Deposit Money Banks in the country are in for a tougher year due to the biting effects of rising bad loans and the economic downturn, OYETUNJI ABIOYE writes Rising bad loans due to the slow growth in the economy will drag a good number of Nigerian banks to record low profits when their financial results for the second quarter are released any time from now, findings have shown. Read More
By Obinna Chima Following the pressure mounted by the financial markets and analysts on the Central Bank of Nigeria (CBN) to allow the naira to be truly market determined so as to attract offshore investors who have continued to remain on the sidelines, the CBN has finally freed the nation’s currency so that its rate on the Nigeria Interbank Foreign Exchange (NIFEX) will be determined by the interplay of demand and supply. Read More
Obinna Chima Some banking sector analysts have expressed concern over banks’ exposure to the upstream oil and gas sector. It was gathered that of the top five banks’ $4,882 million exposure to the upstream oil and gas sector, at least 15 per cent is exposed to the Trans Forcados pipeline (TFP). Read More
Ebere Nwoji The is an indication that the insurance industry may embark on another round of recapitalisation as the Minister of Finance, Mrs. Kemi Adeosun, has stated the need for insurance industry operators to increase their capital base and create opportunity for partnership and other strategic alliances within the system. Read More
Okechukwu Nnodim, Abuja The meeting between representatives of the Federal Government and oil workers in Abuja on Monday was inconclusive as both groups agreed to continue deliberations today (Tuesday). Read More
Friday Olokor, Gbenga Adeniji and Toluwani Eniola Pan-Yoruba socio-political organisation, Afenifere, on Monday carpeted Vice-President Yemi Osinbajo (SAN), for his criticisms of the calls for the restructuring of Nigeria, saying Osinbajo missed the point. Read More
’Femi Asu Should the ongoing strike embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria be allowed to linger beyond Wednesday, most depots in Apapa, Lagos, will run out of fuel stock, our correspondent has learnt. Read More
By Obinna Chima Trading by banks on behalf of their clients on the Nigerian Interbank Foreign Exchange (NIFEX) has shown increased foreign exchange (forex) allocation to the importation of raw materials and industrial machines by manufacturers. Read More
Anna Okon Manufacturers who had outstanding dollar requests and Letters of Credit (applied for at N197/dollar) before the new foreign exchange policy came into existence lost approximately N348.6bn by Monday, June 20, 2016, the day the policy commenced, findings by our correspondent have revealed. Read More
By Obinna Chima and Nume Ekeghe Trading on the recently introduced Nigeria Interbank Foreign Exchange (NIFEX) has revealed huge volume of activities by both commercial and merchant banks with competition among the financial institutions heightening as they seek to satisfy their clients. Read More
