Finance articles

Banks Plan Massive Job Cuts, Slow Branch Expansion

The difficult regulatory environment, which is due to take toll on the financial sector this year, has forced a number of banks to commence the process of cutting jobs and put on hold branch expansion plans. While some of the banks laid off some workers late last year, it was learnt that most of the

Hike In Tariff: NERC Insists Customers Won’t Feel Hike Till June

Nigerian Electricity Regulatory Commission (NERC) has once more clarified that the bulk of Nigerians, constituting about 80 percent of electricity customers, would not experience immediate tariff hike until June this year. The commission said it became imperative to clear the air to quell the misinterpretation going on that blanket electricity tariff hike would take effect

Forbes Names Okonjo-Iweala Among Unsung Leaders of 2014

Forbes, the magazine provides “information for the World’s Business Leaders” has named Nigeria’s Minister of Finance and Coordinator of the Economy, Dr. Ngozi Okonjo-Iweala among five unsung leaders of 2014. The five leaders include Okonjo-Iweala, Cardinal Pietro Parolin, Vatican Secretary of State; Arati Prabhakar, director of the U.S. Department of Defense’s DARPA; HRH Prince Feisal

BoI Invests N1.1bn In Local Manufacture Of Smart Cards

The Bank of Industry (BoI) said it had committed N1.1 billion to the local manufacturing of smart cards, thereby reducing importation of cards. With a capacity to manufacture 100 million cards yearly, the BoI noted that card solutions for logical data security, physical plant security and integrity processing standards can now be accessed in the

Unpaid Salary: Omisore Offers Message of Hope to Civil Servants

The governorship candidate of the Peoples Democratic Party in Osun State, Senator Iyiola Omisore, has urged civil servants in the state not to despair despite the delay in the payment of their salaries. Omisore said this in his New Year goodwill message to the people of the state. In a statement in Osogbo on Wednesday,

Naira Closes 2014 at 193 to Dollar

Checks revealed that naira closed the year 2014 on Wednesday at 181.50 to the United States dollar at the interbank market and between 191 and 193 on the streets, against the 160.60 recorded on December 31, 2013. The local currency had over a week ago traded for N194 to the dollar at the parallel markets

Currency-in-Circulation Drops to N1.534 Trillion

The Central Bank of Nigeria (CBN) has disclosed that currency-in-circulation declined by 0.9 per cent on month-on-month basis to N1.534 trillion in October. This is in contrast to the growth of 3.1 per cent recorded at the end of the preceding month. The development, relative to the preceding month, according to the CBN economic report,