Nigeria Battles $6.8bn Overdue FX Forwards as Liquidity Crisis Worsens

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has appointed NOVA Merchant Bank as a duty collecting bank. This development will enable the young bank handle duty payments for its clients in addition to process and issue custom bonds along with guarantees on their behalf. A statement issued by the financial institution said this is in fulfilment of its commitment to constantly find new ways to serve its customers better. The bank now has the authorisation to collect import, excise and other duties for the customs. “We are excited about this appointment because it would enhance efficiency and improve turnaround

The Registrar and Chief Executive Officer of Chartered Institute of Bankers of Nigeria (CIBN), Mr Seye Awojobi, has commended Ecobank Nigeria’s various initiatives targeted at building the capacity of its workforce. He made this disclosure while speaking at the graduation ceremony of Ecobank pioneer management trainees in Lagos. Mr Awojobi, who was represented by Group Head, Membership Services, CIBN, Mr Akin Morakinyo, observed that over the years, the bank has accorded priority to various learning and development initiatives that expose staff to new career development within the banking industry. He emphasised that such competency improvement was important for the banking

By Modupe Gbadeyanka The board of Stanbic IBTC Bank Plc has confirmed the payment of N1.886 billion fine to the Central Bank of Nigeria (CBN). Some days ago, the apex bank slapped a fine of N5.9 billion on Stanbic IBTC Bank and three others; Diamond Bank, Citibank Nigeria and Standard Chartered Bank over their alleged role in the illegal repatriation of funds to South Africa by MTN Nigeria. In a statement to the Nigerian Stock Exchange (NSE) on Thursday, Stanbic IBTC Bank said the apex bank has deducted the N1.886 billion fine from its account. “Following our earlier announcement to

By Aduragbemi Omiyale A veteran Nollywood actress, Cynthia Okereke, has been reported dead by one of her colleagues, Joseph Okechukwu. The thespian, who was kidnapped some months ago along with another actor, Clemson Cornel, reportedly breathed her last night. “Rest in peace, Nwanyi oma. I’m shattered beyond words. The fact that I was about to pay for your flight ticket to come to finish what we started only to hear you went to be with Lord just last night is one of the toughest things I’ve ever had to deal with in recent times. “I pray I’m able to recover

By Modupe Gbadeyanka Stanbic IBTC Holdings Plc has announced a change to its tagline from Moving Forward to It Can Be. The outgoing CEO of the lender, which is a member of Standard Bank Group, Mr Yinka Sanni, while unveiling the new slogan, stated that these special times require a stronger connection with the organisation’s customers. According to the head honcho of the Nigeria’s leading end-to-end financial services provider, Sanni, new catchphrase represents Stanbic IBTC’s unwavering support to its customers. “As we continue to provide innovative banking solutions to give better customer experience, It Can Be, reflects the gradual and

By Adedapo Adesanya The Minister of State for Petroleum Resources, Mr Timipre Sylva, says the federal government is not responsible for the increase in the price of Premium Motor Spirit (PMS), otherwise known as petrol. According to Mr Sylva, the government is still subsidising petrol, with provision made to do that for the next few months. Speaking at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stakeholders’ consultation forum on regulations, Mr Sylva said the marketers are most likely to blame. “I can tell you authoritatively that we have not deregulated,” he said. “The government is still subsidising. If

By Dipo Olowookere The Nigerian Exchange (NGX) Group Plc has applied to exit the NASD over-the-counter (OTC) Securities Exchange, where it currently trades its shares, Business Post can authoritatively report. The company, which is an offshoot of the defunct Nigerian Stock Exchange (NSE), had its last trading session at the unlisted securities market on Friday, October 8, 2021. Last week, NGX Group announced its intention to list its stocks by introduction on the floor of the Nigerian Exchange (NGX) Limited, which is the main exchange of the country. “I am pleased to confirm that The Group intends to move ahead

By Dipo Olowookere About N44 billion has been shared to farmers in the country through the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN). Speaking last Wednesday at the 12th Abuja International Trade Fair in Abuja, Acting Director of Corporate Communication of CBN, Mr Isaac Okorafor, stated that the N43.92 billion disbursed to the local farmers was to help them in increasing their yields. He said so far, the programme has yielded positive results, expressing the bank’s continued commitment to the initiative. The CBN anchor borrowers’ scheme is to help beneficiaries get farm inputs to boost production