Central Bank of Nigeria
Naira weakens to lowest in three years
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Federal government launches portal for exited N-Power beneficiaries to apply for central bank empowerment options
The federal government has launched a portal for exited N-Power beneficiaries to apply for Central Bank of Nigeria, CBN, empowerment options. Ministry of Humanitarian Affairs, Disaster Management and Social Development, which announced the launch of the portal in a statement, explained that the platform was developed in collaboration with the CBN. The platform, according to the statement released, Friday, by Nneka Anibeze, Special Assistant to the Minister, Sadiya Umar Farouq,” will enable exited N-Power beneficiaries to log on and apply for the various economic, empowerment and entrepreneurship options provided by the CBN.” In the statement signed by the Permanent Secretary of the ministry, Bashir Nura Alkali, the Minister Sadiya Umar Farouq urged and encouraged interested exited benefici...
PDP wants central bank chief to resign over fiscal policy
The Peoples Democratic Party (PDP) has asked the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to resign, saying the economy is in shambles under his watch. The post PDP wants central bank chief to resign over fiscal policy appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Lagos chamber advises central bank on tackling inflation
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices. The post Lagos chamber advises central bank on tackling inflation appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
#EndSARS: VON chief proffers solution to youth restiveness
The Director-General of Voice of Nigeria (VON), Mr. Osita Okechukwu, has advocated for the construction of rural middle class, as the panacea to absorb EndSARS members and unemployed youths. The post #EndSARS: VON chief proffers solution to youth restiveness appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
BMO: President Buhari stands tall in Nigerian youths’ hall of fame
The Buhari Media Organisation (BMO) has stated that no contemporary Nigerian leader has done more to empower young Nigerians than President Muhammadu Buhari. The post BMO: President Buhari stands tall in Nigerian youths’ hall of fame appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Pressure on banks over consumer loans money market
A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given to borrowers (loan covenant) in the next quarter (Q4’20). The Survey Report titled: ”Credit Condition Survey Report for Q3’20″ stated:”Lenders experienced higher default rates on credit card and overdrafts/personal lending to households in Q3’20 but expect lower default rates in Q4’20. “Losses given default on total unsecured loans to households and overdraft/personal loans to households both declined in Q3 2020. “Similarly, default on total unsecured loans to households was expected to worse...
CBN: Nigeria far from financial inclusion target
A report by the Central Bank of Nigeria and the Enhancing Financial Innovation & Access has said that Nigeria is far from achieving its financial inclusion target in 2020. The CBN disclosed this in the report titled ‘Assessment of women’s financial inclusion in Nigeria’ for December 2019 period which was released on Monday. Part of the report read, “Not surprisingly, financial exclusion stands at 36 per cent for women and 24 per cent for men. “The relative gender gap related to financial inclusion is ~20-30 per cent, placing Nigeria below its peers. “Since 2012, although women’s exclusion has dropped, the gender gap has grown, revealing that men’s inclusion has improved more rapidly than women’s. “The National Financial Inclusion Strategy was launched in 2012 to reduce financial exclus...
Bayo Adelabu: No governor should flaunt payment of salary as achievements
Oyo State governorship candidate of the All Progressives Congress (APC) in the 2019 elections, Chief Adebayo Adelabu, has said no governor should flaunt payment of salary of workers as achievements. He said this while speaking with newsmen in Ibadan as part of activities marking his 50th birthday. To him, payment of salaries of workers is done through statutory allocations that states across the country receive on monthly basis. He said, “No state needs a governor before salary is paid. When salary is paid through statutory allocations and it goes straight to the Accountant General, they take it to the bank and they pay. Why must that be the major achievement of any governor? Adelabu who is a former deputy governor of the Central Bank of Nigeria also said embarking on populist is not susta...
NBS solicits Nigerians’ support on survey on children, women
The National Bureau of Statistics (NBS) has appealed to the general public to support its survey on the situation of women and children it is conducting, is brought to “ a successful end”. Mr Sunday Ichedi, the Head, Public Affairs and International Relations Unit, NBS made the appeal on Wednesday in a statement. Ichedi said that Nigeria had formally started the process of conducting the Multiple Indicator Cluster Survey (MICS6)/National Immunisation Coverage Survey (NICS) with a virtual inaugural meeting of the National Steering Committee. The global MICS programme was developed by United Nations Children’s Fund (UNICEF) in the 1990s as an international household survey programme. The programme was developed to support countries in the collection of internationally comparable data on a wi...
Central bank okays N200 billion housing loan for low income earners
The Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years. The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates that the fund would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion. According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive). The apex bank said it introduced the financing initiative to ...
