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Foreign lenders reduce credit to Nigerian banks

Indications have emerged that a number of foreign banks have started suspending short and medium-term credit lines to their Nigerian counterparts as falling crude oil prices continue to fuel exchange… Read more »

Naira Closes at 211/ $1 in Parallel Market

By InvestAdvocate Lagos (INVESTADVOCATE)-The Nigerian local currency the naira on Wednesday closed at 211/$1 U.S dollar compared to N210 it traded on Tuesday at the parallel market (black market). Godwin… Read more »

$34 Billion Nigeria External Reserve, Adequate for FOREX Demands-Emefiele

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has said the current $34 billion Nigeria’s external reserve is adequate to meet all legitimate… Read more »

AMCON transfers Enterprise, Mainstreet banks to new owners

The Asset Management Corporation of Nigeria has transferred the ownership of Mainstreet Bank Limited and Enterprise Bank Limited to their new owners, Skye Bank Plc and Heritage Bank Limited, respectively…. Read more »

Naira Now Sells for 210 in Parallel Market

By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)- The Nigerian local currency the naira on Tuesday crashed against the U.S dollar and traded N191.10 reported Monday to N210 at the parallel market… Read more »

Nigeria’s banks flex muscles in tussle for control of naira

Tue Jan 27, 2015/Reuters * Commercial banks regularly halting naira trade * Banks insist they want transparent, open FX market * Plunging crude has pushed currency to record lows Wrapping… Read more »

NDIC takes over 21 Primary Mortgage Banks

The Nigeria Deposit Insurance Corporation (NDIC) has taken over 21 Primary Mortgage Banks (PMBs) that fell short of the Central Bank of Nigeria (CBN) regulatory guidelines. NDIC Managing Director, Alhaji… Read more »

BoI, 10 banks sign MoU on SME financing

The Bank of Industry has signed a Memorandum of Understanding with ten banks to provide loans at low-interest rate to the Small and Medium Enterprises sub-sector. According to the MoU,… Read more »

Naira Closes at New Record low of 191.10

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-Nigeria’s local currency the naira on Monday closed at a new record low of N191.10 compared to Friday’s N190.60 despite the intervention by the Central… Read more »

UBA boss sees no significant naira devaluation

The Group Managing Director and Chief Executive Officer, United Bank for Africa Plc, Mr. Phillips Oduoza, says he does not see any significant devaluation of the naira happening in the… Read more »