Capital Market

The International Monetary Fund says it is closely monitoring the impact of the ongoing Israel-Hamas war on the world economy. The Managing Director of the IMF, Kristalina Georgieva, stated this on Thursday during a press briefing at the ongoing IMF and World Bank Group annual meetings in Marrakech, Morocco. She …

Owners of small-scale enterprises, Nigeria Employers’ Consultative Association, and manufacturers, who spoke to The PUNCH, expressed concern about the falling value of the naira, warning that it would lead to the shutting down of factories and attendant job losses. The naira has maintained a downward trend since the Central Bank …

The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said. It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation. The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s …

The Senate will on Tuesday, September 26, 2023 screen former Chairman of the Board of Citi Bank Nigeria, Olayemi Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN). The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join …

Guaranty Trust Holding Company Plc (GTCO) has released its audited consolidated and separate financial statements for the half year (H1) period ended June 30, 2023. The group’s results at both the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) showed it reported profit before tax (PBT) of N327.4billion, representing …

A Central Bank is remarkably different from a commercial bank. That is a statement of fact. A commercial bank basically attracts deposits at a given interest rate, and uses it to create loans at a higher interest rate, thereby making profit. In contrast, a Central Bank is a crucial economic …

The Nigerian National Petroleum Company (NNPC) Limited has secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank. In a short statement disclosing the deal, the NNPC said the commitment letter, which was signed at AFREXIM Bank’s headquarters in Cairo, Egypt on Wednesday, will enable it …

The Central Bank of Nigeria (CBN) has threatened to punish banks engaging in illegal sales of forex. The acting Governor of CBN, Folashodun Shonubi, who disclosed this during a lecture titled: “Diaspora Remittances and Nigerian Economic Development”, in Abuja, emphasised the importance of strict steps to restrict illegal remittances and …

AXA Mansard Insurance Plc has announced the appointment of a new Chairman, Dr. Kola Adesina (MFR) and some other board members. This insurer disclosed this in a statement to the Nigeria Exchange Limited (NGX), that was signed by the Company Secretary. Dr. Adesina is a consummate entrepreneur with experience in …

Financial institutions have been mandated by the Central Bank of Nigeria (CBN) to obtain the social media handles of customers for the purpose of identification. It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers. This is contained in the new …