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Oil prices head towards $80

Oil prices edged up this week on lost supply from Iran and Venezuela, although those supply concerns are somewhat offset by worries over demand. OPEC downgraded demand while the IEA said in a report that supply outages are “tightening up” the oil market. With Iran sanctions less than two months away, “we are entering a…

CBN revokes Skye Bank’s licence

CENTRAL BANK OF NIGERIA Gentlemen of the Press 1. You will recall that on 4th July 2016, we took a regulatory action on Skye bank Nigeria PLC. Specifically, this action led to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two…

Forex: CBN injects $317.52m, CNY 58.40m into Retail SMIS

The Central Bank of Nigeria (CBN) has continued its intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $317.52million in that segment of the market in addition to CNY58.40 million in the spot and short-tenored forwards segment. The figures obtained from the apex Bank on Friday, September 21, 2018, revealed…

Zenith Bank, GTBank boost stock market turnover

Equities market closed on a positive note, as NSEASI appreciated by +0.33% to close at 32,480.89 basis points as against -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.07%. Zenith Bank and Guaranty Trust Bank were volume shakers, boosting the stock market turnover. Market breadth closed positiv as WAPCO led 25 Gainers…

Zenith Bank remains stronger, with ”B and B”, ”ngA and ngA-1” ratings

Zenith Bank’s asset quality remained stronger than that of its domestic peers and that despite the slow economic recovery in Nigeria, it continues to report sound earnings generation. Consequently, the latest S&P Global Ratings affirmed B/B’ global scale and ‘ngA/ngA-1’ national scale ratings on Zenith. The stable outlook on Zenith reflects that in Nigeria and…

FAAC shares N714.81bn to FG, states, LGs

The Federation Account Allocation Committee (FAAC) disbursed N714.81bn to the three tiers of government in August 2018 from the revenue generated in July 2018. The disbursed was N597.97bn from the Statutory Account, N79.81bn from Valued Added Tax (VAT), N12bn additional distribution funds from NNPC and N25.03bn FOREX distribution. A breakdown shows that the Federal Government…

Suspension of national carrier project, bold step- Airline operators

The Airline Operators of Nigeria (AON) on Thursday commended the Federal Government for taking bold step to suspend the planned National Carrier Project in the interest of the nation. The Chairman of AON, Capt. Nogie Meggisson, said that the move was in response to cries for reason put forward by the operators. Meggisson said that…

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