Stock market capitalisation records 26.6% growth, hits N11.533trn
•Say it will affect market performance in 2nd half...
The positive sentiment at the Nigerian stock market at the beginning of the year has continued to impact on performance of the market which has recorded a 26 per cent growth in the last eight months. The market indicators, which are the barometer of the health of the financial market, as at the end of third quarter of 2013 showed that share prices of most of the companies listed in the exchange have risen by 26.6 per cent.
Govt deposits fuel corruption in public sector – CBN
•Interbank rates rise by 74%
Governments’ deposits and borrowing undermine competiveness of banks and corrupt the public sector in Nigeria.
N166bn dud cheques: Mixed reactions trail CBN’s plan to prosecute defaulters
…Customers seek greater awareness
Mixed reactions have continued to trail the revelation by the Central Bank of Nigeria, CBN, of the increasing value of dud cheques issued in Nigeria, which is now over N166 billion. A bounced or dud cheque is an instruction in writing, authorising a bank to make payment against an unfunded or inadequately funded account.
CBN, NDIC, NAICOM, others okay establishment of financial Ombudsman in Nigeria
CENTRAL Bank of Nigeria, CBN, Securities and Exchange Commission, SEC, National Insurance Commission, NAICOM, Nigeria Deposit Insurance Corporation, NDIC, among other stakeholders, have hailed the proposed establishment of Nigerian International Financial Centre, NIFC.
CBN cautions banks over appointment of chief compliance officers
The Central Bank of Nigeria (CBN) has cautioned banks over appointment of chief compliance officers. In a circular titled, “Statues of Chief Compliance Officers of Banks”, the apex bank frowned at the practice where banks refuse to appoint substantive chief compliance officers.
FG earns N522bn from fuel tax, royalties
The Federal Government earned about N522.1billion from Petroleum Profit Tax, PPT, royalties and domestic crude oil and gas sales in May 2013, according to data released by the Central Bank of Nigeria, CBN.
