LAGOS — Another major shift in foreign exchange market policy may be underway after some months of controlled market as authorized dealers begin moves to redress a perceived imperfection in the current market structure and rules. Banks through Financial Markets Dealers Association are meeting with the Central Bank of Nigeria (CBN) to fine-tune the policy and make it more liberal while fashioning ways of managing frivolous demands.

“the allegations that the economy is in ruins are absolutely untrue,” the minister warned those she claimed were running the economy down for political gains, saying there could be unintended consequences of loss of investor confidence in the Nigerian economy.

“Manufacturing today, is mostly about assembly. You design a product, tear it apart, out-source the production of the components to different companies, then you gather those components and reassemble them. This takes place in every aspect of the production cycle. The trend in the western world is that when you do such designs, you out-source the components to South-East Asian companies.

Heritage Bank Limited is committed to building a network of Entrepreneurial Leaders necessary to drive the growth of Micro Small and Medium Enterprises (MSMEs) in Nigeria Managing Director/Chief Executive of Heritage Bank, Mr. Ifie Sekibo stated this adding that the bank has developed and introduced wide range of services which address the capacity and financing needs of MSME businesses.

Citibank Nigeria concluded the 7th edition of its prestigious Citi Journalistic Excellence Awards on May 6th 2015. The program culminated with an awards ceremony to honour this year’s finalists. The competition was open to business journalists in all forms of media including the internet, print, radio, television and wire services. Mr. Peter Dele Olowa of BusinessDay has been named winner of the 2015 competition in Nigeria.

A study on the impact of exchange rate on domestic prices has recommended a floating exchange rate for the naira. This, according to the study is because the impact of exchange rate on domestic prices is low, incomplete, and it takes about two years. “. In other words, the fear of floating that the authorities exhibit in Nigeria may be unfounded”, the study asserted.

Chief Financial Officer (CFO) Executive Director , Sterling Bank, Mr. Abubakar Suleiman said that it the bank’s expansion plans unveiled in 2013 is on course and it would soon proceed with the next phase of its growth strategy. Suleiman disclosed this at an interactive session with Business Editors in Lagos recently. According to him, the bank currently has 1.5 million customers and has been able to achieve over three per cent market share from 1 per cent a few years ago.

Fidelity Bank Plc has commenced measures to raise N30 billion for the purpose of increasing lending to small and medium enterprises (SMEs). This week the bank will offer to the investing public a N30 billion, seven years bond at interest rate of 16.48 percent. The application for the bond, which would mature in 2022, will open and close on Thursday May 13th 2015.

FBN Capital Limited has said that strong corporate governance structures are critical to attracting funding for Oil and Gas development in the prevailing low-price environment. Rolake Akinkugbe, Head of Energy and Natural Resources at FBN Capital, disclosed this at the eighth edition of the annual sub-Saharan African Oil and Gas Conference 2015 themed, ‘Optimising innovation and investment opportunities in the upstream, downstream and service sectors’organized by Energy and Corporate Africa which took place in Houston Texas.

THE President of the Athletics Federation of Nigeria (AFN), Evangelist Solomon Ogba, has described as incorrect, accusations and media reports that the federation is neglecting athletes based in Nigeria and supporting athletes based abroad.