Insurers to refund airlines’ premium over flight cancellations
Businessam StaffApril 21, 2020
With the cancellation of local and international flight operations to check the spread of the COVID-19 pandemic, aviation insurers are beginning to count their losses. This is because aviation insurers would have to cough up part of the premium paid to them by airlines operators at the end of the pandemic in accordance with aviation […]
N60bn worth of bonds up for subscription on April 22 – DMO
Omobayo AzeezApril 17, 2020
The Debt Management Office (DMO) says N60 billion worth of Federal Government bonds will be up for subscription on April 22. The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of N20 billion to mature in April 2023 was offered at 12.75 per cent. It said […]
CBN urges vigilance to mitigate banking sector credit risks
Businessam StaffApril 16, 2020
The Central Bank of Nigeria (CBN) has said the anticipated economic damage due to the COVID-19 pandemic requires vigilance to mitigate emerging risks in the banking system. Aisha Ahmad, the deputy governor, financial system stability directorate, CBN, said this in her personal statement at the last Monetary Policy Committee (MPC) meeting, a copy of which […]
Nigerians abandon 300,000 bank accounts in Q1’20
Businessam StaffApril 14, 2020
Nigerians abandoned 300,000 bank accounts in the first quarter of 2020 (Q1’20) even as the number of current accounts operated by bank customers declined by one million during the period. Analysis of latest Nigerian Interbank Settlement System (NIBSS) industry customer bank account data showed that the number of inactive bank accounts rose by 0.7 percent […]
Businessam StaffApril 9, 2020
The National Insurance Commission (NAICOM) has placed one of the oldest listed insurance companies, Niger Insurance Plc, under watch. After extensive review and discussions at a top-level meeting the board and management of NAICOM, the Commission ordered that Niger Insurance shall not dispose any of its assets without its approval. Also, Niger Insurance shall submit […]
FG slashes 2020 budget
Businessam StaffApril 8, 2020
The federal government has sent a revised budget to the National Assembly, cutting down some costs in view of the coronavirus pandemic in Nigeria. A top source in the National Assembly shared a copy of the revised 2020 budget on Wednesday, noting that a meeting was ongoing between the leadership of the National Assembly and […]
Naira to experience more pressure – Report
Businessam StaffApril 8, 2020
The naira will experience more pressure due to slump in the crude oil prices, as the economy grapples with challenges from coronavirus pandemic. Agusto&Co stated this in its April 2020 edition of its macro report, ‘COVID-19 in Nigeria: Economic perspectives and mitigating the risks.’ Part of the report read, “We believe the naira will come […]
Nigerian banks at risk from oil price slump, coronavirus – Fitch Ratings
Businessam StaffApril 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
Businessam StaffApril 2, 2020
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
Businessam StaffApril 1, 2020
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 […]