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NIGERIAN BUSINESS NEWS
Based on the terms of the Rapid Financing Instrument, Nigeria is expected to pay back the loan between within 3¼ to 5 years.
Nigeria may need more than $3.4 billion from the IMF and bond buyers making it inevitable that the currency will be floated
The consistent slide of the naira in the parallel market is a pointer to the fact that CBN may further devalue the naira.
The Federal Government is requesting documents from ten banks, in a bid to get information that will help overturn a $9.6 billion arbitration award relating to a oil contract which the country feels is fraudulent.
Fidelity Bank Plc felt the impact of the downward adjustment in fees on banking transactions by Nigeria's apex bank, as Net Fee and Commission Income declined 25% y/y to N4.0 billion.
Nigeria's currency continued to depreciate at the forward market, as worries strengthened that the CBN might have to devalue the naira again.
The bank reported a profit after tax of N28.5 billion for the year well ahead of tier 2 banks like Sterling Bank, FCMB and Union Bank Plc
With all its strides in profitability, foreign exchange gains, and even an increase of well over a billion in its net gains on financial instruments, one lone item is baffling.
The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.
Interest Expense, on the other hand, declined 18% y/y to N8.9bn despite the 13% YTD growth in Customers Deposits
The Central Bank of Nigeria has lifted the temporary suspension of cheque clearing in the country with effect from Tuesday, April 28, 2020
NNPC has deferred disclosing its future oil export plans, as it tries to keep up with its own share of the oil output cut