You are here
Nigeria's overnight interbank lending rate rose sharply to 29.5 percent on Friday, up from 19 percent last week, after the Central Bank of Nigeria (CBN) sold treasury bills to soak up liquidity from the banking system in a bid to curb pressure on the naira.
Traders said the CBN sold about 17 billion naira ($55.81 million) worth of open market operations (OMO) paper on Friday and also soaked up about 110 billion naira in bonds settlement.
Wapic Life said it had introduced a product called Wapic smart life+ Plan, to enable individuals to save and meet their targets.
A statement obtained from the company quoted Mr. Rantimi Ogunleye, Managing Director, Wapic Life, as saying the product would allow an individual to save and withdraw the funds before expiration of the term without penalties.
Alhaji Umaru Ibrahim, managing director and chief executive, Nigeria Deposit Insurance Corporation (NDIC), has dismissed rumours making the round that some banks in the country are distressed.
Ibrahim, called on members of the public to ignore rumours being circulated on the failing health of some banks, stressing regulators would not allow any institutions to fail.
The NDIC boss who spoke through a statement by Mr Hadi Birchi, NDIC spokesman, on Thursday in Abuja, said such rumours were unfounded.
IFC, a member of the World Bank Group, has announced that it is investing $20 million in debt in the African Local Currency Bond Fund (ALCB Fund Ltd.) to help develop local currency capital markets in Africa.
The ALCB Fund was established by KfW Development Bank on behalf of the German Ministry for Economic Cooperation and Development (BMZ) in 2012 to support the development of African bond markets and to improve private sector access to long-term, local currency financing.
Central Bank of Nigeria (CBN) has reiterated the need to secure payment systems in the country stem fraudulent activities in the financial sector.
Mr Dipo Fatokun, Director, Banking and Payment Department, CBN, stated this while presenting a keynote address on emerging regulations to protect online, mobile and payment services in Abuja.
The workshop, organised by Maxut Consulting Experts and Vasco Data Security in collaboration with the CBN was centered on the emerging trends in banking and payment systems and regulatory and security implications.
Mr. Mounir Gwarzo, director-general, Securities and Exchange Commission (SEC) yesterday said that a total of 2.2 million investors have registered for the edividend payment platform.
Gwarzo said this at the 2017 first post Capital Market Committee (CMC) news conference in Lagos.
E-dividend is an electronic means of posting shareholders dividend directly into his or her bank account.
SEC had in 2016 formally inaugurated the e-Dividend Mandate Management System (e-DMMS) in conjunction with the Central Bank of Nigeria (CBN) and all Deposit Money Banks.
Largely unheralded for a long time, Ponzi schemes came to the consciousness of the entire nation in 2016. With the descent of the Nigerian economy into its first full depression in over two decades, many embraced the rise of these money-spinning schemes as a way out.
At the height of its fame, Mavrodi Mundial Movement (MMM), one of the most popular, had over three million Nigerians on its subscriber list.
Despite the crash of this and many others that came after it, many are still succumbing to the lure of Ponzi schemes.
The International Monetary Fund (IMF) has released its 2017 Sub-Saharan Africa Regional Economic Outlook, predicting a 2.6 per cent growth.
Mr. Abebe Selassie, head of the African Region, who presented in Abuja, yesterday, urged strong policy decisions by leaders on the continent with a view to changing the dwindling economic fortunes of the region.
He identified a strong macroeconomic stability, tackling of structural weaknesses; and strengthening of social protection for the vulnerable as three key immediate measures towards a robust economic growth in Africa.