E-payment transactions down 21% to N263.78trn in Q2’20 on Covid-19 observance, says NBS
Aderemi OjekunleSeptember 14, 2020
A total of 2.160 billion transactions valued at N263.78 trillion were recorded in the second quarter of 2020, data on electronic payment channels in the Nigerian banking sector have revealed. The figure represents a decline of 21.15 per cent, quarter on quarter, from N334.53 trillion posted in the first quarter of 2020, on the back […]
Nigeria bans access to foreign exchange for foods, fertilizer importers
Charles AbuedeSeptember 11, 2020
Charles Abuede President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to restrict foreign exchange from the nation’s reserves on food items and fertilizer importation citing that the federal government, through its proactive policies, has been able to avert the looming food crisis in the wake of the coronavirus crisis, which disrupted the agriculture value […]
Nigeria’s Zenith Bank receives $200m from Afreximbank to maintain its foreign currency trade flows
Ben Eguzozie with wire copySeptember 11, 2020
Ben Eguzozie, with wire report As bank disburses $3.5bn to African lenders under PAMTIFA Zenith Bank Plc, Nigeria’s tier-1 lender with key international financial branches, has received $200 million from the African Export-Import Bank (Afreximbank) under the pan-African multilateral bank’s Covid-19 Pandemic Trade Impact Mitigation Facility (PATIMFA). According to Afreximbank, in a statement by Amadou Labba Sall to Business A.M., the […]
Nigeria now owes N31.01trn in total public debt, N2.38trn accretion in 3 months
Aderemi OjekunleSeptember 10, 2020
Charles Abuede FG: N25.28trn; 36 States + FCT: N5.73trn Lagos, Rivers, Akwa Ibom, highest debts Yobe, Jigawa and Ebonyi, lowest debtors Nigeria’s total public debt rose by N2.38 trillion to reach N31.01 trillion as at the end of June 2020, according to the country’s Debt Management Office (DMO). The current debt profile includes the […]
Equity analysts see decency in growth of private sector total credit
Charles AbuedeSeptember 9, 2020
Charles Abuede FBNQuest equity analysts have lent their voices to the decent growth in bank lending volumes to the private sector, saying that it is decent as the credit level to the private sector accelerated to 24.4 per cent, year on year in July. “This rate indicates the fastest in about 8 years (September 2012). This […]
CBN steps up offensive against forex manipulators
Businessam StaffSeptember 7, 2020
The Central Bank of Nigeria (CBN) has stepped up the offensive against foreign exchange manipulators by placing the bank accounts of such companies on hold. Such companies were accused of unlawful transfer of forex abroad. Some of the affected companies include Premier Lotto Limited, SV Gaming Limited, R & S Lotto Limited, over allegations of […]
CBN directive on savings deposit will prop real sector, analysts
Businessam StaffSeptember 5, 2020
Analysts at United Capital have said the recent CBN directive to banks to pay a minimum of 1.25 percent on savings deposits is yet another move by the apex bank to prop up the real sector, discourage easy money and bolster investment. The analysts said following the 6.1% contraction recorded in Q2-2020.Notably, the decrease […]
CBN resumes forex sale to banks, to clear unmet forex demands
Businessam StaffSeptember 3, 2020
After many weeks of absence from the foreign exchange market during which huge unmet forex demands piled up, the Central Bank of Nigeria (CBN) has resumed the sale of forex to banks to clear the backlog said to be in excess of $1.5 billion. On Monday and Wednesday, the CBN intervened at the investors and […]
Analysts fear negative real interest rate of -11.5% as CBN reviews savings rate downward
Charles AbuedeSeptember 1, 2020
Charles Abuede Customers may consider equities for investment Analysts at FBNQuest Capital Research have reacted to the recent move by the Central Bank of Nigeria to stimulate credit flow into the real sector of the nation’s economy, saying that the implication will be a reduction in bank’s funding costs as well as a negative real […]
CBN prescribes N5bn minimum capital base for payment service banks
Businessam StaffSeptember 1, 2020
The Central Bank of Nigeria (CBN) has set a minimum capital base of N5 billion for payment service banks (PSBs) and directed telecommunication companies, banking agents, retail chains and postal services to apply for licenses. The CBN said on Monday in a circular said these entities must set up separate companies and run them as […]