Author: PageOne

CBN Warns Against Selling Forex As Free Funds
Policy

CBN Warns Against Selling Forex As Free Funds

The Central Bank of Nigeria, CBN said it has noticed that some Authorised Dealers have continued to buy and sell foreign exchange referred to as “free funds”. This is ‘despite the provision of the circular referenced TED/AD/29/2004 dated March 4, 2004 on the subject. Against the background, Authorised Dealers are […]

Is InterC Really Ready To Compete?
views

Is InterC Really Ready To Compete?

After 16 years of shutting down its operations, Intercellular has just staged a comeback as InterC Network. The company ‘re-incarnated’ as a 4G LTE data and VoIP provider. Part of the radical change is that the company has moved away from the Code Division Multiple Access, CDMA to 4th Generation […]

ZTE Unveils Smartphones In Nigeria
Apps & Devices

ZTE Unveils Smartphones In Nigeria

ZTE Mobile one of the leading Chinese smartphone and telecom equipment company has just unveiled its range of smartphones in Nigeria for the first time. The company said it hopes to give Nigerians top quality smartphones that will be affordable and more valuable than just owning a smartphone. Unveiled at […]

Currency mix
Big Business

CBN Uncovers Illicit Money Flows In Banks

The Central Bank of Nigeria, CBN said it has uncovered illicit monet flows from international sources into Nigerian banks. In statement by the CBN, the apex bank said: ‘We have observed that some Deposit Money Banks (DMBs) are operating accounts either as companies or companies masking themselves as individuals for […]

First Bank Clarifies Forex Market Ban
Big Business

First Bank Clarifies Forex Market Ban

Few days after the bank was barred from participating in the Forex market, First Bank has issued a statement clarifying its position on the CBN ban. Further to the media reports of the suspension of FirstBank — a subsidiary of FBN Holdings Plc, among other banks, from foreign exchange transactions […]

UBA’s H1 Net Income Rose By 158%
Big Business

UBA’s H1 Net Income Rose By 158%

United Bank for Africa, UBA PLC has just reported that its half year 2016 net income rose by 159% to NGN88 billion compared to NGN34 billion reported within the same period last year. The report also showed that UBA’s gross interest income fell to NGN165,5 billion versus NGN165,7 billion reported […]