THE
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Nigeria’s economy improves as reserves add $13.6bn in 1 year
Ï GDP expanded by 1.9% - Economists Motolani Oseni, Lagos
ÏÏÏ
Despite the International Monetary Fund (IMF) belief that the Nigeria’s economy remained vulnerable after exited from its worst recession in 25 years, econ-
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omists are confident that Africa’s largest economic recovery can take momentum into stronger economic growth in 2018, just as the external reserves appreciated by $13.603 billion in one year. Nigeria fell into recession Continued on page 6
MONDAY, MARCH 12, 2018 VOL. 3. NO. 599
N150
GLOBAL FINANCIAL/COMMODITY MARKETS
CURRENCIES/CBN: CBN: N305.55 PER DOLLAR, Parallel Market: USD N365 POUND N475 EURO N424 NSE: ASI 37, 425.15 MARKET CAP 12.90 FMDQ O/N 22.50 OBB 22.00 COMMODITIES: Wheat US $455.00/MT Rice US $12.40/MT Cocoa US $2,004.00/Bag Coffee US $139.60/Scoop Cotton US $70.95/Unit Sugar US $14.15/Ounce METALS: Gold US $1263.10/Ounce Silver US $16.21/Ounce Copper US $2.87/Ounce ENERGY: Brent US $52.21/PB, N/Gas US $2.78/CB
NDIC raises the alarm over fraud in banks Ï Says banks recorded 26,182 fraud cases, lost N12.01bn in 2017 Ï ‘Internet/online, ATM record highest cases of infraction’ Ï 320 bank employees sacked in 2017, 231 in 2016
Mathew Dadiya, Abuja
ÏÏÏ The
Nigeria Deposit Insurance Corporation (NDIC) has revealed that a total of 26,182 fraud and forgery cases were recorded in 2017 in the Nigerian Deposit Money Banks (DMBs). The NDIC said that a report from its Off-Site Supervision of the DMBs revealed the number of fraud cases attributed them to internal abuses by banks’ employees. The NDIC’s Head, Communications and Public Affairs, Mohammed Kudu Continued on page 5
Alcoholic beverages, tobacco to cost more as FG okays new rates B3 African Rights Commission restrains FG over IPOB, Kanu 6 Economic integration: S’ East Govs to 5 construct 430 kms roads to link states Sani’s N13.5m revelation: L- R: Gombe State Governor Ibrahim Hassan Dankwambo; Group Managing Director, Access Bank Plc, Dr Herbert Wigwe; Emir of Kano, HRH Sanusi Lamido Sanusi and the Emir of Gombe, HRH Abubakar Shehu-Abubakar at Wigwe’s conferment of honorary Doctorate Degree of Business (honoris causa) of Gombe State University over the weekend.
Nigerian legislators, highest paid in the world- Falana 7