Banking and Finance

The World Bank yesterday approved $750 million International Development Association (IDA) credit to support the Nigeria State Action on Business Enabling Reforms (SABER) Program-for-Results. The Washington-based institution which disclosed this in a statement yesterday, explained that the IDA  credit would help Nigeria accelerate the…

The stock market ended the session with a bullish trend as the market rebounded with a gain of N14bn on Wednesday after losing N15bn on Tuesday. The All Share Index rose by 10.25 basis points or 0.02 per cent to close at 49,171.70…

The  Central Bank of Nigeria (CBN) has begun moves to recover an estimated N9.3 trillion intervention facility extended to State governments, companies and individuals as a cushion against the devastating effects of the COVID-19 pandemic in 2020. The Director, Development Finance…

FBNInsurance has completed its rebranding project to be known as Sanlam Life Insurance Ltd following Sanlam’s take up of 100 percent shareholding in FBNInsurance. Sanlam, Africa’s largest non-banking financial services company, has few years back been eyeing Nigerian market for investment. The company 12…

In a more aggressive twist to rein in inflation, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) yesterday announced a two-pronged approach to effectively mop liquidity out of the vaults of the nation’s deposit money banks. This is as analysts…

The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate. This represents a 150-basis-point increase from the 14 per cent rate voted during…

The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing. It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession. The Washington-based bank…

The Securities and Exchange Commission (SEC) says the passage of the Investments and Securities Bill (ISB) will facilitate the growth of the economy. The SEC Director-General, Mr Lamido Yuguda, said this in a statement on Sunday in Abuja. Yuguda said the passage of the…

Commercial banks have joined the Central Bank of Nigeria (CBN) in the fight to save the naira by reducing dollar spendings abroad. Banks have announced temporary suspension of overseas Automated Teller Machine (ATM) naira card transactions to preserve foreign exchange reserves. First Bank of Nigeria…

The  Governor of the Central Bank of Nigeria(CBN), Mr. Godwin Emefiele, has blamed the low revenue inflow from oil sales for the nation’s current foreign exchange crises. Emefiele stated this during a panel session at the Nigeria International Economic Patnership Forum…