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Interswitch Honours FirstBank for Sustaining 100 Million Monthly Transactions

First Bank of Nigeria Limited, Nigeria’s has been recognised by Interswitch Group, Africa’s leading integrated payment and transaction processing company, as the first financial institution in the country to achieve sustained transaction volumes of 100 million transactions, first in December 2015 and again in May 2016. The record transaction volumes …

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CBN Okays Cheques Payment For Savings Account

The Central Bank of Nigeria has authorized payment of cheques for savings account holders in Nigeria and to begin to embed Bank Verification Number, BVN in payment cards. The CBN in a circular signed by the Director, Banking & Payments System Department, Dipo Fatokun reads “The Central Bank of Nigeria, …

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Confidence Inching Back to Nigerian Market, Forex Liquidity Improves

The decision by the Central Bank of Nigeria (CBN) to move towards a full free float of the naira, coupled with its roadshow in the United Kingdom and United States of America last month, is gradually yielding results as there was a perceptible improvement in liquidity on the interbank spot …

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FirstBank Announces FirstStars Reality TV Show

First Bank of Nigeria has announced its partnership with EbonyLife TV- an entertainment and Lifestyle network to launch a FirstStars Reality TV Show. According to FirstBank, the show is designed to support the discovery and management of talented youth in the film industry and also give young filmmakers (actors, producers, …

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NAGAFF Lists Obstacles To Trade Facilitation In Nigeria …. Bemoans Foreign Dominance of Supply Chain Sector

The National Association of Government Approved Freight Forwarders (NAGAFF) has urged the Federal government to urgently take step to address what it called, foreign dominance of the nation’s logistics supply chain, a sub sector of international trade in the country. The association which claimed its foundation in 1999 became necessary …

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STCW: NIMASA, Navy Collaborate to Certify Trained Officers, Ratings

kuThe Nigerian Maritime Administration and Safety Agency (NIMASA) is set to collaborate with the Nigerian Navy (NA) in a move to certify trained Naval Officers and Ratings in line with the requirements of Standards of Training Certification and Watchkeeping (STCW). STCW is one of the safeties at sea conventions adopted …

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IMF Warns Nigeria Heading Towards Recession

The International Monetary Fund (IMF) and the Central Bank of Nigeria Governor Godwin Emefiele on Tuesday gave conflicting prognoses of the Nigerian economy, with the fund forecasting that the Nigeria economy was likely to contract by 1.8 per cent this year, warning that it was heading towards recession. Emefiele, on …

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Inflation Rate Rises To 11-year High At 16.5%

The Consumer Price Index (CPI) measuring inflation in the Nigerian economy has risen to its highest point of 16.5 per cent since 2005, reflecting the rising cost of goods and services in the country. The National Bureau of Statistics (NBS) yesterday released the consumer price index for June, which rose …

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Banks Reject Loan Requests For Fuel Imports

The newly introduced foreign exchange policy that indirectly devalued the value of the naira, has tremendously changed banks’ lending dynamics, compelling them to reject fresh loans for importation of petrol, otherwise known as Premium Motor Spirit (PMS), New Telegraph has learnt. Already, lenders in Nigeria have discarded the N49 billion …

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Naira falls to 363 as dollar scarcity continues

The naira fell further to 363 against the dollar at the parallel market on Thursday, as the scarcity of foreign exchange continued to weigh on the value of the local currency at the interbank and parallel markets. The naira had closed at 360 to the dollar at the parallel market …

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