Connect with us

BUSINESS

CBN boosts Forex Market with $210m

Published

on

The Central Bank of Nigeria (CBN) on Tuesday, continued its weekly intervention in different segments of the inter-bank Foreign Exchange market with the sum of $210 million.

The CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, who confirmed the figures, said the latest intervention is part of the Bank’s desire to ensure liquidity in the forex market so as to meet customers’ requests.

According to figures obtained from the Bank today, the sum of $100million was released to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million.

The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, was allocated the sum of $55 million.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its quest to sustain liquidity in the market and maintain stability.

It will be recalled that last Friday, the CBN had intervened to the tune of $318.73 million to cater for requests in the retail segment of the forex market.

Meanwhile, the naira continued its stability in the forex market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Zenith Bank Plc debuts *966*911# account control code

Published

on

Zenith Bank Plc has become the first Nigerian Bank to successfully launch its Unstructured Supplementary Service Data (USSD) account control code, *966*911#.

This unique code stops unauthorized transactions and protects the account holder’s funds in the event of mobile phone, ATM Card or hardware token loss as well as account details compromise.

Speaking at the launch of the new *966# Eazy Banking account protection code, the Group Managing Director and Chief Executive Officer of Zenith Bank Plc, Mr. Peter Amangbo explained that the Bank has always been at the forefront of innovating products that enhance customer comfort and safety at all times.

He also pointed out that all debit transactions on an account would be prevented once the account holder dials *966*911# from any phone and follows the text prompts. Such a restriction can only be lifted when the customer visits a Zenith Bank branch in person.

The Bank MD also stressed that the *966*911# account control code is a flagship code aimed at further enhancing account security.

Continue Reading

BUSINESS

Coronation Merchant Bank ranked best investment bank in Nigeria

Published

on

Coronation Merchant Bank has been named the best investment bank in Nigeria by the Global Finance Magazine.

According to a statement, the organisation, which named its 20th annual World’s Best Investment Banks in an exclusive survey, will publish the list in April.

The statement said winning organisations would be honoured at an awards ceremony on the morning of October 19, 2019 at the National Press Club in Washington, DC during the International Monetary Fund/World Bank annual meetings.

Coronation, in a statement on Monday, said while J.P. Morgan was honoured as the best investment bank in the world for 2019, it was recognised as the best investment bank in Nigeria.

Barclays, VTB Capital and DBS Bank got the recognition as best investment banks in Western Europe, Central; East Europe and Asia – Pacific regions, respectively.

The Group Managing Director/Chief Executive Officer, Coronation MB, Abu Jimoh, while commenting on the award, said, “We are delighted to be recognised as the Best Investment Bank in Nigeria.

“Our successes and achievements over the years are a reflection of the hard work and commitment of our members of staff, management and board in ensuring we maintain our core values of integrity, innovation and excellence in service delivery.

“This award affirms that we are on course to achieving our long-term goal of becoming Africa’s premier investment bank.”

The Bank said its achievements over the years led to numerous accolades in recognition of its excellent service delivery, provision of tailor-made solutions and good corporate governance.

It said in 2018, it received several national and international awards for product and service innovation and sound corporate governance practices, such as best investment bank in Nigeria by World Finance, fastest growing investment bank by Global Banking Finance Review, best investment bank by Global Business Outlook, best investment bank and fund managers by International Finance Magazine and best investment bank in Nigeria by BusinessDay.

Continue Reading

BUSINESS

Zenith Bank nets N193bn profit, offers N2.50 final Dividend

Published

on

Zenith Bank Plc has reported a growth of 16. 2 per cent in its profit before tax (PBT) as well as 11.3 per cent growth in profit after tax (PAT) for the year ended December 31, 2018.

According to the audited results made available yesterday, the lender recorded a decline in gross earnings from N745.189 billion in 2017 to N630.344 billion in 2018. Net interest income improved to N295.594 billion compared with N257.991 billion in 2017.

However, impairment charges were reduced from N98.29 billion to N18.372 billion. Similarly, the bank reduced operating expenses from N144.893 billion to N137.897 billion. Consequently, PBT improved from N199.319 billion in 2017 to N231.685 billion, while PAT rose from N173.791 billion to N193.424 billion in 2018. The directors have proposed a final dividend of N2.50 per share which in addition to the N0.30 per share paid as interim dividend amounts to N2.80 per share, compared to N2.70 in 2017.

A further analysis of the results showed that Zenith Bank Plc was cautions in loans advancement to customers in 2018. Loans and advancements fell from N1.823 trillion, as against N2.1 trillion in 2017. But customers deposit increased from N3.437 trillion to N3.690 trillion in 2018.

The stock market reacted positively to the Zenith Bank Plc ‘s results as its share price gained 5.6 per cent to close higher at N25.35 per share. In all, the stock market rebounded yesterday with the Nigerian Stock Exchange (NSE) All-Share Index rising 0.7 per cent to close at 32,406.18 compared with a decline of 1.61 per cent the previous day.

Similarly, market capitalisation added N80.6 billion to close at N12.1 trillion.

In all, 16 stocks appreciated led by Japaul Oil and Maritime Services Plc and Sovereign Trust Insurance Plc with 9.5 per cent apiece, trailed by Associated Bus Company Plc with 9.0 per cent. Academy Press Plc chalked up 8.1 per cent, while Oando Plc garnered 6.2 per cent.

Conversely, First Aluminium Nigeria Plc led the price losers with 10 per cent, trailed by Transcorp Plc with 9.7 per cent. Unity Bank Plc and Union Diagnostic and Clinical Services Plc shed 9.6 per cent and 6.9 per cent in that order.

Meanwhile, activity level also strengthened as volume and value traded improved 55.4 per cent and 23.7 per cent to 361.8 million shares and N4.2 billion respectively. TRANSCORP (Transcorp Plc (120.2 million shares),Zenith Bank (37.3 million shares) and FBN Holdings Plc (31.2 million shares) were the top traded by volume while Dangote Cement Plc, (N951.6 million), Zenith Bank Plc (N925.5 million) and Guaranty Trust Bank Plc (N778.0 million) led the top traded by value.

-THISDAY
Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending