Category: Money market

  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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  The Central Bank of Nigeria (CBN) has removed the interest rate cap regulation on interest rate and lending fees for mortgage financing in the country.   In a circular to Other Financial Institutions (OFIs) and mortgage sector stakeholders posted on its website at the weekend, the CBN said that the move was due to “some implementation challenges” regarding the mortgage finance section of its 2017 “Guide to Charges by Banks and Other Financial Institutions in Nigeria.”   The apex bank stated that henceforth the section of the document that…

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Nigeria’s foreign exchange reserves will fall to $42 billion this month, analysts at Financial Derivatives Company Limited (FDC) have projected.   The analysts stated this in the September edition of the firm’s “Lagos Business School (LBS) Breakfast Session” presentation obtained by New Telegraph at the weekend.   According to the presentation by the Chief Executive Officer, FDC, Mr. Bismarck Rewane, the projected drop in external reserves will be caused by lower oil prices as well as “increased activities at the Investors and Exporters’ (I&E) window.”   Latest data obtained from…

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South Africa’s Standard Bank has taken a stake in local fintech firm, Nomanini, to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services. Africa’s biggest bank by assets has invested $4 million in Nomanini, which connects informal merchants with distributors via an e-wallet, and aims to roll the service out across 14 African countries by early 2021. Nine out of 10 retail transactions in Africa are conducted in cash or via informal channels like kiosks and open-air…

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Truecaller yesterday announced that it has crossed one million paying subscribers globally, and has added a series of new feature to its paid subscription service, “Truecaller Premium.” In a press release,   the firm stated that  rolled out globally, the premium subscription service would now incorporate several advanced and more powerful spam blocking features that include automatically updating and blocking top spammers among others. The spam blocking features are currently available to Android users across all global markets of Truecaller. Additionally, Truecaller’s another recently launched subscription service, Truecaller Premium Gold, will also offer…

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Fidelity Bank Plc, in partnership with Gazelle Academy and Bayero University Kano, at the weekend, concluded an entrepreneurship training programme for over 200 students in Kano State.  Organised under the Fidelity Youth Empowerment Academy stream 5 (YEA 5), the week-long training programme seeks to equip undergraduates with requisite skills, know-how, and capabilities needed to take start businesses even whilst in school.  Participants received training in various skill areas including fashion designing, makeover, henna design, new media marketing, baby bag making, bead making, etc. This empowerment programme, which is part of…

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Despite concerns over recent decline in oil prices and  looming global economic recession,  the latest Central Bank of Nigeria’s (CBN) monthly Business Expectations Survey (BES)  report  shows  that majority of  respondent firms expect the naira to appreciate in the coming months. According to the August 2019 BES report, which was posted on the apex bank’s website yesterday, majority of businesses in the country also expressed optimism on the macro economy in the current month. Specifically, the report indicates that firms’ outlook on the volume of total order, business activity and financial conditions (working capital) were positive…

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