Edition:
United Kingdom

Chijioke Ohuocha

UPDATE 1-Nigerian stocks rally to 3-week high as investors eye reforms

23 Aug 2019

LAGOS, Aug 23 Nigerian stocks extended their rally on Friday to a three-week high following President Muhammed Buhari's inauguration of cabinet ministers, boosting hopes for reforms that could lift growth for Africa's biggest economy, traders said.

Nigeria central bank to defend reserves in wake of UK $9 billion court ruling

19 Aug 2019

ABUJA Nigeria's central bank will strive to protect the country's currency reserves after a British court ruling granted a small natural gas firm the right to try to seize $9 billion in assets from Nigeria's government, the bank's head said on Monday.

UPDATE 1-Nigeria central bank springs unscheduled T-bill auction as naira weakens

07 Aug 2019

LAGOS, Aug 7 Nigeria's central bank sold a total of 114.6 billion naira ($375 mln) worth of treasury bills on Wednesday, in its first such auction since mid-July as it seeks to boost dollar liquidity in the currency market after the naira fell, traders said.

UPDATE 1-Nigeria's Access, Union Bank tap local bond market as yields fall

05 Aug 2019

LAGOS, Aug 5 Nigeria's Access Bank and Union Bank have each issued a 30 billion naira ($98.09 million) bond taking advantage of falling yields on the local currency debt market, banks leading the bond sales said on Monday.

MTN Nigeria asks tribunal to rule on tax treatment of $1 billion fine

02 Aug 2019

LAGOS MTN Nigeria has asked a Nigerian tax tribunal to rule on whether the company should pay corporate tax on a 330 billion naira ($1.1 billion) fine, a spokesman for the telecoms company said.

Africa must boost industrial capacity to benefit from free-trade zone: AfDB

30 Jul 2019

ABUJA African nations will need to boost output of goods and services and integrate payment systems if they are to take advantage of a new $3.4 trillion economic initiative, according to the head of the African Development Bank. | Video

UPDATE 1-MTN shakes up Nigeria board, appoints ex-telecoms regulatory chief as next chair

24 Jul 2019

ABUJA, July 24 MTN Nigeria has appointed former telecoms regulatory chief Ernest Ndukwe as chairman-designate in a board shake-up following its debut stock market listing on the Nigerian bourse.

UPDATE 2-Nigeria's central bank to start monthly review of banks' loan ratios

23 Jul 2019

* Cenbank to review loan-to-deposit ratio of banks from Sept. 30

UPDATE 2-Nigeria's central bank tries to force banks to lend, not buy bills

19 Jul 2019

LAGOS, July 19 Nigeria's central bank barred banks from buying bills for their own accounts at an open market auction held on Thursday, a move intended to force them to lend rather than invest in government debt, traders said on Friday.

UPDATE 1-Nigeria's Fidelity Bank eyes up to 50 bln naira debt sale before Q2

19 Jul 2019

LAGOS, July 19 Nigeria's Fidelity Bank aims to sell up to 50 billion naira ($163.2 million) in Tier II debt before the second quarter of next year to refinance existing bonds as yields fall, the mid-tier lender said on Friday.

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