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Nigeria naira sheds 0.24 pct as demand for dollars grows

The Nigerian naira fell 0.24 percent against the dollar on Wednesday as demand for the U.S. currency strengthened despite the sale of large amounts of dollar by the local unit… Read more »

Fitch Upgrades Ecobank Transnational Incorporated to ‘B’; Outlook Stable

15 Oct 2014/Fitch Ratings (The Agency released this statement Wednesday) Fitch Ratings-London-15 October 2014: Fitch Ratings has upgraded Togo-based Ecobank Transnational Incorporated’s (ETI, the holding company of the pan-African Ecobank… Read more »

Phillips Oduoza, UBA CEO, Bags Leadership “Banker of the Year” Award

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)- Phillips Oduoza, , group managing director and CEO of United Bank for Africa (UBA) Plc, has bagged the Leadership “Banker of the Year” award… Read more »

Q2 2014 Report: CBN Says Currency-in-Circulation Fell by 4.9%

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-Currency-in-circulation in Nigeria fell by 4.9 percent at N1, 497.1 billion at the end of the second quarter of 2014, compared with the decline of… Read more »

UBA, MoneyGram Launch ‘Naija Sends’ Outbound Money Transfer Abroad

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-Africa’s global lender, United Bank for Africa Plc (UBA) on Monday said it has partnered world money transfer firm, MoneyGram to launch ‘Naija Sends’ outbound… Read more »

Mainstreet to Receive 121.4 Million Units of AMCON Series V Bonds

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-Acquired Mainstreet Bank Limited will receive holdings of 121,375,422 units of the Asset Management Corporation of Nigeria (AMCON) Series V Bonds (redeemed at par) by… Read more »

UK Export Finance Names Ecobank Nigeria, JPMorgan, others to Deliver £3b Support to Exporters

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-United Kingdom Export Finance (UKEF), has named Ecobank Nigeria, JPMorgan Chase and 18 other global lenders as its partnering financial institutions to help deliver £3… Read more »

IBFC to examine banking industry outlook

IBFCAlliance Limited says it will examine the banking sector outlook at a seminar scheduled to hold at the Intercontinental Hotel in Lagos on October 21. A statement by the company… Read more »

Naira hits seven-month low despite CBN support

The naira closed at a seven-month low against the dollar on Wednesday. The local currency closed against the greenback at N164.50, despite a Central Bank of Nigeria intervention. This came… Read more »

Fitch Says Nigerian Banks Doing Well Despite Hurdles

AMCON Levy Worsened bank earnings By Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)-Global rating agency, Fitch Ratings on Wednesday gave Nigerian banks pass mark despite the twin hurdles of tight monetary policy… Read more »