Category Archives: Finance

President Buhari to Devalue Naira 290 To Dollar

Strong indication have emerged Friday that President Muhammadu Buhari will soon devalue Naira according to saharareporters. But speaking to Vanguard Mr. Femi Adesina, the special adviser to the president on media and publicity denied the reports. He said there was

Gtbank, Ecobank Nominated For African Bankers Award

Guaranty Trust Bank and Ecobank Nigeria are the two Nigerian banks in the list of nominated institutions for the 10th edition of the African Bankers Awards which will hold during the African Development Bank Annual meetings to be held at

Sourcing Forex is a Big Issue For Businesses In Nigeria

Sourcing for foreign exchange (forex) is not easy for businesses. This is why some firms patronise the parallel market, which sells at a cut-throat price. The resultant effect, according to Mr Chinedu Nwokolo, Chief Executive Officer of Pedini Nigeria, representative

CBN Releases New e-payment Transaction Guidelines

The Central Bank of Nigeria (CBN) has issued new switching guidelines to enable the industry achieve an effective and seamless settlement system. In a circular at the weekend, the regulator said the guidelines are backed by the powers conferred on

Ten Nigerian Banks Pay 143 Directors N7.6bn in 2015

The directors of ten Nigerian banks collected N7.6 billion as fees and allowances in 2015, representing 1.58 percent of the banks’ profitability during the year. The ten banks are Guaranty Trust Bank, Zenith bank, Access Bank, FirstBank, UBA, Union Bank,

Lagos Internal Revenue Service Hires New Tax Experts

The Lagos State Internal Revenue Service has engaged 1,200 members of the Chartered Institute of Taxation of Nigeria and the Institute of Chartered Accountants of Nigeria as tax audit monitoring agents in order to ensure the maximisation of its revenue-generating

First Bank Nigeria Set To Fire 1,000 Workers

FBN Holdings Nig. Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year’s 82 per

Naira Crashes As FG Denies Currency Swap Deal with China

The naira took a downward swing on Thursday after federal government’s disclosure that there was “no yuan swap” deal signed by Nigeria and China. The Naira, which traded between 315 and 317 on Wednesday, sunk sharply to a position between

Focus on Non-oil Resources, IMF tells Nigeria

The International Monetary Fund (IMF) has stressed the critical need for Nigeria to raise non oil revenues to ensure fiscal sustainability while maintaining infrastructure and social spending. This is contained in a statement released yesterday by the Board of the

Sterling Bank Trains 15,000 Students On Financial Literacy

Not fewer than 15,000 students in primary and secondary schools across the country benefited from the voluntary teaching programme organised by Sterling Bank Nigeria Plc in commemoration of the 2016 Financial Literacy Week which was held last week. The training