Coronavirus: Banks urge customers to use digital platforms
Businessam StaffMarch 20, 2020
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
Businessam StaffMarch 19, 2020
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
Businessam StaffMarch 19, 2020
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
Businessam StaffMarch 18, 2020
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 […]
Inflation rate to hit 12.37% in February, analysts predict
Omobayo AzeezMarch 17, 2020
By Omobayo Azeez Experts in the Nigerian capital market have forecast a rise in February inflation rate from 12.13 per cent in the previous month to 12.37 per cent. This shows a possibility of 0.24 per cent point increase in the yet-to-be released consumer purchasing index report by the National Bureau of Statistics (NBS) for […]
Access Bank lists N15bn green bond on LuxSE
Omobayo AzeezMarch 17, 2020
By Omobayo Azeez Access Bank says it has completed the listing of its N15bn green bond on the Luxembourg Stock Exchange (LuxSE). According to the lender in a statement, the green bond comes at 15.50 per cent fixed rate, adding that the unsecured climate-credential green bond marks a major milestone in the development of the […]
CBN grants businesses one-year extension on loan repayment
Businessam StaffMarch 17, 2020
The Central Bank of Nigeria on Monday announced policy measures to tackle the impact of coronavirus on the businesses and the nation’s economy. Godwin Emefiele, the CBN governor, said during a media briefing in Abuja that from March 1, the apex bank had granted a one-year moratorium on all of its intervention funds. The CBN […]
Zenith Bank limits int’l withdrawal amount on card
Businessam StaffMarch 16, 2020
Zenith Bank has pegged the monthly international withdrawal limit on naira cards at $1,000 per month. In a mail to its depositors, it said daily limits for withdrawals outside Nigeria had been set at $300. The mail read, “Please be informed that the monthly international spend limit for your Zenith Bank naira card has been […]
CBN coordinates banks, other financial institutions on a rescue mission to raise N1.5 trillion for infrastructure
Businessam StaffMarch 13, 2020
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the apex bank would work in collaboration with commercial banks and other financial institutions in the country, to raise the sum of N1.5 trillion. The money will serve the purpose of financing the construction of critical infrastructure in Nigeria through a special purpose vehicle. Apparently, […]
CBN debunks naira devaluation, threatens to sanction those responsible for false speculations
Businessam StaffMarch 13, 2020
The Central Bank of Nigeria (CBN) has debunked speculations making the rounds and suggesting that the naira is finally about to be devalued. According to a statement, the apex bank blamed “unscrupulous players in the foreign exchange market” for spreading the rumour. The statement, which was signed by the Director, Corporate Communications, CBN, Isaac Okorafor, also noted that the false […]