Trump says U.S. economy ‘handcuffed’ by Fed, wants further rate cut
Businessam Staff
August 9, 2019
Donald Trump, U.S. president, on Friday called on the Federal Reserve to lower interest rates by a full percentage point, saying the nation’s economy was being “handcuffed” by the U.S. central bank’s monetary policy. Trump, speaking to reporters at the White House, said a strong U.S. dollar was hurting American manufacturers and that the Fed […]
Naira closes at N359.3 to dollar at parallel market
Businessam StaffAugust 9, 2019
The Naira on Thursday was sold at N359.3 to the dollar at the parallel market in Lagos. The pound sterling and the euro closed at N450 and N396, respectively. At the bureau de change (BDC) segment, the naira traded at N359.3 to the dollar, while the Pound Sterling and the Euro closed at N450 and […]
Analyst say forex restriction on milk import will save foreign reserves as falling oil prices threaten budget
Kenneth AforAugust 8, 2019
By Kenneth Afor The planned Central Bank of Nigeria (CBN) foreign exchange restriction on importation of milk will help to protect Nigeria’s foreign reserves and may just be appropriate for these times as global oil prices begin to be shaky and threaten the 2019 budget, an investment analyst has said. The Nigerian economy is expected […]
Insurance companies claim payments rise to N79bn in 2018
Businessam StaffAugust 8, 2019
In a bid to compensate insured Nigerians for the misfortunes they experienced in 2018, ten underwriting firms have paid the claims of N78.6 billion. The affected firms are: Leadway Assurance Company Limited, AIICO Insurance Plc, FBN Insurance Limited, Consolidated Hallmark Insurance Plc, Sunu Assurance Nigeria Plc, African Alliance Insurance Plc, Staco Insurance, Nigerian Agricultural Insurance […]
Dollar, yuan stronger as risk sentiment improves
Businessam StaffAugust 8, 2019
The dollar index inched higher on Thursday and the Chinese currency strengthened after the Chinese central bank fixed the yuan at a stronger level than expected, boosting risk appetite. The People’s Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0039, however, the fixing was still the weakest in more than a decade. “Last […]
CBN auctions N115bn treasury bills to boost dollar liquidity
Businessam StaffAugust 8, 2019
The Central Bank of Nigeria sold a total of N114.6 billion worth of treasury bills Wednesday, in its first of such auction since mid-July as it seeks to boost dollar liquidity in the currency market. The Bank offered to sell N100 billion of bills in maturities of three, six and 12 month, but got bids […]
Agusto & Co. assigns “Aa-” rating to UBA
Businessam StaffAugust 7, 2019
Agusto & Co. limited has just assigned an “Aa-” rating valid till June 30, 2020 to United Bank for Africa (UBA) Plc. According to the ratings agency, the newly assigned rating to UBA reflects the Bank’s performance as underpinned by its good liability generation strategy and upheld by a strong brand franchise. This is in […]
CBN intervenes with $210m in forex market
Businessam StaffAugust 6, 2019
The Nigerian inter-bank foreign exchange market received another boost with an injection of about $210 million from the Central Bank of Nigeria (CBN) on Tuesday Details of the transactions showed the bank offered $100 million to authorized dealers in the wholesale sector of the market. Another $55 million each was also allocated to the small […]
China says U.S. currency manipulator labeling could cause chaos in financial markets
Businessam StaffAugust 6, 2019
China’s central bank said on Tuesday that Washington’s decision to label Beijing as a currency manipulator would “severely damage international financial order and cause chaos in financial markets”. Washington’s decision to ratchet up currency tensions on Monday would also “prevent a global economic and trade recovery,” the People’s Bank of China (PBOC) said in the […]
NAICOM says insurance companies cannot take loans for recapitalisation
Businessam StaffAugust 5, 2019
The National Insurance Commission (NAICOM) says insurance companies cannot take loans to meet the newly introduced capitalisation requirement. Speaking on Saturday at a seminar organised for journalists on Saturday, Pius Agboola, NIACOM’s director of policy said the recapitalisation exercise will change the negative image of the sector and increase its contributions to the country’s gross […]