Forex, money market rates remain stable
Foreign Exchange (forex) and money market rates may have recorded relative calm and stability going by last week’s transactions’ details, a marked difference from the volatility that engulfed the system in recent weeks.
Forex reserve plunges further to six months import cover
THE plummeting profile of the foreign exchange reserves, which has been a constant feature since the beginning of the year, has finally hit 2010 record low to $29.3 billion from $29.8 billion of the previous week.
Umeofia: ‘With Proper Incentives, Indigenous Manufacturers Can Fully Support Our Economy’
he Nigerian tomato paste market, which has a few indigenous producers, is dominated by imported products. Erisco Foods Limited is one of the indigenous producers. Following recent concerns of sub-standard and adulterated products flooding the market, however, the President of the food company, Eric Umeofia reassures consumers that its range of products remains one of the few in the country certified good for consumption.
Beyond ‘change’ mantra: The economic challenges, expectations
NO doubt, the nation’s economy needs change. But change on what? Of course, change in all economic indices- external and internal. These include our foreign exchange (forex) rate, forex reserves, reversal of outflow of Foreign Portfolio Investors (FPIs), other macroeconomic fundamentals, but mostly, the nation’s mode of prioritization of expenditure and allocation of resources.
Righting flaws of a novel cash facility in Nigeria
IN recent times, it has become clearer that intellectual capital and technology now rule the world. Almost all businesses, especially in advanced economies have become aware that they must adapt to the changing technology or be left behind.
Pulling weight as systematically important bank
Just like the demise of Lehman Brothers in the heat of the 2008 financial crisis engendered the Systematically Important Financial Institution (SIFI) theory in the United States, the Central Bank of Nigeria’s intervention to salvage the banking system in 2008, orchestrated the equivalent in Nigeria. The tottering financial system, the CBN said, depended on the SIFI banks as it pronounced them ‘too big to fail.
Evolution of a banking giant
First Bank of Nigeria Limited (FirstBank), established in 1894, is the premier bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in the country. The bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the bank commenced business on a modest scale in Lagos, under the name, Bank of British West Africa (BBWA).
Financial institutions and challenges of cyber crime
According to experts, in a report from the Global Trade Review (GTR), the traditional all-in-one Information Technology (IT) approach is no longer working and financial institutions should instead, build IT systems tailored specifically to each asset class on their balance sheet, giving priority to the most lucrative ones.
Imperatives of MSMEs’ development for nation’s growth
THE Central Bank of Nigeria (CBN) has reiterated the need to strategically position the Micro, Small and Medium Enterprises (MSMEs) to enhance the growth of the nation’s economy.
Sterling Bank chief bags top CEO award
The Managing Director and Chief Executive Officer of Sterling Bank Plc, Yemi Adeola, has been awarded the Outstanding CEO for his sustained efforts aimed at positioning the bank as a reference financial institution in the country and as a major player in the Nigerian Stock Exchange (NSE).
Why FG launched Development Bank of Nigeria (DBN)
As far as achieving these objectives are concerned, development banks have recorded mixed results but studies have also identified specific traits and characteristics that have allowed development banks to succeed. These traits include: having a clear mandate, being held to high standards of transparency, having adequate initial capitalization, and having strong internal governance such as an independent board, amongst others.