FX Trading: CBN Lifts Ban On 9 Banks

Image

CBN suspends

By Dipo Olowookere

The nine commercial banks barred from trading in the foreign exchange market by the Central Bank of Nigeria (CBN) have been re-admitted into the market.

The CBN had placed a ban on nine banks operating in Nigeria last week for failing to remit about$ 2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the federal government.

But less than 24 hours later, one of the affected banks, UBA Plc, was reinstated after it sorted out its issue with the apex bank.

Announcing the lifting of the embargo on Wednesday in Abuja, CBN’s Director of Banking Supervision, Mrs Tokunbo Martins, explained that the apex bank readmitted the banks into the forex market after they presented repayments plans.

The CBN explained further that it was not out to victimise any bank, but had to take the earlier step because it was necessary.

The nine suspended bank and the amount owed are:

United Bank for Africa (UBA) -$530m;

Diamond Bank Plc-$287m;

First Bank of Nigeria (FBN)- $469m;

First City Monument Bank (FCMB) -$125m;

Sterling Bank Plc-$269m;

Skye Bank Plc -$221m;

Fidelity Bank -$209m;

Heritage Bank-$85m; and

Keystone Bank- $139.

Share
Related Stories
Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
03-March-2024

Abuja Residents Loot NEMA Warehouse as Hardship Bites Harder

By Adedapo Adesanya As hardships spurred by the rising cost of food, fuel, and other basic needs bite harder, some residents of the Nigerian capital, Abuja, broke into a government warehouse in the city to loot food items on Sunday morning. According to reports, the incident, which involved a warehouse belonging to the National Emergency Management Agency of Nigeria (NEMA), happened around 7 am and continued for about two hours. Amid the current economic realities in the country, there has been a spate of breaks in and looting of both private and public storage units by residents. The warehouse looted

Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

More Stories
Image
04-August-2021

Nigeria Gets $3.35bn SDR Allocation from IMF

By Adedapo Adesanya Nigeria has been allocated about $3.35 billion as part of a historic SDR456 billion Special Drawing Rights (SDRs) by the International Monetary Fund (IMF). The global lender, as part of efforts to boost global liquidity as the world economy faces an unprecedented crisis, approved the general allocation of SDRs equivalent to $650 billion to boost the global economy. The amount allocated to Nigeria is as a result of the exchange rate of reference which is 0.702283 SDR equivalent to a Dollar, meaning that and Nigeria has 2.4545 billion SDRs. Although it is not a currency, the SDR

Image
17-August-2022

Twitter Launches Optimisation Tools for Better Business Advertising

By Adedapo Adesanya As part of efforts to make business advertising better, Twitter has announced three new products that will further advance its optimisation models, conversion options, and measurement solutions. In a statement, the platform said, “We’re excited to share that the new and improved Twitter Pixel, Conversion API, and App Purchase Optimization are launching globally to all Twitter advertisers. We’ve been hard at work since our last update, and have now hit an important milestone that creates value on top of the measurement and optimization solutions we launched earlier this year.” The new Twitter Pixel is a measurement solution

Image
15-March-2021

Oyo Lawmaker Urges Politicians to Provide Basic Needs to Masses

By Dipo Olowookere Politicians have been urged to prioritise the interest of the masses and provide them with the basic amenities that could make their lives meaningful. A lawmaker in Oyo State, Mr Seyi Amusa, who gave this advice, said politics remains the biggest platform to create impact and solve the underdevelopment problems in the society. Mr Amusa, who represents the people of Afijio in the Oyo State House of Assembly, said the people deserve to enjoy a better life, promising to always do his best to provide the basic needs of his constituents. Speaking at the commissioning of a

Image
09-December-2019

The Imperatives of Re-nominating Ibrahim Magu for Senate Confirmation

By Edwin Ekene Upon assumption of office in 2015, President Muhammadu Buhari left no one in doubt about his determination to ‘kill corruption’ in Nigeria. Fight against corruption was one of his major campaign promises both in the 2015 and 2019 presidential elections. At a time which impunity, flagrant display of ill-gotten wealth and economic subjugation and oppression was on the verge of disconnecting the country from the league of civilised nations of the world, President Buhari added flesh to one of his campaign promises by appointing Ibrahim Mustapha Magu as the Acting Chairman of the Economic and Financial Crimes

Image
20-June-2023

IFC, Bank of Kigali Partner to Boost Trade in Rwanda

By Adedapo Adesanya  Rwanda’s Bank of Kigali has joined the International Finance Corporation (IFC)’s Global Trade Finance Programme (GTFP), which positions it to support the growth of trade finance in the country. This will be the first project under the MIGA IFC Trade Finance initiative, where MIGA and IFC jointly support selected public banks in emerging markets for cross-border trade flows. The $20 million trade finance facility from IFC, which will be issued as a guarantee for Bank of Kigali, will complement the bank’s capacity to deliver trade finance solutions and assist in developing new trade partnerships with foreign correspondent

Image
29-November-2023

Salesforce, AWS Expands Collaboration With Enhanced Integrations

By Modupe Gbadeyanka Salesforce and Amazon Web Services (AWS) have expanded their strategic partnership, deepening product integrations across data and artificial intelligence (AI). The new and enhanced integrations will include streamlining purchasing options for customers via the AWS marketplace, enhancing customer experiences through unified data management, empowering developers with new AWS compute and development services, securely bringing AWS data and AI services to Salesforce’s Einstein 1 Platform, and ensuring seamless customer service with service cloud and Amazon connect. It was gathered these features will enable customers to seamlessly and securely manage their data across Salesforce and AWS, and safely and

Image
22-September-2018

NSE Index Closes Week Bullish, Gains 0.18%

By Dipo Olowookere Life was brought back on the trading floor of the Nigerian Stock Exchange (NSE) on Friday after the market closed in the green territory. Gains recorded by stocks in the oil and gas, banking and consumer goods sectors helped the NSE Index rise by 0.18 percent yesterday, reducing the year-to-date loss to 14.91 percent. The All-Share Index (ASI) increased by 59.28 points to close at 32,540.17 points, while the market capitalisation appreciated by N22 billion to settle at N11.880 trillion. Seplat recorded the highest price appreciation yesterday with N22 added to its value to settle at N622

Image
27-September-2017

Heritage Bank Reaffirms Support for Nigeria’s Entertainment Sector

By Dipo Olowookere The importance of the showbiz industry to Nigeria’s Gross Domestic Product (GDP) cannot be pushed aside and as a result, Heritage Bank Plc has reiterated its commitment to the growth and development of the country’s creative industry. In an assessment of the industry’s performance done recently, Nollywood defied recession and had grossed an amazing N1 billion from a record 50 indigenous movies in 2016- its best box office returns ever. Group Head, Corporate Communications at Heritage Bank, Mr Fela Ibidapo, in a chat with journalists after the viewing of part one of a movie titled: A Soldier’s

Ad
Ad
Recent Stories
Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same