communication technology (ICT) development bank.Speaking during a valedictory press conference organised for him in Abuja, Shittu said the proposed bank would serve as a special purpose vehicle to propel the growth of the ICT sector under a private-public partnership (PPP).He added that the bank would [...]

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    Presidential panel threatens to sue Unity Bank over unrefunded N7bn

Presidential panel threatens to sue Unity Bank over unrefunded N7bn

The special presidential investigation panel for the recovery of public property says it will sue Unity Bank for alleged economic sabotage if it refuses to return N7 billion.In a statement released on Monday, Lucie-Ann Laha, the committee's head of media and communications, said the sum represents excess and arbitrary charges on the accounts of some government agencies before the implementation [...]

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    Oil economy slumps as GDP slows to 2.01%

Oil economy slumps as GDP slows to 2.01%

The growth of the oil economy declined to -2.40%, latest gross domestic product (GDP) released by the National Bureau of Statistics has shown.This is a difference of - 0.78 percentage points from the -1.62% recorded in the fourth quarter of 2018.The nation's GDP also contracted to 2.01% from 2.38% in Q4 2018.Oil refining dropped to -49.62% from 33.6% in the [...]

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    Emefiele: We will make it difficult for people to bypass our economic policies

Emefiele: We will make it difficult for people to bypass our economic policies

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says his next tenure would be used to pursue policies that will further diversify the economy and make it difficult for people to circumvent policies.Emefiele, who was recently confirmed for a second term as governor of the apex bank, made this known on Friday at a special convocation of the [...]

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    FG to shut Enugu airport for ‘security reasons’

FG to shut Enugu airport for ‘security reasons’

Hadi Sirika, minister of state for aviation, says the Akanu Ibiam Airport in Enugu will be shut down due to security reasons.Speaking on Friday at the stakeholders' forum in Lagos, the minister listed the security challenges at the airport to include bad runway, proximity to a market and the wrong location of the state's radio mast.He said the challenges pose [...]

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    MTN takes N200bn loan from seven banks– second in 10 months

MTN takes N200bn loan from seven banks– second in 10 months

MTN Nigeria has signed a seven-year N200 billion loan from a consortium of seven banks to fund emerging businesses in Nigeria.Ferdi Moolman, MTN Nigeria CEO, signed the agreement at the law offices of Aluko & Oyebode in Lagos on Friday.According to him, the agreement is with a consortium of seven mostly local banks, with Citibank acting as coordinator and Quantum [...]

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    Elumelu: Why African youths leave for other countries

Elumelu: Why African youths leave for other countries

Tony Elumelu, chairman of Heirs Holdings and Tony Elumelu Foundation, says African youths migrate because of a lack of economic hope.Speaking on Thursday in Paris at Tech for Summit organised by Emmanuel Macron, president of France, Elumelu advised world leaders to pay attention to African youths so that they are not left behind in the technology era."Africa needs this type [...]

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    Zainab Ahmed: Corps members will earn new minimum wage

Zainab Ahmed: Corps members will earn new minimum wage

Zainab Ahmed, the minister of finance, says National Youth Service Corps members will receive the new minimum wage as allowance.Speaking on Thursday while intimating the press on the activities of her ministry, Ahmed said the federal government is working out the modalities of the new minimum wage."Apart from the increase of the minimum wage from N18,000 to N30,000, there is [...]

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    Jumia: Why we chose New York Stock Exchange over Nigeria’s

Jumia: Why we chose New York Stock Exchange over Nigeria’s

Juliet Anammah, chief executive officer of Jumia Nigeria, says the company chose the New York Stock Exchange for its initial public offering because it needed people experienced in investing in e-commerce stocks.Anammah explained the rationale behind the company's decision on Wednesday at its corporate office in Lagos. also denied allegations of falsified figures levelled against the company by Citron."When you [...]

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    DID YOU KNOW? Nigeria has a law that makes export of yam, beans illegal

DID YOU KNOW? Nigeria has a law that makes export of yam, beans illegal

When President Muhammadu Buhari assumed office in 2015, he said his administration would focus on security, corruption and economic diversification through boosting the agricultural sector.Like he said, "We must eat what we produce".In line with this directive, the Central Bank of Nigeria set up the Anchors Borrowers Programme to improve access to finance for farmers. It also restricted forex for [...]

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    Senate confirms Emefiele for second term as CBN governor

Senate confirms Emefiele for second term as CBN governor

The senate has confirmed Godwin Emefiele for a second term as the Central Bank of Nigeria (CBN).The senate confirmed Emefiele's second-term reappointment by President Muhammadu Buhari at plenary on Thursday.On May 9, Buhari had sent a letter to the senate informing them of his decision to renew the banker's tenure.By the CBN Act, the senate must confirm the nomination before [...]

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Exchange Rates

May 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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