Nigeria and other African nations have lost $33bn (N6.5tn) in mobile money remittance from international and cross border transfer, the World Bank has said. The bank stated this on Thursday in a report entitled ‘Africa’s Mobile Money’, as Nigeria, Africa’s largest remittance nation, prepares to host the 2015 RemitAfrica conference […]
Money Market
Nigeria naira forward up 2.79 pct after JP Morgan bond moves
Sept 9, 2015/Reuters The 1-year non-deliverable forwards (NDF) on Nigeria’s naira rose 2.79 percent to 268.50 on Wednesday, a day after a surprise move by JP Morgan to eject the African nation from its government bond index, Thomson Reuters data showed. Currency forwards, a derivative product used to hedge against […]
CBN to Sanction Banks on Non-Compliance of Remittance to Treasury Single Account
by Peter OBIORA InvestAdvocate Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said on Tuesday that banks that fail to meet up with the September 15, 2015 deadline on the remittance of funds into the Treasury Single Account (TSA) will face sanctions. In August, President Muhammadu Buhari directed payment of government […]
