IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022

Policy efforts from countries to drive recovery amid pandemic   The International Monetary Fund (IMF) has maintained that Nigeria continues to hold the prospects of growing its gross domestic products (GDP) at 2.5 percent this year and 2.6 percent in 2022. In its July World Economic Forecast titled, ‘Fault Lines Widen in the Global Recovery’, […]

CBN refunds N35m capital deposits to BDCs with pending applications

CBN refunds N35m capital deposits to BDCs with pending applications

After the decision of the banking sector regulator to immediately halt the sales of foreign exchange to bureau de change (BDC) operators and channel the weekly intervention to commercial banks in Nigeria, the Central Bank of Nigeria (CBN) has said it will begin the refund process of capital deposits and licensing fees to promoters who […]

Access Bank’s N30bn 7-year bond gets “A+” rating from Agusto & Co.

Access Bank’s N30bn 7-year bond gets “A+” rating from Agusto & Co.

Nigeria’s Tier-1 lender, Access Bank’s N30 billion 7-year 15.5 percent fixed rate subordinated unsecured bond due in 2026 has had its “A+” rating affirmed by Agusto & Co., the pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria and sub-Saharan Africa. The rating is a notch lower than Access […]

Correspondent banking training on for Nigerian, African bankers

Correspondent banking training on for Nigerian, African bankers

  As CBN says lenders in good shape   Nigerian lenders along with other financial institutions in Africa are to benefit from a training for African respondent banks to enhance their ability to obtain and maintain correspondent banking relationships. The African Export-Import Bank (Afreximbank) and the Bankers Association for Finance and Trade (BAFT) announced the […]

Chaka closes $1.5m pre-seed investment, eyes opportunities in Ghana, West Africa

Chaka closes $1.5m pre-seed investment, eyes opportunities in Ghana, West Africa

Barely a month after Chaka, Nigeria’s online investment and securities trading platform, obtained an operating licence as a digital sub-broker from the Securities and Exchange Commission (SEC), the company, in a strategic drive for expansion says it has closed its $1.5 million pre-seed round to power digital investments for individuals and businesses. The pre-seed round […]