Category: Business

Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

Admin

The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

Read More

Again, Emirates Extends Suspension Of Flights To Nigeria

JUSTINA EMMANUEL OKPARA

The Dubai, United Arab Emirates (UAE) flag carrier, Emirates, has further extended suspension of its flights to Nigeria till September 5, fueling uncertainty on resumption of travels between the two countries. The extension of flight cessation is coming despite the decision by the United Arab Emirates (UAE) to open its borders to welcome fully vaccinated tourists from all countries. Flights between both countries have been halted since March this year following diplomatic spat fueled by the COVID-19 protocols. Since then, efforts to reinstate the flights have not yielded results as…

Read More

Power: NERC faults report on ECR suspension

Dorothy Ewa

Following reports making the rounds that the Eligible Customer Regulation (ECR) has been suspended, the Nigerian Electricity Regulatory Commission (NERC) said that it was not true and that at no time had the commission issued a directive for discontinuation of service to any customer. In a statement made available to journalists yesterday, the commission said that its attention was drawn to the report in both electronic and print media that the ECR issued by the commission in 2018 had been suspended. The ECR was designed to provide a very simple process…

Read More

H1: Zenith Bank posts N117bn pre-tax profit

Admin

Zenith Bank Plc has announced its audited results for half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by COVID 19. According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent from N114 billion reported in H1’20 to N117 billion in H1’21. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021. Overall, the…

Read More

IMF: Naira overvalued at official market

JUSTINA OKPARA

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…

Read More

NAICOM to sustain FG’s renewed confidence in insurance

Dorothy Ewah

…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…

Read More

NSE: Investors gain N812bn In Sept

Admin

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…

Read More

UBA unveils online entertainment, lifestyle radio

Admin

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…

Read More

NSE records N2bn loss

Admin

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…

Read More

AIICO Insurance projects N62.23bn gross premium

Admin

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…

Read More