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 […]
PENCOM operating illegally for 4 years – Reps
Businessam StaffMarch 12, 2020
The House of Representatives committee on pensions has summoned Boss Mustapha, the secretary to the government of the federation, over allegations that the board of the Pensions Commission, PENCOM, has been operating since 2016, without a board, in contravention of section 19 of the Pension Reform Act, 2014. The committee also insists the acting DG […]
40% Nigerians lack access to financial service, says NDIC
Omobayo AzeezMarch 12, 2020
By Omobayo Azeez The Nigeria Deposit Insurance Corporation (NDIC) has said that 40 per cent of Nigerians lack access to financial services. In the light of this reality, Umaru Ibrahim, the corporation’s managing director and chief executive officer, stressed the need to bring more people into the financial services system in the country. He spoke while […]
N10.3trn e-transact: Experts caution against obastacle in January
Omobayo AzeezMarch 10, 2020
Say GDP benefits as money velocity rises By Omobayo Azeez Following disclosure that electronic payment transaction hit N10.3 trillion in January 2020, experts have commended growing e-payment adoption in Nigeria even as they cautioned against obstacles. They hinted that growing adoption calls for intensified education and orientation of users, deployment of more infrastructures, improvement of […]
CBN hosts African finance ministers, central bank governors on agric policy
Businessam StaffMarch 5, 2020
The Central Bank of Nigeria will play host to finance ministers and central bank governors from across Africa when they gather in Abuja on March 9 and 10 for what has been termed a senior policy seminar on agriculture. A statement issued by the Nigerian apex financial institution described the seminar as aimed at promulgating […]