IMF: Naira overvalued at official market

The International Monetary Fund (IMF) has said the naira was overvalued by 18.5 per cent at the official market. The Fund called on the Central Bank of Nigeria (CBN) to establish a more transparent and market-based exchange rate policy to instil confidence in the market. The advice was contained on IMF Article IV Consultation with Nigeria, released yesterday. The naira exchanges at N379 to a dollar at the official market, data from the CBN website showed. The IMF Executive Board, which visited Nigeria, released its findings on Nigeria’s economy to…

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NAICOM to sustain FG’s renewed confidence in insurance

…unveils real-time digital portal Following the confidence recently expressed by the Federal Government in the nation’s insurance industry, the management of National Insurance Commission (NAICOM) has promised to sustain the tempo in order to make insurance occupy its rightful place in the economy. Disclosing this on Thursday during a seminar organised for insurance journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Mr. Sunday Thomas, reaffirmed that the commission would not disappoint Nigerians as a way of sustaining the confidence President Muhammadu Buhari recently reposed in the sector following…

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NSE: Investors gain N812bn In Sept

Stocks trading on the Nigerian Stock Exchange (NSE) on Wednesday closed the month of September on the positive note with a gain of N812 billion.   In a sharp contrast to the record sell-off across global markets, Nigerian equities recorded positive, crossing 26,000 points for the first time since March 2020. Boosted by remote trading, gradual ease of lockdown and monetary policies of the Federal Government, the equity market defied the negative impact of the continuous spread of CODIV-19 in the Nigerian economy as investors leveraged on undervalued stocks. Investigation…

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UBA unveils online entertainment, lifestyle radio

Pan- African financial institution, United Bank for Africa (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio. RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion. Speaking on the launch of RED Radio, Group Chairman of…

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NSE records N2bn loss

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears tightened further their grip on the local bourse following sell-off in stock market. Also, the local bourse sustained negative breadth, recording 17 gainers against 19 losers. Consequently, the All-Share Index dipped 47.65 basis points or 0.18 per cent to close at 25,550.31 index points as against 25.597.96 recorded the previous day while market capitalisation of equities depreciated by N2 billion from N13.352 trillion the previous day to N13.597.96 trillion as market…

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AIICO Insurance projects N62.23bn gross premium

AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020.     In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period.     AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4bn).     According to the insurance firm, the growth was driven by…

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Unemployment: NUFBTE president cautions FG over technology influx

  ***says NLC’ll act appropriately on electricity, fuel price hike The National President of National Union of Food Beverage & Tobacco Employees (NUFBTE), Comrade Lateef Oyelekan, has called on the Federal Government to be wary of modern technology that has the capacity to deepen unemployment in the country. Addressing the media during the week, Oyelekan, also faulted reports of factionalisation in the union. Expressing worries over the power of Artificial Intelligence on employment, he reminded the Federal Government that Nigeria was still a developing country where more people still need…

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Wigwe: Banks should partner states to address power problem

The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has said that banks need to partner state governments to resolve the country’s power issue to achieve sustainable growth and development.   Wigwe said this on Wednesday, at the 13th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), at which there was a hybrid of both physical and virtual attendance.   He said that commercial banks should partner state governments to embrace solar power solution in order to resolve the country’s power issues.  …

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FirstBank’s CEO, Adetuntan, bags Forbes Best of Africa Award

Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced that its Chief Executive Officer, Dr. Adesola Adeduntan, has been honoured with the Forbes Best of Africa Award. The award presentation was held on September 11, 2020 at a virtual event by Forbes in conjunction with the Foreign Investment Network (FIN). The online roundtable discussion themed, “Harnessing the financial resources and social capital of philanthropy to making a lasting impact,” was supported by the World Philanthropy Network and featured a keynote address by a former Nigerian President,…

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CACOVID urges halt to COVID-19 community spread

The organised private sector has said that stopping the community spread of the coronavirus pandemic is the only way to get the nation’s economy back on track and prevent resurgent in the country. The private sector led Coalition Against Covid-19 (CACOVID) said the present situation demanded that all efforts should be geared towards grassroots awareness campaign against community spread across the country if the gains of the past in combating the deadly virus is to be sustained. CACOVID Administrator and Chief Executive Officer of Aliko Dangote Foundation (ADF), Mrs. Zouera…

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