Money Market

NDIC Grants Banks N192.6 Billion Rebate on Insurance Premium

By Yakubu LAAH InvestAdvocate Lagos (INVESTADVOCATE)-The Nigeria Deposit Insurance Corporation (NDIC) on Friday said it has granted N192.6 billion rebate on insurance premium to banks in the last three (3) years, it said in a statement. According to the Corporation, the reduction of the premium base rate paid by Deposit […]

Nigerian overnight rate rises as central bank mops up liquidity

Fri Jan 23, 2015/Reuters Nigerian interbank lending rates climbed 2 percentage points to an average of 10.75 percent this week from 8.75 percent last week, after the central bank moved to support the ailing local currency by draining excess cash from the market. Traders said the cost of funds has […]

CBN Ups Weekly Forex Cash Sales to $30,000 per BDC

By InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday said it has reviewed upward the weekly forex cash sales to BDCs from $15,000.00 to $30,000.00 per BDC. The CBN in a circular sighted by InvestAdvocate dated January 23, 2015 and signed by Olakanmi Gbadamosi, director, trade and exchange […]