FOREX: CBN offers $100m for wholesale auction

The Central Bank of Nigeria (CBN) on Thursday offered $100 million to authorized dealers at the foreign exchange (forex) auction in the interbank wholesale window just as Moody’s Investors Service expressed optimism that the Federal Government would easily achieve its target of $3.5 billion foreign borrowing this year as improved oil output is expected to rejuvenate the economy According to the apex bank’s spokesman, Isaac Okorafor, while confirming the offer in Abuja, no interventions were made in the retail auction window for forex. He added that the apex bank also…

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First Bank leads GTBank, Zenith, Access, UBA in top 500 global banking brands

First Bank of Nigeria Limited has been named as the most valuable banking brand in Nigeria in the Top 500 Banking Brands of The Banker magazine of the Financial Times and Brand Finance, London, United Kingdom for the sixth consecutive time. First Bank is also the only Nigerian bank in the top 10 banking brands in Africa, along with nine other banks from South Africa, Egypt and Morocco. According to the Chief Executive, Brand Finance, David Haigh, the brand value is the amount a third party will need to pay…

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Plan to get Nigeria out of recession ready in February – FG

The National Economic Recovery Growth Plan, a policy expected to end recession in Nigeria is expected to be finalized before the end of February, the Ministry of Budget and National Planning has said. This was contained in a statement released by Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma. He said the plan will be formally launched by President Muhammadu Buhari. “This is expected to enrich the Plan’s development process,” part of the statement read. “The Forum, scheduled for noon of…

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Tuface Idibia announces dress code for nationwide protest.

All seem to be set for the planned nationwide protest by popular music icon, Tuface Idibia. This is just as the award winning singer has now announced the dress code for the protest. As shared on his Instagram page, the ‘African Queen’ crooner said the dress code will be anything with a touch of green. Recall that despite controversies generated by the much publicized February 6 planned protest , in ‘a call for good governance , the Benue State born has vowed to go ahead with his planned nationwide protest…

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Naira Ranks One Of The Worst Global Currencies In 2016

​ The naira is one of the world’s four worst performing currencies in 2016, according to a report by Bloomberg LP. The naira was said to have lost 36.68 per cent of its spot returns for the year, while the Egyptian pound, Suriname dollar and Venezuela bolivar’s currency spot returns dropped by 58.84 per cent, 46.68 per cent and 37 per cent, respectively, for the period. The Nigerian equity market fared worst in the year, according to the report, as the nation’s economy is set to contract in 2016 for…

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Account Restriction: MMM Makes New Official Announcement Amidst Controversies

​ The leadership of MMM Nigeria has released an official statement as regards the freezing of active accounts of users to protect the fragility of the Ponzi Scheme during the yuletide. As subscribers of the controversial Mavordi Mondial Moneybox wonder bank reel in panic over the restriction of accounts till the 13th of January, 2017 to curtail the heavy transactions by members during Christmas and New Year festivities, efforts are being made by the Nigerian guiders to douse the tension of investors. An emergency meeting was held today, 14th of…

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World’s Richest Man, Bill Gates Donate $2M To Nigerian Governors In Partnership Deal

​ The Nigeria Governors’ Forum and Bill Medlinda Gates Foundation on Thursday in Abuja, announced a new partnership, which they said was aimed at strengthening cross-state policies in Nigeria. While speaking at a press conference on Thursday in Abuja, the Chief Strategy Officer at the Bill & Belinda Gates Foundation, Mark Suzman, formally announced a new partnership between the foundation and the Nigeria Governors’ Forum which is aimed at strengthening cross-state policies in Nigeria. According to Punch, the policies would also strengthen financial resources that they said would benefit the…

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EFCC Confirms Ongoing Surveillance On MMM

​The Economic and Financial Crimes Commission, EFCC, has confirmed ongoing surveillance on the MMM investment scheme.   EFCC spokesman, Wilson Uwujaren, gave this indication in an interview with Daily Post on the sidelines of a training programme in Port Harcourt. Uwujaren, however, said the House of Representatives cannot direct the EFCC to investigate what he described as faceless wonder bank like MMM. He said the anti-graft agency was also watching other online schemes that promise huge returns on investments. The EFCC spokesman said preliminary investigations have shown that such online schemes thrive in countries that are facing economic…

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Bird flu hits Cameroon’s poultry farms

Since 2014, bird flu has been sweeping through West Africa. Burkina Faso, Ivory Coast, Ghana, Niger and Nigeria have all been hit by the H5N1 virus and it has decimated poultry populations, costing billions of dollars. The virus has often been spread by migrating wild birds, and it has been very difficult to contain. Earlier this year it hit Cameroon, where there are real fears for the country’s poultry industry. From the capital Yaounde, the BBC’s Suzanne Vanhooymissen reports for Africa Business Report .

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Recession Wahala? Skye Bank Sacks 50 Members Of Staff & Outsourced Functions

Although the number of the affected non-core employees could not be ascertained since they were not direct workers of the bank, it was gathered that the reasons for their exit ranged from non-performance, disciplinary issues as well as rightsizing by the lender. It was further gathered that most of the affected personnel were in outsourced functions like tellers, drivers and internal security guards. When contacted on the development, the Head, Corporate and Brand Communication, Skye Bank, Mr. Nduneche Ezurike, confirmed the exit of the affected workers, adding that the management…

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