Over 8,000 Passengers Access e-ticketing on Abuja-Kaduna Rail Line

By Chris Udochukwu Abuja (Precise Post) – Over 8,000 passengers on the Abuja-Kaduna train route have access the e-ticketing just three days into the test running of the portal.  The Media Assistant To Honorable Minister of Transportation, Taiye Elebiyo-Edeni disclosed this on Sunday in a statement she signed and made available to Precise Post in Abuja. Recall that the Federal Government on Wednesday Jan. 13 announced …

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Fleeing New Yorkers Squeeze Surrounding Housing Markets

By SUSAN HAIGH Angel Garcia, a single father approved for a mortgage loan of $300,000, had high hopes in early 2020 of finding a house he could afford in his hometown of Stamford, Connecticut. Then the COVID-19 pandemic hit. Within months, New Yorkers began fleeing the city and the surrounding area, snapping up houses. Home prices that already had been out of reach for many …

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CBN Directs Banks to Tighten Lending Conditions as Loan Defaults Worsen

By Francis Etuko Abuja (Precise Post) – As a result of continued increase in loan defaults by debtor customers, banks have resolved to further tighten lending conditions in the first quarter of next year (Q1’21) following continued increase in loan defaults by debtor customers. The Central Bank of Nigeria (CBN) stated this in its Credit Conditions Survey report for the fourth quarter, 2020 (Q4’20). The …

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Fidelity Bank Appoints Ex-Skye Bank Deputy MD, Onwughalu as Non-executive Director

By Chris Udochukwu Abuja (Precise Post) – Former Skye Bank Deputy MD, Amaka Onwughalu has been appointed non- executive director by theboard of Fidelity Bank Plc. A banking veteran with over 30 years of experience, Onwughalu served as former group managing director (GMD) of legacy Mainstreet Bank Limited, and after the integration of the bank with Skye Bank Plc, she held the position of deputy …

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CBN Revokes Licences of 42 Microfinance Banks (Full List)

Forty-two microfinance banks in Nigeria have lost their licences. This comes after the microfinance banks were iquidated by the Central Bank of Nigeria. The Nigeria Deposit Insurance Corporation, NDIC, disclosed this in a statement, saying it would promptly commence the verification of claims of depositors of the affected banks from Monday, December 21. The NDIC also said it had begun the process of paying insured …

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Naira Records Loss Against Dollar…See Latest Exchange Rate

The naira suffered loss against the dollar at the parallel market on Thursday, December 17 to close at N478/$1. This represents a N2 drop when compared to the N476/$1 that it exchanged for on Wednesday, December 16. However, forex turnover rose by 9.6%, as the Naira’s exchange rate at the NAFEX window appreciated against the dollar to close at N394/$1 during intra-day trading on Thursday, …

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Access Bank Begins Dollar Payment For Fund Transfers

Customers of Access Bank Plc can now receive cash in dollars or money paid directly into their domiciliary accounts following the recent policy change by the Central Bank Nigeria (CBN). The CBN had directed that recipients of international remittances can now receive their funds in cash in dollars or to have funds paid directly into their domiciliary accounts. Executive Director, Retail Banking, Access Bank Plc, …

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CBN Releases New Categorisation For Payment System In Nigeria

A new license categorisation for payments systems has been approved by the Central Bank of Nigeria. This was made public in a circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, on Thursday. He said the new framework offers clarity for new and existing market participants. “Given the significant evolution and innovation in the Nigerian payment system, all payment …

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Naira Gains Against Dollar…See Latest Exchange Rate

The Naira on Thursday appreciated against the dollar to close at N476/$1. This comes after Forex turnover rose significantly by 96.6%. Also at the at the NAFEX window, the naira appreciated marginally against the dollar to close at N394.60/$1 during intra-day trading on Thursday, December 10. The naira is expected to trade within a range across markets after the local currency received a boost from …

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Again Naira Depreciates Against Dollar After Recovery

The naira recorded a loss against the dollar on Monday, December 7 2020 closing at N482/$1 at the parallel market. This represents a N7 drop when compared to the N475/$1 that it exchanged for on Friday, December 4. However, the Naira’s exchange rate at the NAFEX window continued to remain flat against the dollar to close at N395/$1 during intra-day trading on Monday, December 7. …

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Forex liquidity presents risks to Nigerian banks’ ratings – Fitch

Fitch Ratings has said foreign currency liquidity presents a significant risk to Nigerian banks’ ratings. The international rating organisation said this in its report on Tuesday entitled ‘Fitch Ratings sees gradual recovery for African banks in 2021’. Part of the report read, “Foreign-currency liquidity risks have not materialised, particularly in Nigeria but present a significant risk to banks’ ratings.” The report said funding and liquidity …

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BREAKING: CBN Announces Approved Lending Rate

The Central Bank of Nigeira’s approved Monetary Policy Rate is now 11.5 per cent. This comes after the Monetary Policy Committee of the Central Bank of Nigeria gave its nod for it to be effected. The CBN Governor, Godwin Emefiele, disclosed this after the committee’s two-day meeting in Abuja on Tuesday. It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent …

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NNPC Spent N81.41 Billion On Refineries for 8 Months, Without Refining a Drop of Crude Oil – Report

While refining zero crude oil, the Nigeria National Petroleum Corporation spent a staggering N81.41 billion on its refineries between January and August, 2020, according to its data. According to a summary of the report by Punch, the expenses were accumulated by Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company. The three refineries posted a cumulative revenue of N6.54bn …

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IPMAN directs members to sell petrol at N170 per litre

The Independent Petroleum Marketers Association of Nigeria, Kano branch has directed its members across the state to sell Premium Motor Spirit (petrol) from N168 to N170 per litre. The Pipeline and Product Marketing Company (PPMC) had on Thursday, November 12, 2020, released a circular, advising the petroleum marketers to sell petrol within the range of N168 per litre to N170 per litre after a review …

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Access Bank receives first sustainability certification in Africa

Access Bank has received the highest level of sustainability certificaton under the Sustainability Standards and Certification Initiative (SSCI). It was presented with the certification during the World Development Finance Forum (WDDF) in Karlsruhe, Germany.With it, Access Bank has become the first-ever commercial bank in Africa to be sustainability certified.This certification only features financial institutions from around the world who are pre-qualified for the SSCI certification …

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