Nigeria Inter-bank Rate Triples As Lenders See Lower Naira Liquidity

Interbank rate soared to 60 percent in Nigeria on Tuesday fro 18 percent , as commercial lenders expected the Central Bank of Nigeria to debit about N1.2 trillion to cover forex purchases, traders said.

Nigeria Ministry Of Finance Brought To Her Kneels As Workers Continue To Demand Removal Of Adeosun As Minister

For the second day running, workers of the Ministry Of Finance continued their protest, shutting down all entrances to the headquarters of the ministry over unpaid N1.2billion special overtime allowance.

A statement released  on Monday  by the ministry said  the workers’  demands ,which were  stopped  in 2014, do not exist in the Civil Service Rules and Financial Regulations. But the workers have remained adamant to the explanation, insisting on the payment of what they claimed are their entitlements.

Sterling Bank Concludes IT Upgrade

In line with its mandate to enrich the lives of customers through efficient and prompt delivery banking services, Sterling Bank has concluded the upgrade of its information technology infrastructure.

About 24 months back, the bank had commenced the upgrade of its core and subsidiary systems, transiting to more robust, agile and flexible platforms that are more adaptable to the dynamic banking needs of customers and position the Bank for long term sustainable growth.

Naira Falls Against The Dollar Again

The naira traded 1.1 percent weaker at 285 to the dollar at 11 am, with $9 million traded. 

The naira extended its losing run against the dollar for a second day on Tuesday. The naira traded 1.1 percent weaker at 285 to the dollar at 11 am, with $9 million traded. It, however, traded at N280 to a dollar at 1 pm.

The naira had slumped 30 percent on Monday. The central bank caved into pressure to effectively devalue the naira in the wake of falling prices for oil, the country’s main export, announcing last week that it would abandon its 16-month-old peg at 197 to the dollar.

Nigeria Lost $2.2b Due To Lack Of Shipping Line - Minister

Nigeria lost $2.2 billion in 2014 due to lack of an international fleet, a Ministerial Committee on Modalities for the Establishment of a Nigerian Fleet, has said.

The committee stated that Nigeria would have earned $2.2 billion if 50 per cent of the ships that came into the country were Nigerian ships.

Its Chairman, Olu Akinsoji who spoke yesterday in Abuja during the presentation of the report of the committee to Minister of Transport, Rotimi Amaechi, lamented that the country was losing huge sums of money for not having a ship to carry the country’s cargo.

Vote For Brexit Is 'Financial Suicide' For British Homeowners: Wilbur Ross

British home prices will plummet if the United Kingdom votes to leave the European Union this week, billionaire investor Wilbur Ross said Tuesday.

The bulk of WL Ross & Co.'s business in the U.K. is in mortgage lending. Ross sees a home price collapse hitting older Britons particularly hard. Older people are skewing to vote to leave the EU in Thursday's referendum, according to polls.

Instagram Users Top 500 Million

There are now half a billion active users on the photo-sharing app Instagram, the company has said.

More than 300 million people use it at least once a day, it added. The service was bought by Facebook in 2012 for about $1bn (£677m), and has grown rapidly ever since.

More Job Loss In Ecobank As It Plans To Close Some Of Its Operational Centers

Some staff of Ecobank across African countries will soon say goodbye to their jobs as management  is set to review their expansion strategy by closing some of their branches due to decline in profits.

eTranzact Sets To Reduce Unbanked Nigerians To 10% This Year

etTranzact says it will ensure that the unbanked population of Nigeria is reduced to 10 percent in the country through the exploration of Network of the  Nigerian Postal Services.

The e-payment solution provider stated this while responding to an enquiry on why it abandoned its 2008 agreement with NIPOST to drive the growth of mobile money services and subsequently reduce Nigeria’s unbanked population.

CBN Appoints Wema Bank as FXPD

 The Central Bank of Nigeria on Monday appointed Wema Bank Plc as one of the primary dealers in the foreign exchange inter-bank market in the country.

The bank said in  a statement that with this new appointment, it was positioned as one of the banks to deal with the CBN in wholesale foreign exchange transactions (minimum of $10m) on a two-way quote basis, among other obligations as stated in the new forex guidelines.

CBN Resolves To Clear All Backlog of Forex Demand In The Country

The Central Bank of Nigeria has resolved to clear all the backlog of forex demand of about 5 billion dollars in the country through spot and forward settlements.

According to a statement released by the Acting Director, Corporate Communications of the Central Bank, Mr Issac Okoroafor, the move is to engender confidence, ensure credible price formation and sustain the integrity of the Nigerian inter-bank FX market.

Oi Files For Brazilian Record $19 Billion Bankruptcy Protection

Oi SA filed for bankruptcy protection on 65 billion reais ($19 billion) in debt -- a Brazilian record -- after failing to reach an agreement with creditors, the last straw following a series of mergers and leadership changes that failed to help the phone company get on solid financial footing.

Brazil’s fourth-biggest wireless company sought protection from creditors so it could keep serving customers, the company said in a filing Monday. Talks with creditors had stalled last week after some board members disagreed with a plan by bondholders to swap debt for equity, giving them 95 percent of the company and leaving current shareholders with a 5 percent stake.

China Spends More on Infrastructure Than the U.S. and Europe Combined

Despite a crying need for better infrastructure, investment in it has fallen in 10 major economies, including the U.S., since the financial crisis, according to a new study by the McKinsey Global Institute. Meanwhile, China is still going gangbusters on roads, bridges, sewers, and everything else that makes a country run.

Pound Rises to Highest Level Since EU Referendum Date Was Set

The pound climbed against the dollar, reaching its highest level since before the U.K. set the date of its vote on whether to leave the European Union.

Just two days before the vote, sterling is heading for its biggest three-day gain since 2009. The currency climbed to as high as $1.4783, stronger than at any point since Prime Minister David Cameron announced the date of the vote in February.