NSE Suspends Trading In Shares Of Six Nigerian Companies

The Nigerian Stock Exchange (NSE) on Monday suspended trading in the shares of six listed companies. The companies were suspended after they failed to file details of their accounts to the Exchange as stipulated by market regulations. The six companies are DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas […]

CBN Allays Concerns Over Declining Reserves

The Central Bank of Nigeria (CBN) has allayed fears over the fluctuation in external reserves, assuring that with its current levels at over $44 billion, there’s no cause for alarm. The apex bank further assured that it will continue to ensure that finance is provided for all Small and Medium Scale Enterprises (SMEs) which may […]

Manufacturing Index Rises To 56.2 Points

The Central Bank of Nigeria (CBN) says manufacturing sector sustained its expansionary trend for the 18th consecutive month as its Purchasing Managers Index (PMI) in September stood at 56.2 index points, just as the non-manufacturing sector PMI stood at 56.5 points. The PMI, released Tuesday, which indicated expansion both in the manufacturing and non-manufacturing sectors, […]

CBN Revokes Licences Of 182 Financial Institutions

The Central Bank of Nigeria(CBN) has revoked the operational licences of 182 other financial institutions (OFIs) across the country. In a notice of revocation of licences of 182 OFIs obtained from its website, the apex banks lists the financial institutions to include 154 microfinance banks, 22 finance companies and six primary mortgage banks. Giving reasons […]

Sterling Bank Partners Freshworks For IT Upgrade

Tayo Olanipekun Sterling Bank has gone into partnership with a cloud-based business software provider, Freshworks Inc.,for the upgrading of its current IT service desk. This is in a bid by the Bank to remaining a technology pioneer in Nigeria with a “modern, robust, cloud-based platform” to empower its employees and also enhance the business efficiency […]

CBN To Review Sanctions Placed On MTN & Four Banks

The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks. In a statement released Wednesday, September 19, 2018, the apex bank said the parties involved have submitted fresh documents in response to the sanctions. CBN had ordered MTN to refund $8.1 billion which it claimed […]

CBN Restricts Credit To Public Sector, Banks’ Staff With Additional Guidelines

Before any bank could extend loans to any federal agency, state or local government, their guarantees must be approved by their legislative chambers henceforth. This new requirement is contained in a released circular on Credit Risk Management System (CRMS) guidelines to mitigate credit risk in commercial, merchant and non-interest banks, by the Central Bank of […]

CBN, NDIC, Banks, FinTechs, Others For FICAN Conference

The 2018 annual conference of the Finance Correspondents Association of Nigeria (FICAN) will hold in Lagos on 15th and 16th of September, 2018. The conference, with the theme: “Banks, Fintech and Nigeria’s Financial Inclusion Journey,” has the Central Bank of Nigeria (CBN) Governor as the keynote speaker. There will also be representatives from the Nigeria […]

CBN Host 2018 Mid-Year Statutory Meetings of WAMA, WAMZ & WAIFEM

Nigeria would be hosting the 2018 Mid-Year Statutory Meetings of West African Monetary Agency (WAMA), West African Monetary Zone (WAMZ) and West African Institute of Financial and Economic Management (WAIFEM) from September 6 -14, 2018 in Abuja, Nigeria. The meeting will be preceded by the 33rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee […]

CBN To Disburse N220 Billion To Enterprises Development Fund

The Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). CBN Governor, Mr Godwin Emefiele Mr. Isaac Okorafor, Director, Corporate Communications Department of the CBN, announced the plan while addressing newsmen in Gombe on Monday […]