CBN targets foreign exchange from exports, directs exporters to register Form NXP
Businessam Staff
June 7, 2017
In a move to shore up foreign exchange earnings for the government, the Central Bank of Nigeria (CBN) has set its targets on exports as it has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP. The directive was contained in a circular, “Exports from Nigeria- Compliance with […]
European bank bailout soothes anxious markets
Businessam StaffJune 7, 2017
The smoothly executed rescue of Spain’s struggling Banco Popular prodded European banking stocks higher on Wednesday in financial markets dominated by caution ahead of a trio of major events on Thursday, Reuters reports. The absorption of Popular by Spain’s biggest bank Santander for a nominal one euro was the first use of a regime to […]
RBS investors to settle 2008 legal claim against state-backed lender
Businessam StaffJune 6, 2017
The group representing thousands of RBS investors in a long-running legal claim over its 2008 rights issue indicated on Tuesday that it would settle its claim against the state-backed lender, dampening the prospect of its former chief standing trial. Sky News has learnt that lawyers for, and directors of, the RBoS Shareholder Action Group informed […]
Cash rules as Nigerian ATMs account for 58.9% transactions on e-payment channels
Businessam StaffJune 2, 2017
According to the research arm of First Bank of Nigeria, data gleaned from a new report series from the National Bureau of Statistics in collaboration with the CBN reveal that 304 million transactions valued at N22 trillion were recorded on electronic payment channels in Q1 2017, that ATM transactions dominated with a volume of 179 […]
Italian banks sink on early election worries
Businessam StaffMay 29, 2017
There is concern over Italy’s banks and Britain’s national election dominated holiday-thinned European financial markets on Monday, from back off two-year highs. Sterling, hammered by a slump for Prime Minister Theresa May’s Conservatives in opinion polls last week, recovered after weekend polls confirmed the trend but showed her still on course to win next week’s […]
Mobile money companies in Ghana to be merged by November 2017
Businessam StaffMay 26, 2017
The Ghana Interbank Payment and Settlement Systems (GhIPSS), a wholly owned subsidiary of the Bank of Ghana, has been tasked by government to interoperate all mobile money companies by November this year. When done, mobile money users could send and receive money across networks. “So we will fully interoperate the four mobile money companies by November so that we can […]
CIBN received N27.6bn claims from bank customers in 2016
Businessam StaffMay 20, 2017
*Rakes in N439.6m from corporate subscriptions, levies The Ethics and Professionalism Division, of the Chartered Institute of Bankers of Nigeria (CIBN) says its received 136 petitions with claims that amounted to N27.6 billion from bank customers in 2016. The institute disclosed this in its 2016 Annual Reports and Accounts released on Saturday in Lagos. It […]
Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital
Businessam StaffMay 20, 2017
The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. “The next stage of the Information Revolution is under way, and building the businesses that will make […]
British Pound to Canadian dollar exchange rate benefits from Trump uncertainty
Businessam StaffMay 17, 2017
Despite Sterling weakness, the Pound to Canadian Dollar exchange rate has recovered from its weekly lows on Wednesday as the latest US political news puts investors off risk-correlated currencies like the ‘Loonie’. Early week trade saw GBP/CAD fall from opening levels of 1.7668 to a May low of 1.7534 on Tuesday. The pair clawed back […]
More Brits than ever being targeted by banking fraudsters – despite industry action to ‘protect customers’
Businessam StaffMay 16, 2017
Consumer group Which? claims it has not seen enough evidence of industry progress to protect customers, as it calls on the next Government to take tough action on financial fraud Financial fraud is as rife as ever, a consumer group has warned, five months after a regulator found evidence that Britain is not doing enough […]