Sunday, September 23, 2018
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    Naira threatened by external factors

Naira threatened by external factors

External influences may impact the Naira this week, with investors keeping a very close eye on any further - turmoil with emerging market currencies after a very troubled past couple of weeks.The Naira may take some guidance from how investors view emerging markets generally, with particular attention being paid towards how the Lira reacts to the latest Turkish GDP reading [...]

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    MTN sues AGF, CBN over $10.1bn demand

MTN sues AGF, CBN over $10.1bn demand

MTN Nigeria has filed a suit against the Central Bank of Nigeria (CBN) and the attorney-general of the federation to seek a restraining order. In a suit filed in Lagos on Monday, the telco is seeking an injunctive relief to protect its assets and shareholder rights.In a statement by MTN, the company said it continues to "categorically and unequivocally" deny all [...]

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    Okonkwo: Nigerian banks can give loans at 9% interest rate

Okonkwo: Nigerian banks can give loans at 9% interest rate

Nnamdi Okonkwo, the chief executive officer of Fidelity Bank, says Nigerian banks have the capacity to give out loans to certain sectors of the economy at nine percent interest rate.Speaking on ARISE TV on Saturday, the Fidelity Bank boss said his bank is ready to take advantage of the new credit policy guideline released by the Central Bank of Nigeria [...]

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    Forbes ranks Rwanda, S’Africa over Nigeria on ‘investor protection’

Forbes ranks Rwanda, S’Africa over Nigeria on ‘investor protection’

Forbes has ranked Nigeria 3rd best in Africa in terms of "investor protection".Rwanda and South Africa were rated above Nigeria on the African continent. A total of  153 countries were surveyed.The American business magazine made this known in its Index of Best Countries for Business Report released on Friday.The report said in the period under review, Nigeria experienced positive economic growth driven [...]

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    FIRS: We’re going after bank accounts of billionaire tax defaulters

FIRS: We’re going after bank accounts of billionaire tax defaulters

Tunde Fowler, chairman of Federal Inland Revenue Service (FIRS), says the service will soon go after the bank accounts of defaulting taxpayers who are billonaires.Fowler, who disclosed this at a stakeholders’ meeting in Lagos, said most of such taxpayers, have between N1bn and N5bn in their accounts.He said such individuals have no taxpayer identification number (TIN) while those who have [...]

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    When the Germans came to town

When the Germans came to town

As President Muhammadu Buhari met with Chancellor Angela Merkel behind closed doors last week, a lively business roundtable was holding in The Brown Room, one of the many meeting rooms in presidential villa. It was there the secret behind the success of German businesses was revealed by the visitors. It could not be ignored; it dominated the talks for several [...]

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    N1.8bn deduction from Stanbic IBTC in national interest, says CBN official

N1.8bn deduction from Stanbic IBTC in national interest, says CBN official

The Central Bank of Nigeria (CBN) says the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in done in national interest.An official of CBN, who pleaded anonymity while confirming this to NAN in Lagos, said he could not immediately give details, but the apex bank would issue a statement on the matter later.The CBN had, on [...]

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    Stanbic IBTC Ventures surrenders operating licence

Stanbic IBTC Ventures surrenders operating licence

Stanbic IBTC Ventures Limited says it has surrendered its licence as a ventures capital manager.In a notice sent to the Nigerian Stock Exchange on Friday, the company said it surrendered the licence voluntarily.A ventures capital manager invests in early-stage companies, which are termed as risky, in exchange for equity in the companies they invest in."This is to inform The Nigerian [...]

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    CBN debits accounts of fined banks over MTN’s ‘illegal’ repatriation

CBN debits accounts of fined banks over MTN’s ‘illegal’ repatriation

The Central Bank of Nigeria (CBN) has debited the accounts of three banks in relation to the fine placed on them for allegedly helping MTN repatriate $8.1 billion illegally.In a notice sent to the Nigerian Stock Exchange (NSE), Stanbic IBTC said the deduction will not affect its capacity to handle clients’ requests or clients’ ability to continue to carry out [...]

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    Eaton Acquisitions increases stake in NEM Insurance

Eaton Acquisitions increases stake in NEM Insurance

Eaton Acquisitions Limited, an investment company, has increased its stake in NEM Insurance to nine percent.The company had recently announced a four percent acquisition of the insurance company, acquiring 130 million shares at N4 each.While the N4 is higher than the closing share price of N2.85, the new shares were acquired at a lower value.Eaton is seeking to acquire 10% [...]

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Exchange Rates

September 21, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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