Finance articles

Importers with Chinese Yuan invoices to pay less

Importers with Chinese Yuan invoices to pay less

•Bankers Committee backs currency swap Importers will pay less if they get Renminbi invoices from Chinese exporters, the Central Bank of Nigeria (CBN)-led Bankers’ Committee said yesterday. Rising from its meeting in Lagos, the committee, comprising commercial and merchant banks’ Chief Executive Officers, said the discount was meant to encourage importers to go for Renminbi

Nigerian Stock Market index drops by 0.40%

Trading activities dropped on the Nigerian Stock Exchange (NSE) on Wednesday after two consecutive days of growth, with the All-Share Index reducing 0.40 per cent. The index closed lower at 39,031.72 against 39,187.04 recorded on Tuesday, indicating a loss of 155.32 points or 0.40 per cent. Also, market capitalisation which opened at N14.188 trillion shed

President Buhari To Sign 2018 Budget Next Week

President Muhammadu Buhari has said he will sign the 2018 budget next week.   The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this on Wednesday to newsmen at the end of the weekly Federal Executive Council meeting which was held at the Presidential Villa in Abuja, the nation’s capital.  

Lagos Chamber of Commerce calls for review of import duty

The Lagos Chamber of Commerce and Industry (LCCI) has called for the review of import duty and Customs administration as part of the ongoing tax reform towards enhancing ease of doing business in the country. Muda Yusuf, Director-General of LCCI, made the call in an interview with the News Agency of Nigeria (NAN) on Monday

BREAKING: Buhari appoints new CBN deputy governor

President Muhammadu Buhari has approved the nomination of Folashodun Adebisi Shonubi as Deputy Governor at the Central Bank of Nigeria subject to Senate confirmation. The announcement was made Friday via a statement by presidential spokesperson, Garba Shehu. Mr. Shonubi is currently the Managing Director of the Nigeria Inter-Bank Settlement System Plc (NIBSS) – the financial

Banks to open Renminbi accounts in China

The Central Bank of Nigeria (CBN) yesterday released the operational guidelines for the $2.5 billion currency swap agreement between Nigeria and China. The Peoples Bank of China (PBoC) – CBN) Bilateral Currency Swap (BCSA) regulations for transactions with authorised dealers in Renminbi, signed by CBN Director, Financial Markets Department, Alvan Ikoku, showed that commercial and

Insurgency: U.S. announces $102m new humanitarian assistance to Nigeria

The U.S. Ambassador to Nigeria, Mr Stuart Symington, on Thursday announced additional 102 million dollars humanitarian assistance to those affected by the Boko Haram insurgence in the North-East. Symington made this known at a plenary session of the ongoing National Conversation on the Humanitarian-Development-Peace Nexus in Abuja. The ambassador explained that the fund would help address the