CBN’s N200bn fund to fast track 300,000 homes across 36 states, FCT

September 15, 2020

Tackling the forex crisis with new payment channels

Charles Abuede  To fund mass housing construction Targets 900,000 children, adults in 36 states, FCT 5m direct construction, 1m supply chain jobs  A N200 billion family homes financing fund is being created by the Central Bank of Nigeria (CBN) to fast track the deployment of 300,000 homes across the 36 states of the federation and […]

Naira and Inflation in focus

Aderemi OjekunleSeptember 15, 2020

  Lukman Otunuga, Senior Research Analyst at FXTM Once upon a time, the naira was worth almost twice as much as the dollar and equivalent to the British pound. Fast-forward today, the local currency is trading at a paltry N455 per dollar, N585 per pound on the parallel markets and around N380 on the official […]

T-bills appetite expands as secondary market goes bullish

September 14, 2020

Charles Abuede OPEN BUY BACK (OBB) and Overnight (OVN) money rates opened last week at 1.4 per cent and 2.3 per cent respectively from the previous week’s close of 1.6 per cent and 2.3 per cent as system liquidity fell to N737.7 billion. On September 9, OBB and OVN rates rose to 1.5 per cent […]

Nigeria bans access to foreign exchange for foods, fertilizer importers

September 11, 2020

Buhari

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

September 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 […]

Equity analysts see decency in growth of private sector total credit

September 9, 2020

More worries for investors as stocks plunge by N49bn

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

September 7, 2020

CBN’s N225.45 billion treasure bills auction records oversubscription

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

September 5, 2020

Nigerian banks’ aggressive borrowings from CBN rose 315% to N24.5trn in 11 months 

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 […]