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Access Bank Takes Over Diamond Bank

Access Bank Takes Over Diamond Bank

Following the announcement of the acquisition of Diamond Bank Plc by Access Bank Plc yesterday investors have swooped on the shares of both banks pushing them to the top of the Nigerian Stock Exchange, NSE, top gainers and volume transaction chart at close of trading yesterday. Diamond Bank shares which had been on free fall […]

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN has received a counterclaim from Nigeria’s central bank to its request for an order to stop the bank forcing it to repatriate $8.1 billion it claims was illegally sent out of the country, the South African telecom’s lawyer said on Friday. MTN has received the central bank’s response to its court filing, Wole Olanipekun […]

Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

Nigeria’s Sticky Inflation Threatens to Frustrate Rate-Cut Hopes

Godwin Emefiele Photographer: Chris J. Ratcliffe/Bloomberg Nigeria’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all.  Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. But with fuel costs surging and government spending […]

Central Bank Unable to Meet, Holds Rate at 14%

Central Bank Unable to Meet, Holds Rate at 14%

The Central Bank of Nigeria won’t hold its monetary policy meeting scheduled for Monday and Tuesday because it’s unable to form a quorum as lawmakers haven’t approved monetary policy committee members, it said. The CBN “shall continue to maintain key monetary policy variables as decided by the last monetary policy committee meeting” in November, Governor […]

Nigeria’s Half-Measures on Currency Are Only Half-Working

Nigeria’s Half-Measures on Currency Are Only Half-Working

A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. But trying to placate investors by introducing multiple exchange rates isn’t going to work, bond funds and Wall Street lenders including Citigroup Inc. say. To end the dollar shortage that has hamstrung West Africa’s biggest economy and […]

N2.2trn Deficit: FG To Meet Investors In London Over Bond Sale

N2.2trn Deficit: FG To Meet Investors In London Over Bond Sale

AHEAD of its planned euro­bond issue soon, the Federal Government, Wednesday, indicated it would hold a non-deal roadshow with investors in London next Tuesday as part of efforts to explore fund-raising options to finance a record N2.2 trillion budget deficit widened by the fall in oil revenues. A reliable source revealed that Standard Chartered Bank […]