From an unprecedented high of N412 per dollar in the first week of August, the parallel market exchange rate dropped to N393 per dollar last week. The N19 appreciation for the local currency, which had depreciated by about 36 per cent this year, was prompted by increased dollar supply occasioned by the directive of the Central Bank of Nigeria (CBN) that banks should sell proceeds of international money transfer (IMT) to bureau de changes (BDCs).

As part of former President Umaru Yar’Adua’s Seven Point Agenda for economic revival and accelerated growth, the commercial Agriculture Credit Scheme (CACS) was launched. It was designed to provide concessionary funding to small farmers through credit guarantees and interest draw back support. Initial outlay for the scheme stands at a respectable $1.4 billion, to be disbursed through participating commercial banks.

Standard Chartered Bank Nigeria Limited has disclosed plans of the group to enhance investments and leverage its unique footprint and international banking expertise to drive growth in Nigeria and other African countries. Through a new brand campaign, ‘Here for Africa’, the bank has stated its commitment to investing in Africa’s future, and continuing to support key growth sectors across local economies, including infrastructure, telecommunications, transport, retail and trade.

Novare Real Estate Africa, a firm of real estate development that specialises in building state of the art commercial properties such as malls, and owners of Novare Lekki Mall, has concluded plans to commission the largest mall in Lagos which cost is put at whopping N31.5 billion this Thursday.

The National Insurance Commission (NAICOM) has suspended bancassurance partnership deals between insurance companies and banks indefinitely, following a dispute with the Central Bank of Nigeria. Commissioner for Insurance, Alhaji Mohammed Kari made this known at the investiture of Mr. Eddie Efekoha, Managing Director of Consolidated Hallmark Insurance, as the 20th Chairman of the Nigerian Insurers Association.