Analysts see renewed volatility in global financial markets
Businessam Staff
May 3, 2018
Though the bouts of volatility in early February and late March that spooked investors were confined to equity markets, authors of an International Monetary Fund blog (IMFBlog) article – Volatility Strikes Back – say the developments illustrate the potential for sudden market moves to expose fragilities in the financial system more broadly. The authors specifically […]
Nigeria central bank signs currency swap agreement with the People’s Bank of China
Businessam StaffMay 3, 2018
The Central Bank of Nigeria (CBN) Thursday announced the execution of a bilateral currency swap agreement with the Peoples Bank of China (PBoC). The transaction, which is valued at Renminbi (RMB) 16 billion, or the equivalent of about $2.5 billion, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and businesses, […]
World food prices edged marginally higher in April – FAO
Businessam StaffMay 3, 2018
World food prices edged marginally higher in April from March, with the prices of most cereals and dairy products continuing to rise while sugar fell further, the Food and Agricultural Organisation (FAO) said Thursday, according to a Reuters report monitored by businessamlive. Specifically, the United Nations agency said food price index, which measures monthly changes […]
Positive outlook for Nigerian stocks in May as month opens with N13.8bn gain
Businessam StaffMay 2, 2018
By Adesola Afolabi There exist ample room for Nigerian investors on the equities segment of the Nigerian Stock Exchange (NSE) to re-coup previous month’s loses in May, says market research analysts. The month of May began on a positive note as the NSE All Share Index (ASI) inched higher for the third consecutive session by […]
Middle East faces ‘matrix of risks,’ IMF warns
Businessam StaffMay 2, 2018
Tightening liquidity, trade tensions and ongoing structural issues mean that Middle Eastern nations are facing a multitude of challenges, according to the International Monetary Fund’s (IMF) regional director, Jihad Azour. The director of the Middle East and Central Asia Department at the IMF said that “The matrix of risks has local or regional components, as […]
Nigeria’s central bank says head office not on fire
Businessam StaffMay 1, 2018
Central Bank of Nigeria spokesperson, Isaac Okorafor, has denied trending online claim that its head office was on fire. Okorafor issued a statement to debunk the claim. Following is his statement sent businessamlive via WhatsApp: “Reports that the Cenyral Bank of Nigeria (CBN) head office building is on fire are false. Passers by who saw […]
Nigeria’s manufacturing index expands for 13th consecutive month to 56.9 points
Businessam StaffMay 1, 2018
The manufacturing purchasing managers’ index (PMI), an indicator of the economic health of the manufacturing sector, grows to 56.9 index points in April 2018, indicating expansion in the manufacturing sector for the 13th consecutive month, a Central Bank of Nigeria (CBN) PMI report for the same month released Monday has shown. This, the central bank […]
Nigeria stocks index down 0.57% in April as investors gain N8.4bn on last trading day
Businessam StaffApril 30, 2018
April was a bearish investment month at the equities segment of the Nigerian Stock Exchange (NSE). Although the equities market on Monday began the first day of trading for the week on a positive note. The performance indicator at the NSE, the All Share Index (ASI), gained 0.06 percent to close the day at 41,268.01 […]
Over 35% of financial services’ revenue at risk by 2025
Businessam StaffApril 30, 2018
The digital revolution sweeping through the banking sector is set to wipe out about 35 percent of earnings on some financial products by 2025 as new technology companies (fintechs) drive down prices and erode traditional lenders’ profit margins. This is one of the main submissions of Akinsope Roberts, lead, digital and robotics practice, Ernst &Young, […]
Nigeria Inter-bank Settlement Systems Plc. ready for instant clearing of cheques
Steve OmanufemeApril 30, 2018
The disruptive impact of technology on the financial services industry would soon usher in instant clearing of other bank cheques in the country, according to Yele Okeremi, the chief executive officer of Precise Financial Systems Limited. Yele disclosed this at the maiden business a.m./GTI Finance and Investment Dialogue held on Thursday in the Marina Central […]