Category: Money market

    The naira yesterday continued its recovery against the dollar on the parallel market after slumping to N460 to the greenback about two weeks ago.   As the Federal Government’s partial lifting of the COVID-19 lockdown in Lagos State, the Federal Capital Territory (FCT) Abuja commenced on Monday, the naira further appreciated to N430/$1 from N450 per dollar last Friday.   Analysts attribute the local currency’s recovery to the International Monetary Fund’s (IMF) approval of Nigeria’s $3.4billion loan request, as well as the Central Bank of Nigeria’s (CBN) announcement…

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  Access Bank Plc is set to splash millions of naira on lucky customers who will emerge winners in the forthcoming DiamondXtra monthly draw.   According to Adaeze Ume, Group Head, Retail Products and Segments, Access bank Plc, “we have been encouraging our customers to stay safe and stay connected by using our various digital channels this period. We know these are trying times and our customers need funds to pay essential domestic bills, send money to their loved ones and also save up for unforeseen circumstances since we don’t…

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  The African Development Bank (AfDB) Group has blacklisted China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for alleged fraudulent practices.   In a statement posted on its website yesterday, the AfDB said: ”An investigation conducted by the bank’s office of Integrity and Anti-Corruption established that China Zhonghao Nigeria Limited, as a member of a joint venture with Oceanic Construction and Engineering Nigeria Ltd., was jointly responsible for its joint venture partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference…

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  Polaris Bank has once again commended medical professionals those on  the frontlines of the fight to flatten the COVID-19 curve, even as the nation continues to battle the spread of the pandemic.   In a statement issued in the wake of Federal Government’s extension of the lockdown in Abuja, Lagos and Ogun states, The bank’s Head, Strategic Brand Management and Communication, Nduneche Ezurike, hailed the role of medical personnel in the fight against the virus that is currently ravaging the entire world.   The bank also praised the media…

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  The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that 103 nations are seeking about $100billion from the fund as  emergency financing to tackle the impact of the coronavirus (COVID-19) pandemic.   The IMF boss, who disclosed this in a blog post obtained by New Telegraph yesterday,  said the fund had doubled its emergency, rapid-disbursing capacity to meet expected demand of about $100 billion, adding  the IMF’s Executive Board “will have considered about half of these requests by the end of the month.”   Also…

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  Low demand for dollars on the foreign exchange markets, due to the lockdown occasioned by the coronavirus (COVID-19) pandemic, is masking rising pressure on the naira, traders have said.   According to the leading non-bank currency broker on the continent, AZA, not even the failure of the agreement reached by the Organisation of Petroleum Exporting Countries (OPEC) to bolster oil prices has had the sort of negative impact on the naira that analysts expected.   In a note obtained by New Telegraph yesterday, the firm said: “Gloom over OPEC’s…

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Businesses in Nigeria have identified liquidity and the safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic. These are some of the findings from a survey conducted by PwC Nigeria. The survey findings were revealed during a recent webinar hosted by the firm, on the economic implications and policy responses to COVID-19. The survey had about 3000 respondents ranging from managers to CEOs and business owners. Asked what their top business concerns were, 22.5 per…

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

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