CBN refunds N35m capital deposits to BDCs with pending applications
Charles Abuede
11 hrs
After the decision of the banking sector regulator to immediately halt the sales of foreign exchange to bureau de change (BDC) operators and channel the weekly intervention to commercial banks in Nigeria, the Central Bank of Nigeria (CBN) has said it will begin the refund process of capital deposits and licensing fees to promoters who […]
Naira trends positively from highest 4-year depreciation as NGX sheds N190bn in 3 days
Charles Abuede11 hrs
The Nigerian Naira moderated from its highest depreciation level in four years in the parallel market to N520 per dollar after reaching N525 following the Central Bank of Nigeria’s (CBN) ban of FX sales to bureau de change (BDCs). But at the Importers’ and Exporters’ window of the foreign exchange market, the Naira pared gains, […]
Nigeria’s $2.8bn AKK gas pipeline on course for delivery, NNPC assures
Ben Eguzozie11 hrs
GMD says project to create prosperity The $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project currently being executed by the Nigerian National Petroleum Corporation (NNPC) is on course to hit delivery schedule, the corporation has assured. A 614 kilometers pipeline, the NNPC is plugging the project as a potential prosperity creator through massive […]
Nigeria targets N250bn lottery industry in new revenue drive
Charles AbuedeJuly 29, 2021
To acquire CMS to wedge revenue leakages from lottery business Says Nigerian gaming market grossed N250bn in 2019 with FG receiving N1bn as revenue Nigeria is targeting its growing lottery industry, which is conservatively estimated to be worth N250 billion in revenues, in its continuous drive to plug what it has called leakages in […]
Nigeria’s capital importation down 32.4% to $875.6m on insecurity, Covid-19 concerns
Charles AbuedeJuly 28, 2021
Nigeria’s total capital inflow declined 32.4 percent year on year to $875.62 million at the end of June 2021 compared to $1.29 billion reported during the same quarter of 2020. The figure also indicates a 54.1 percent decline when compared on a quarter on quarter basis from the $1.91 billion recorded in the first quarter […]
CBN’s aggregate credit to private sector up N1.55trn in 6 months to N24.23trn
Charles AbuedeJuly 28, 2021
Bank says NPLs at 5.70% in June 2021 shows progressive improvement In the effort to stimulate the growth of credit to the private sector of the Nigerian economy as well as improve the access of the sector to credit from the banking system, the Central Bank of Nigeria (CBN) has disclosed that total […]
IMF keeps Nigeria’s GDP growth forecast at 2.5% in 2021, 2.6% in 2022
Chris IkosaJuly 28, 2021
Policy efforts from countries to drive recovery amid pandemic The International Monetary Fund (IMF) has maintained that Nigeria continues to hold the prospects of growing its gross domestic products (GDP) at 2.5 percent this year and 2.6 percent in 2022. In its July World Economic Forecast titled, ‘Fault Lines Widen in the Global […]
Speculation, devaluation seen for naira in CBN’s stoppage of dollar sales to BDCs
Charles AbuedeJuly 28, 2021
Foresee more rent seeking, round-tripping activities The decision by the Central Bank of Nigeria (CBN) to discontinue the sale of foreign exchange to operators of bureau de change (BDC) segment of the FX market, as well as the suspension of issuance of new licenses to operators, has sparked reactions from analysts who have […]
IMF says adopting crypto assets as national currency a step too far
Charles AbuedeJuly 28, 2021
The International Monetary Fund (IMF) has stated that adopting crypto assets as national currency is a step too far, noting that some countries may be tempted by a shortcut in its adoption. In a blog report at the start of the week, it also noted that it believed, however, that in most cases risks and […]
NGX yields investors N25bn on profit-taking
Charles AbuedeJuly 28, 2021
As new CBN FX policy seen driving investors to strategic positioning The new foreign exchange policy by the Central Bank of Nigeria (CBN) halting the sale of international currencies, particularly the dollar, to bureaux de change operators (BDCs) on Tuesday, is expected to begin to drive investors into strategic positioning to re-price some […]