• Stanbic IBTC Makes N16bn Profit In Q1

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    Stanbic IBTC Holdings Plc has declared a profit after tax of N16.074 billion for the first quarter ended March 31, 2017. This showed an increase of 106.31 per cent over the N7.791 billion recorded in the corresponding period of 2016. The results released to the Nigerian Stock Exchange (NSE) yesterday in Lagos showed that its…

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  • ‘CBN’s Sectoral Forex Strategy Stabilises Naira’

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    Steps taken by the Central Bank of Nigeria (CBN) to commence sectoral foreign exchange interventions may have started yielding positive results by way of stabilising the exchange of the Naira against major currencies and greenback in particular. The effect of this initiative was easily noticed over the weekend as those operating in the small and…

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  • Lagos: Banks ATM Dry Up In Liquidity Crunch

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    Many bank customers were left stranded during holiday period as Automated Teller Machines of banks ran out of cash in most parts of Lagos. ATMs of most of the banks visited by Leadership in some parts of Lagos were not dispensing cash as at yesterday and customers were advised to make use of other ATMs…

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  • Nigeria’s Reserves Rise By $109m In 12 Days

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    Although the Central Bank of Nigeria has been consistent in its supply of dollars at the foreign exchange market at both the interbank and bureau de change end of the markets, the external reserves of the country has continued to rise, growing by $109.66 million or 0.36 per cent in the first 12 days of…

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  • CBN Opens Forex Window For SMEs, Sells $141m

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    The Central Bank of Nigeria (CBN) has opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. Acting Director, Corporate Communication of the CBN, Isaac Okorafor, in a statement yesterday said  the apex bank’s special intervention was…

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  • Guaranty Trust Bank Shareholders Approve N59bn Dividend

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    Guaranty Trust Bank (GTBank) Plc shareholders have approved a total dividend payout of N58.89 billion for the 2016 financial year. The shareholders gave the approval  in Lagos, at the bank’s Annual General Meeting (AGM). They also hailed the management of the bank for its policy of constantly paying them dividend. Also, the bank said it…

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  • IMF Revises Nigeria’s Growth Outlook Upwards

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    The International Monetary Fund has revised upwards its economic outlook for Nigeria from 0.2 per cent and 0.7 per cent growth for 2017 and 2018 to 0.8 per cent and 2.3 per cents respectively on increased oil production and improved security in the country. The federal government had quelled the violence in the oil rich…

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  • BDC Directors Move To Narrow Exchange Rate Gaps

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    Directors of over 3,000 Bureaux De Change (BDCs) will be meeting today in Lagos, to take strategic decisions on ways to force down dollar rates and narrow the gaps between official and parallel market rates. The emergency meeting became exigent following last week’s sudden depreciation of the naira against dollar, which the operators said is…

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  • Kicking Off Support For Agric SMEs

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    The Central Bank of Nigeria (CBN) recently released the guidelines for the Agricultural Small/Medium Enterprises Investment Scheme (AGSMIES) an initiative of the Bankers Committee to ensure that more funding goes to small businesses particularly in the agriculture sector in an effort to help restore the  Nigerian economy. Last year at its annual retreat in Lagos,…

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