Money market Archives - Page 12 of 13

Verve, Discover Global Network partner on ‘Global Card’

August 16, 2019August 16, 2019 admin

Interswitch’s Verve and Discover Global Network, the payments brand of Discover, have launched the Verve Global Card that will be accepted in more than 190 countries and territories. The event which took place in New York City, saw senior executives from First Bank, Access Bank and Fidelity Bank purchasing various items from Swarovski using their Verve Global Card on the Discover Global Network. The agreement with Discover Global Network will facilitate new international and cross border transaction capabilities for Verve Global Card customers, meeting the needs of its increasingly global customer base. Holders…

EMVCo releases proposed changes for payment systems

August 16, 2019 admin

Payment card standards body, EMVCo, at the weekend released proposed specification changes for payment systems to accommodate longer number on credit and debit cards for identifying the card issuer. The issuer identification number, as it is called, is the first part of the 10- to 19-digit primary account number that appears on the front of debit or credit cards and identifies the card issuer. Currently, the Issuer Identification Number (IIN) consists of the first six digits of the Personal Area Network (PAN) but will transition to being eight digits long…

Experts: External reserves will slide to $43bn

August 16, 2019 admin

The country’s external reserves have been on a downward trend in recent weeks mainly due to decline in oil prices. Data obtained from the Central Bank of Nigeria (CBN) shows that the reserves stood at $44.5billion as at August 14, 2019 compared with $45billion a month earlier. In a report obtained by Newsfieldglobal at the weekend, the FDC also forecast that the country’s oil revenue would drop to $9-$10billion in the third quarter of this year even as it predicted that oil prices will hover around $60-$62 in this month.…

Ecobank Nigeria rids Lagos of 2m plastic bottles

July 31, 2019 admin

Ecobank Nigeria has successfully removed over two million plastic bottles in exchange for cash from the streets of Lagos. The campaign, which started in May, targets to remove at least four million bottles from the environment.it is part of the bank’s environmental sustainability campaign. Ecobank had in May told Lagos residence to exchange plastic bottles for cash at designated location across the state. Commenting on the initiative and success achieved so far, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan, stated that the lender was committed to support the sustenance of the environment…

Promo: UBA rewards 20 customers with N30m

July 31, 2019 admin

Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers, who emerged winners in the third quarterly draw of the UBA Wise Savers Promo. They won N1.5 million each, bringing the total amount won by 60 customers so far to N90 million. The electronic raffle draw, which was held at the bank’s head office in Lagos yesterday was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council. Lucky customers, who emerged winners in the…

Firms optimistic on macro-economic conditions

July 31, 2019 admin

The latest Central Bank of Nigeria’s (CBN) monthly Business Expectations Survey (BES) report has shown that majority of respondent firms expressed optimism on macro economy in July 2019. According to the BES report, which was posted on the apex bank’s website yesterday, majority of businesses in the country expect the naira to appreciate in the coming months. Furthermore, the report said: “Level of inflation is expected to increase slightly in both the next six months and the next twelve months; borrowing rate is expected to rise in the current month,…

CBN: Manufacturing PMI edges to 57.6

July 31, 2019 admin

Nigeria’s official manufacturing Purchasing Managers’ Index (PMI) reached 57.6 index points in July compared to previous month’s reading of 57.4, the Central Bank of Nigeria’s (CBN) PMI July 2019 report, released yesterday, shows. According to CBN, “a composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.” The apex bank, thus stated in the report that: “Manufacturing PMI in the month of July stood at 57.6 index points, indicating expansion in the…

JPMorgan, HSBC, others face $1bn FX-rigging suit

July 29, 2019 admin

JPMorgan Chase & Co. HSBC, and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1bn ($1.2bn or just over R17bn), Bloomberg reported yesterday. Barclays, Citigroup and Royal Bank of Scotland Group are also among the targets of the United Kingdom suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated. The lawsuit centers on collusion on foreign-exchange trading strategies, for which the…

Group raises concern over N58bn empowerment projects

July 29, 2019 admin

Tracka, the organisation founded by BudgIT for tracking the implementation of government projects in communities, has raised alarm over what it describes as, “wasteful empowerment projects” in the 2019 Zonal Intervention Projects, nominated by members of the National Assembly. In a press release, the organsisation noted that the Zonal Intervention Projects accounted for N58 billion of the N100 billion constituency projects, which, it said, “are practically used as political benefits.” According to the organisation, “the lack of citizen inclusion in the nomination of zonal intervention projects has led to an escalating number of abandoned projects…

Heritage Bank, Afreximbank, Zamfara sign $1bn MoU

July 29, 2019July 29, 2019 admin

Two banks, Heritage Bank Plc and African Export Import Bank (Afreximbank), have signed $1billion Memorandum of Understanding (MoU) with Zamfara State Government in the areas of mining, agriculture and water resources. In addition to Heritage Bank, which is the banker to the project, another financial institution involved in the transaction is PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings. Speaking with journalists at the signing of the MoU in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, stated that the win-win collaboration amongst the institutions would promote and fast track support that…