Category: Money market

Naira drops to N460/$1 on parallel market

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The naira weakened further on the parallel market, yesterday, dropping to N460/$1 from N455 per dollar that it exchanged for on Friday, traders said. The local currency, which has been under pressure on the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil rebounded from N477 per dollar to N440/$1 penultimate Tuesday, following an announcement by the apex bank that it would resume the sale of dollars to Bureaux De Change (BDCs) on September 7. The CBN…

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CBN unveils framework for solar connection intervention

Dorothy Ewah

The Central Bank of Nigeria(CBN) has unveiled a framework for the implementation of solar intervention facility, which it said was designed “to complement Federal Government’s effort at providing affordable electricity to rural dwellers through the provision of long term low interest credit facilities to the Nigeria Electrification Project (NEP) pre-qualified home solar value chain players that include manufacturers and assemblers of solar components and off-grid energy retailers in the country.” As part of its Economic Sustainability Plan (ESP), the Federal Government had launched an initiative to achieve the roll out…

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UBA: USA CEO, Yomi-Ajayi, appointed to US EXIM’s sub-Saharan Africa Advisory Committee

Dorothy Ewah

Sola Yomi-Ajayi, the CEO of the United Bank for Africa (UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on sub-Saharan Africa for 2020/2021. Established by the US Congress, the sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in sub-Saharan Africa. The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative…

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COVID-19: Heritage Bank, FAMO provide succor for 300 teachers

Dorothy Ewah

  Heritage Bank Plc in partnership with Honourable Fatima Mohammed (FAMO) foundation has provided succor to over 300 affected private school teachers and small medium enterprises (SMEs). The gesture is part of efforts to cushion the effect of COVID-19. A statement issued at the weekend said in alleviating the challenges, Heritage Bank and its partner supported over 300 private school teachers and small businesses as palliatives in 15 local governments; including five major markets in Ojokoro Local Council Development Area of Ifako Ijaiye, in Lagos State. Speaking at the event,…

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Access Bank signs $93.8m loan with Dutch bank

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  Access Bank Plc has signed a subordinated  syndicated loan agreement totalling $93.8 million with the Dutch development bank (FMO), the French private sector development bank (Proparco), and leading investment firm, Symbiotics.   The tier-II capital facility was structured as a “10 years non-call five years” subordinated debt instrument, benefitting the bank for a period of five years.   Access Bank’s Group Managing Director, Herbert Wigwe, said the  facility would enable the bank continue on its strategic path to becoming Africa’s gateway to the world even after the unexpected simultaneous…

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Stanbic IBTC female employees reach out to less privileged

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  Stanbic IBTC Blue Women Network (BWN), a network of female employees of the Stanbic IBTC Group, has donated food items and provisions to orphanage homes in locations across Nigeria through its Blue Women, “Giving Back Initiative.” In a statement, the lender said that the BWN, inaugurated five years ago, has consistently taken steps towards helping the society at large, adding that part of the body’s mandate is to provide support to the disadvantaged, hence, the creation of its Giving Back Initiative. According to the statement, BWN members made voluntary cash donations…

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Heirs Holdings appoints Okeke Group Executive Director

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  Pan-African investment company, Heirs Holdings (HH), has announced the appointment of Dan Okeke as Group Executive Director.  In a statement, the company said the appointment took effect from August 1, 2020. According to the statement, “Mr. Okeke joins HH following a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he most recently served as an Executive Director, responsible for leading consumer, commercial and public-sector businesses. “At HH, he will be responsible for business coordination and growth across Heirs Holdings’ portfolio of pan-African investments in the…

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Analysts: Lockdown ease to boost VAT inflow in H2’20

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  Citing the relaxation of COVID-19 restrictions, analysts at Cowry Asset Management Limited have said that the Federal Government will likely rake in more revenue from Value Added Tax (VAT) in the second half of this year compared with the amount it generated in H1’20. The analysts made the prediction in the latest edition of the firm’s “Cowry Weekly Financial Markets Review and Outlook” report. According to data released by the National Bureau of Statistics (NBS) last week,  total VAT  collected in H1’20 rose by 8.45 per cent to N651.77 billion, from…

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Fraud: Access Bank advises customers to be vigilant

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  Access Bank has admonished its customers to remain vigilant and beware of the common tricks used by fraudsters to rob them of their monies. Executive Director of Retail Banking, Access Bank Plc, Victor Etuokwu, expressed concern about the growing number of fraud cases being reported. He implored customers to take more responsibility in safeguarding their funds and offered reassurance of the bank’s commitment to providing information relevant to identifying and fending off fraudsters. He said: “Over the last few months, the number of reported fraud cases has spiked considerably.…

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Ecobank Nigeria unveils package for female entrepreneurs

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  Ecobank Nigeria has unveiled a special loan package for female entrepreneurs in the country, the lender announced in a statement at the weekend. The loan package, “The Ecobank Female Entrepreneurs’ Initiative (EFEI),”  is specially designed by the bank to financially empower female business owners and entrepreneurs in the country. Head, Consumer Asset Product, Ecobank Group, Daberechi Effiong, said the EFEI loan was targeted at boosting small scale businesses owned by women, adding that it was a further demonstration of the importance the bank attaches to the role of women in…

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