Trading resumes on bearish note

January 2, 2019

Trading activities resumed for the year on the Nigerian Stock Exchange (NSE) on a bearish note with the All-Share Index dropping by 1.15 per cent. Reports have it that the index which opened at 31,430.50 shed 360.44 points or 1.15 per cent to close at 31,070.06 due to losses by some highly capitalised stocks. Also, […]

Nigeria commences mandatory use of national identity number

Nse Anthony-UkoJanuary 2, 2019

In line with federal government directive, the implementation of mandatory usage of the National Identification Number (NIN) has commenced with effect from January 1, 2019, the National Identity Management Commission (NIMC) has announced. At its meeting on September 12, 2018 chaired by President Muhammadu Buhari, GCFR, the Federal Executive Council (FEC) approved the new National […]

Abuja, Cross River, Kebbi residents pay highest transport fare in November

Nse Anthony-UkoDecember 27, 2018

Residents of FCT, Cross River and Kebbi states paid the highest bus fares within their cities in November, the National Bureau of Statistics (NBS) has said. The bureau, in its transport fare watch report for November, said residents of Abuja, the Federal Capital Territory paid an average of N395.00; residents of Cross River paid N320.00 […]

Bank of China plans perpetual bond sale in capital push

December 26, 2018

Bank of China plans to sell as much as 40 billion yuan ($5.8 billion) of perpetual bonds in what could be the nation’s first ever issuance of such debt by a lender. Shareholders approved the proposal at the end of June, the bank’s representatives said Wednesday in response to Bloomberg queries. Approvals are awaited from […]

Dollar Exposed to Dysfunction and Paralysis in Washington

December 25, 2018

Mounting political risks from Washington are adding to reasons for traders to be bearish about the dollar as the market hurtles toward the end of 2018. Most forecasters were already predicting that the greenback, which this month touched its strongest level in a year and a half, would be in for a rougher time in […]

276,852 PoS transactions failed on Christmas Eve —NIBSS

Chris IkosaDecember 25, 2018

About 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve were not successful according to records from the Nigeria Inter-Bank Settlement System Plc.  As of 8.13pm on Monday, the NIBSS revealed that a total volume of 1,107,229 transactions were conducted with an average processing time of 15 minutes, 49 seconds. […]

$8.1b remittance: MTN no longer to reverse historical dividend payments – CBN

Nse Anthony-UkoDecember 25, 2018

The Central Bank of Nigeria has announced the resolution of its dispute with MTN Communications Limited, saying the company will now atone only for the illegal remittances on preference shares issued in 2008. Isaac Okorafor, CBN’s spokesman and director of corporate communications, announced the breakthrough in a statement published on the bank’s website on Monday. […]

FG pays $12bn, N2.3trn inherited debts, says to increase tax base not rates

Nse Anthony-UkoDecember 25, 2018

The Nigerian government said it has settled no less than $12.2 billion and N2.3 trillion inherited debts and liabilities handed over to the current administration within the last three years. Among these debts and liabilities include $5.4 billion Paris club over deductions refunded to sub-nationals; $6.8 billion for Joint Venture (JV) Cash Call; N1.9 trillion […]

NAICOM halts SIP program to please insurance brokers 

Adesola AfolabiDecember 21, 2018

In a move to foster the growth and development of the insurance sector through insurance brokers, the National Insurance Commission (NAICOM) has ordered the immediate withdrawal and cancellation of operational guidelines on State Insurance Producers (SIP). NAICOM had earlier released the SIP guidelines, which it planned to commence January 1, 2019 and pegged the operational […]