26/9/2016/Punch Oyetunji Abioye The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level. The local currency, which closed at 436/dollar on Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar. […]
Money Market
Rating Actions On Nigerian Banks Reflect Sovereign Downgrade and Weakened Economic Environment
Culled—-Proshare September 23, 2016/ S & P Global Ratings Overview Nigeria’s economy has weakened more than we expected, owing to a marked contraction in oil production, a restrictive foreign exchange regime, and delayed fiscal stimulus. Consequently, on Sept. 16, 2016, we lowered our long-term ratings on Nigeria to ‘B’ from […]
Banking sector profit falls by 28% – Report
September 23, 2016/Punch Oyetunji Abioye The Nigerian banking sector’s profit fell by 28.4 per cent in the 2015 financial year, the just released Afrinvest 2016 Banking Sector Report showed. The report, released in Lagos on Wednesday, indicated that foreign exchange volatility and lower oil price led to a major decline […]
