EconomyMarket

International Monetary Fund to support Nigeria as the Naira is estimated at N663/$

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June 17, 2023
The naira traded at 663.04/dollar at the close of business on Friday after a free fall following the Central Bank of Nigeria’s floating of the national currency against the dollar and other global currencies. This means that the currency appreciated by about 5.9 per cent within 24 hours from the N702.19/dollar recorded at the close of business on Thursday. According to data from the FMDQ…
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Banking

Bank of Industry gets recognition in UK

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June 16, 2023
The Bank of Industry says its key capital-raising transactions from the international financial market, which fueled its financial performance in 2022, have been recognised with local and international awards.The bank, in a statement, said its total assets had grown by 248…
BankingMarkets

The private sector and economists are supporting the Central Bank of Nigeria as the naira depreciates to 664/$

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June 15, 2023
The Central Bank of Nigeria has directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies. This came barely two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, and less…
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Energy

NNPC Grants Dangote License To Import Fuel

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June 14, 2023
Barring all unforeseen circumstances, Dangote imported fuel will soon enter Nigerian market as the Nigerian National Petroleum Company Limited (NNPCL ) has granted the Chairman of Dangote Group and President, Dangote Refinery and Petrochemical Company, Alhaji Aliko Dangote…
Markets

The investment group for listing on NGX

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June 13, 2023
The Nigerian Capital Development Fund Group Plc has expressed interest in listing on the Nigerian Exchange Limited. This was revealed in a letter titled ‘Re: Expression of Interest to List on the Nigerian Exchange Limited’, signed by the Branch Manager, Ibadan Office of the Primary Market Department of the NGX, Ayodeji Soyombo, which was obtained by our correspondent on Monday. In the letter…
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Economy

Investors are looking to devalue the currency

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June 13, 2023
Analysts are considering how soon a devaluation may happen and how deep it will be, following the removal late Friday of a policy chief whose unorthodox policies included propping up the naira and banning access to foreign exchange for imports. The currency steadied Monday…
Banking

Polaris Bank is restructuring and planning new financing

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June 13, 2023
Polaris Bank says it has adopted a customer-centric approach as part of its restructuring in order to boost future success. The lender also said it was concluding plans to inject tier-ii capital in order to enhance the growth of its assets This was stated by the bank’s Managing Director/ Chief Executive Officer, Adekunle Sonola, in an interview with Proshare, where he shed light on the financial…
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