A group of analysts at ARM Research have disclosed that the Central Bank of Nigeria (CBN) intervention sales at the Investors and Exporters Foreign Exchange Window (I&E FX) declined 62.5 per cent to $453 million in January 2019. According to them, a total $1.2 billion was accumulated amount CBN sold in specialized window in December […]
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Money Market
CBN lists measures for anti-money laundering, combating financing of terrorism
The Central Bank of Nigeria (CBN) has warned employees of financial institutions to avoid establishing relationships with individuals or entities who may pose undue reputational risks to their organisations. The regulator also warned staffers to protect banks’ integrity and fair dealing by ensuring that customers and transactions which financial institutions engage in are legitimate. Opposition […]
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How IFRS9 implementation will affect banks’ performance —Heritage Bank MD
Implementation of the International Financial Reporting Standards-9 (IFRS-9) this year by Nigerian banks will increase requirements for the classification of assets deficiency by deposit money banks (DMBs). In this interview, the Managing Director/Chief Executive Officer, Heritage Bank Plc, Mr Ifie Sekibo, speaks with Mgboji Kelechukwu on how this will invariably lift general confidence in banks and other financial institutions, among other issues
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CBN injects $289.76m, CNY 38.70m into Retail SMIS
Following its maiden Monetary Policy Committee (MPC) meeting for 2019, the Central Bank of Nigeria (CBN) on Friday, January 25, 2019, injected the sum of $289.76 million into the retail Secondary Market Intervention Sales (SMIS) and CNY38.7 0million in the spot and short-tenored forwards segment of the inter-bank foreign market. The Director, Corporate Communications Department […]
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High yield T-bills not good for economy, says Heritage Bank MD
THE Managing Director/Chief Executive Officer of Heritage Bank, Mr IfieSekibo, has joined the ranks of analysts calling for lower interest rates if only to make credit available for sectors of the economy that require funds for economic growth, particularly the manufacturing sector. Battle for presidency: APC, PDP boasts of victory Speaking with journalists on the […]
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CBN may spend $53bn to support naira this year
THE central Bank of Nigeria (CBN) is likely to throw a whopping $53 billion at the foreign exchange market in its expensive policy drive to provide forex liquidity in order to support the Naira and keep the local currency stable. This amount, when converted to the Naira at the official CBN rate of N310 per […]
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N449.37bn inflows from maturing bills may moderate yield
HIGH activities bolstered by inflows from foreign portfolio investors at the fixed income market and the equities market helped to moderate yield last week. But this trend may be bulked this week given the anticipated release of the bond calendar on today expected to spur mild sell-offs in the bond space, whilst tepid trading is […]
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CBN may intensify OMO auctions to offset N429.6bn maturing T-bills
THE Central bank of Nigeria (CBN) is scheduled to repay N429.6 billion maturing Treasury bills with likely sum rolled over. The market players expect conduct of OMO auctions by the apex bank to offset maturities worth N560.9 billion. And, in line with recent trend, rates at the auction are expected to remain at attractive levels […]
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CBN injects $263m, 39m yuan into Retail SMIS
THE Central Bank of Nigeria (CBN) on Friday, January 11, 2019, injected the sum of $263 million into the Retail Secondary Market Intervention Sales (SMIS), being its first intervention in that sector this year. This was in addition to the sum CNY 39 million consummated through a combination of spot and short-tenored forwards, arising from […]
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Heritage Bank set to deepen full stream retail banking, sustainable growth
HERITAGE Bank Plc has restated commitment through its growth strategy to deepen its full stream retail banking franchise to match the rapidly changing needs of its customer, as well give the unbanked, especially in the rural areas the opportunity to enjoy seamless financial services. Onnoghen: South-South Governors in emergency meeting. The MD/CEO of Heritage Bank, […]
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