Category: Money market

The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…

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    The United Bank for Africa (UBA) Plc, yesterday, announced that the services of its Chatbot, Leo, is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad.   “As a brand focused on providing excellent customer experience, we are always looking for new ways to serve our customers easily and on time; we are therefore thrilled to support Apple Business Chat, which gives us a powerful and engaging connection with our customers,” said Mr.…

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  Latest merchandize trade report by the National Bureau of Statistics (NBS), which showed a decline in the country’s foreign trade surplus in the first half of this year, as well as weak second quarter 2019 capital importation data earlier released by the bureau, indicates that a lack of market-oriented policies is hindering Nigeria’s economic growth, analysts at Cowry Asset Management Limited, have said.   The analysts, who stated this in a report obtained by New Telegraph yesterday, said they expected the weak data to lead the Federal Government into…

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        The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has disclosed that the bank is leveraging technology to push the frontiers of financial inclusion of the unbanked and under-banked in the country.   The managing director said this in his keynote presentation at the Vanguard Economic Forum series on mobile money market and fintech.   The forum with the theme, ‘Leveraging Fintech Innovation for Unlocking Growth and Competitiveness in Nigeria’s Mobile & Payment Ecosystem’ held in Lagos.   He pointed out that Nigeria, which has improved financial inclusion…

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    SABEX, the world’s first end-to-end blockchain commodities trading and financing platform, was formally unveiled to policy makers, agriculture value chain players, investors, international financiers and development agencies at the 2019 edition of Agriculture Summit Africa, organised by Sterling Bank Plc, at the weekend in Abuja.   Powered by Sterling Bank, Binkabi and AFEX Commodities Exchange, the digital commodities trading platform, provides real time credit finance for farmers, secure storage and a ready market for both farmers and buyers to transact thereby reducing post-harvest wastage of farm produce across…

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      Zenith Bank Plc is set to light up the social and entertainment scene this month with the announcement of the bank’s “Aspire Music Festival.”   In a press release, the lender said that the music festival, which is the “most anticipated entertainment event of the year,”  holds on Saturday, September 21, 2019 by 8.00pm at the Harbour Point Event Centre, Victoria Island, Lagos.   According to the release, “the festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by…

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  Chief Executive Officer of the World Bank, Ms. Kristalina Georgieva, is set to step into Christine Lagarde’s shoes as Managing Director of the International Monetary Fund (IMF).   Lagarde is quitting the IMF on September 12, having resigned  in July following her nomination to become head of the European Central Bank (ECB).   The IMF announced in a press release yesterday that with the period for submitting nominations for the position of the next MD of the fund having closed on Friday, September 6, Georgieva, a Bulgarian national, was…

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  The Nigerian Stock Exchange (NSE) has lifted trading suspension placed on the shares of Deap Capital Management and Trust Plc.   It suspended trading on the company’s shares for violating post-listing requirements.   The exchange had notified the Securities and Exchange Commission (SEC) and the investment community of the suspension and those of five other firms over default in filing their accounts as at when due.   The management of the exchange in a statement at the weekend said: “We refer to our Market Bulletin dated 1 November 2018, with…

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  The Central Bank of Nigeria (CBN) has advised the Association of Bureaux De Change Operators of Nigeria (ABCON) to play a stronger role in the sub-sector by embracing effective self-regulation.   Speaking during the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Mutual Evaluation Exercise Sensitisation workshop for South West Bureaux de Change (BDCs) in Lagos, CBN Deputy Director, Other Financial Institutions Supervision Department, Mustafa Haruna, said there was need for BDCs to ensure compliance with extant Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws  and  regulations  to  mitigate  the  risks  and vulnerabilities in…

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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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