Banking articles

Over 100 Small Businesses to Participate in 2017 GTBank Food and Drink Fair

More than 100 small businesses in Nigeria’s Food Industry will be provided with free storefronts at the GTBank Food and Drink which holds during the Worker’s Day holiday, on Sunday the 30th of April and Monday the 1st of May, 2017. Organised by foremost African Financial Institution, Guaranty Trust Bank Plc, the 2-day event offers

Benefits of financial knowledge among youth – Stanbic IBTC Bank

Nigeria’s banking industry will continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, has said. Such significance will ride on the back of more enlightenment powered by such initiatives as the financial literacy

Naira overvalued by 20% —IMF

…Calls for macroeconomic reforms, removal of forex restrictions The International Monetarysterday, said the naira is overvalued by 10 to 20 per cent. Head of IMF Mission in Nigeria, Gene Leon, stated this during a telephone media briefing on the IMF staff report on 2017 Article IV Consultation with Nigeria. That naira overvaluation is “somewhere to

Naira bounces back after one-week depreciation

The Naira on Tuesday appreciated against the dollar at the parallel market after a sustained one-week depreciation, the News Agency of Nigeria (NAN) reports. The Nigerian currency traded between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.

CBN directs banks to pay cash to forex users

The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange. He said that the apex bank had also released the

CBN warns bank CEOs over forex

Bank chiefs caught frustrating efforts by the Central Bank of Nigeria (CBN) at getting more dollars to end-users risk severe punishment, the apex bank warned yesterday. The warning came on the backdrop of reports that lenders are setting difficult hurdles for foreign exchange (forex) end-users wanting to make purchases for Business Travel Allowances, Personal Travel

CBN’s vacillation responsible for Naira slide, says ABCON Chief

A financial expert, Alhaji Aminu Gwadabe, has blamed the Central Bank’s knack for last minute solution for the misfortune of the naira at the foreign exchange market. Gwadabe, who is also the President, Association of Bureau De Change Operators of Nigeria (ABCON), said recent depreciation of naira could be traced to speculators’ onslaught and resistance