Nigerian banks at risk from oil price slump, coronavirus – Fitch Ratings

April 3, 2020

Fitch Ratings, an international credit rating agency based in New York City and London, yesterday reported that Nigerian banks’ credit profiles face severe risks from the oil price slump and operating environment disruption due to the coronavirus pandemic. The ratings agency attributed the lenders’ asset quality deterioration due to high exposures to the oil and […]

CBN offers N95.681bn TBills, records 59% oversubscription

April 2, 2020

CBN debunks naira devaluation, threatens to sanction those responsible for false speculations

The Central Bank of Nigeria (CBN) offered a total of N95.681 billion debt instrument at its Nigerian treasury bills primary market auction held wednesday.The results of the auction seen at the end of trading showed that the fixed income instrument was over-subscribed by 59 per cent, as total demand was put at N161.385 billion. However, […]

Covid-19: CBN grants two-week market holidays to BDCs

April 1, 2020

Naira plunges further, dollar sells for N412

ABCON advises forex users to shun street traders The Central Bank of Nigeria has granted a two week market holidays to the bureaux de change operators. This followed a request by the Association of Bureaux De Change Operators of Nigeria (ABCON) to the CBN for the regulator to grant it market holidays given the ongoing […]

CBN temporarily suspends cheque clearing during Coronavirus lockdown

March 31, 2020

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

By Omobayo Azeez The Central Bank of Nigeria (CBN), on Monday, directed all deposit money banks (DMBs) in the country and the Nigerian Interbank Settlement System (NiBSS) to suspend the clearing of all cheque instruments in the Nigerian Clearing System, starting from today March 31st, 2020. According to a statement signed by Sam Okojere, CBN’s […]

LDR: Bank loans rise by N2.35tn

March 30, 2020

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

Credit to the private sector rose by N2.35tn from June 2019 to February this year after the Central Bank of Nigeria mandated the Deposit Money Banks to raise their loan to deposit ratio as part of its regulatory measures to improve lending to the economy. To ramp up growth in the Nigerian economy through investment […]

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

March 24, 2020

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%. This was disclosed by Governor, CBN, Godwin Emefiele, while reading the communique at the end of the MPC meeting. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged. According […]

Coronavirus: Banks urge customers to use digital platforms

March 20, 2020

Coronavirus: Banks urge customers to use digital platforms

Banks in the country have urged their customers to utilise their digital self-service solutions because of the coronavirus affecting different sectors globally. Fidelity Bank said in a mail to its customers that, “Our industry has been drastically impacted by the coronavirus outbreak worldwide and as a result, we have implemented precautionary measures to help safeguard […]

FG slashes budget by N1.5tn, reduces benchmark to $30

March 19, 2020

FG releases N285bn for capital projects

The federal government on Wednesday announced a slash in the 2020 budget by N1.5tn as part of measures to respond to the impact of coronavirus on the economy. Included in the N1.5tn is over N457bn the government spends on fuel importation under the name of “under-recovery.” A government’s panel set up to assess the impact […]

Coronavirus: CBN unfolds N1.1tn intervention fund

March 19, 2020

CBN coordinates banks, other financial institutions on a rescue mission to raise N1.5 trillion for infrastructure

The Central Bank of Nigeria on Wednesday announced a N1.1tn intervention fund to support critical sectors of the economy. Godwin Emefiele, the CBN governor, said this in a statement made available to journalists. The governor in the statement said out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as […]

COVID-19: FIRS unveils automated tax system to boost revenue collection

March 18, 2020

COVID-19: FIRS unveils automated tax system to boost revenue collection

The newly appointed Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami. The Federal Inland Revenue Service (FIRS) says it has unveiled a new automated platform for taxpayers to file transfer pricing declaration and disclosures in Nigeria. The FIRS said the electronic system would also help block leakages in tax collection, especially the Stamp […]