Month: September 2019

Nwogu Ijeoma, a trader at the Alaba International Market, Lagos and 1,015 customers across Nigeria emerged winners at the second quarterly draw of the DiamondXtra season 11 reward scheme powered by Access Bank Plc.   Speaking shortly after receiving the N1 million prize cheque, Ijeoma, while expressing excitement at winning, told newsmen that she had been a customer of Access Bank for years, adding that Nigerians should partake in the initiative as it was real.   She said: “I have been banking with Access Bank for a long time now.…

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  The Central Bank of Nigeria (CBN) has removed the interest rate cap regulation on interest rate and lending fees for mortgage financing in the country.   In a circular to Other Financial Institutions (OFIs) and mortgage sector stakeholders posted on its website at the weekend, the CBN said that the move was due to “some implementation challenges” regarding the mortgage finance section of its 2017 “Guide to Charges by Banks and Other Financial Institutions in Nigeria.”   The apex bank stated that henceforth the section of the document that…

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Nigeria’s foreign exchange reserves will fall to $42 billion this month, analysts at Financial Derivatives Company Limited (FDC) have projected.   The analysts stated this in the September edition of the firm’s “Lagos Business School (LBS) Breakfast Session” presentation obtained by New Telegraph at the weekend.   According to the presentation by the Chief Executive Officer, FDC, Mr. Bismarck Rewane, the projected drop in external reserves will be caused by lower oil prices as well as “increased activities at the Investors and Exporters’ (I&E) window.”   Latest data obtained from…

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