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Nigerian banks have restricted cash withdrawals from overseas Automated Teller Machines (ATM) only to those whose cards are linked to their domiciliary accounts funded locally. The banks have therefore suspended such withdrawals and encouraging travellers to open and fund dollar accounts. According to the Nation, lenders are also raising their card spending limits on Point of…
July 9, 2018
Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks, in a report released last night. According to the ranking, Zenith Bank was placed first in Nigeria and 402nd bank…
July 3, 2018
Lists Projects Tampered By NASS Lawmakers: We're Not Rubber Stamp By 'Dotun Akintomide President Muhammadu Buhari has accused federal lawmakers of tampering in no small way, the 2018 budgeted spendings he signed Wednesday. Buhari expressed his displeasure over the padding which according to him led to the replacement of some key projects proposed by the…
June 20, 2018
Visa said on Friday that a “service disruption’’ hit its payment system in Europe, leaving some businesses unable to process purchases by its cardholders. The extent and cause of the outage are unclear. “We are currently experiencing a service disruption, which is preventing some Visa transactions in Europe from being processed,’’ the card giant said…
June 2, 2018
The Nigerian Stock Exchange (NSE) market capitalisation on Friday closed negatively, for the fifth day, dipping further by N145 billion and recording a loss of N299 billion in two days. On Thursday, the exchange had pared its stock value by N154 billion, with market capitalization closing at N14.389 trillion. The free fall continued on Friday,…
May 25, 2018
By 'Dotun Akintomide Concerned by the likely impact of the 2019 election spendings on the economy, members of the Monetary Policy Committee (MPC) are unlikely to ease monetary policies during their two-day meeting starting today in Abuja, The New Diplomat has learnt. This comes as the inflation rate dropped to 12.48 per cent in March…
May 21, 2018
National Economic Council (NEC), comprising the 36 State Governors in the country has threatened to take over the responsibility of subsidising petroleum products in their states based on consumption following the huge amount of money being spent by the NNPC as fuel subsidy payment annually. The Chairman of Governors’ Forum, Gov. Abdulazeez Yari of Zamfara…
May 17, 2018
By 'Dotun Akintomide After six months of bitter logjam with the executive arm, the Senate has finally passed the 2018 Budget of N9.21 Trillion following the consideration and adoption of the Budget report laid on the floor of the upper legislative chamber Tuesday. The budget document was presented to a joint session of the National…
May 16, 2018
By 'Dotun Akintomide The signed a $2.5 billion bilateral currency swap between Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) will provide naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively. The transaction which is valued at Renminbi (RMB) 16 billion, or the equivalent of about $2.5bn…
May 4, 2018
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Nigerian banks have restricted cash withdrawals from overseas Automated Teller Machines (ATM) only to those whose cards are linked to their domiciliary accounts funded locally. The banks have therefore suspended such withdrawals and encouraging travellers to open and fund dollar accounts. According to the Nation, lenders are also raising their card spending limits on Point of…
July 9, 2018
Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks, in a report released last night. According to the ranking, Zenith Bank was placed first in Nigeria and 402nd bank…
July 3, 2018
Lists Projects Tampered By NASS Lawmakers: We're Not Rubber Stamp By 'Dotun Akintomide President Muhammadu Buhari has accused federal lawmakers of tampering in no small way, the 2018 budgeted spendings he signed Wednesday. Buhari expressed his displeasure over the padding which according to him led to the replacement of some key projects proposed by the…
June 20, 2018
Visa said on Friday that a “service disruption’’ hit its payment system in Europe, leaving some businesses unable to process purchases by its cardholders. The extent and cause of the outage are unclear. “We are currently experiencing a service disruption, which is preventing some Visa transactions in Europe from being processed,’’ the card giant said…
June 2, 2018
The Nigerian Stock Exchange (NSE) market capitalisation on Friday closed negatively, for the fifth day, dipping further by N145 billion and recording a loss of N299 billion in two days. On Thursday, the exchange had pared its stock value by N154 billion, with market capitalization closing at N14.389 trillion. The free fall continued on Friday,…
May 25, 2018
By 'Dotun Akintomide Concerned by the likely impact of the 2019 election spendings on the economy, members of the Monetary Policy Committee (MPC) are unlikely to ease monetary policies during their two-day meeting starting today in Abuja, The New Diplomat has learnt. This comes as the inflation rate dropped to 12.48 per cent in March…
May 21, 2018
National Economic Council (NEC), comprising the 36 State Governors in the country has threatened to take over the responsibility of subsidising petroleum products in their states based on consumption following the huge amount of money being spent by the NNPC as fuel subsidy payment annually. The Chairman of Governors’ Forum, Gov. Abdulazeez Yari of Zamfara…
May 17, 2018
By 'Dotun Akintomide After six months of bitter logjam with the executive arm, the Senate has finally passed the 2018 Budget of N9.21 Trillion following the consideration and adoption of the Budget report laid on the floor of the upper legislative chamber Tuesday. The budget document was presented to a joint session of the National…
May 16, 2018
By 'Dotun Akintomide The signed a $2.5 billion bilateral currency swap between Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) will provide naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively. The transaction which is valued at Renminbi (RMB) 16 billion, or the equivalent of about $2.5bn…
May 4, 2018
