Finance

Rising coronavirus infections in the United States have discouraged some investors from taking big positions in the currency market, but most remain focused on the growing likelihood that major economies will continue to recover.

“Under the chairmanship of Ebi, Fidelity Bank recorded significant growth across key financial metrics with both Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the Bank,” a bank spokesperson said in a statement.

The Nigeria Employers’ Consultative Association (NECA) has said the Central Bank of Nigeria’s adjustment of naira exchange rate from N360/dollar to N380/dollar at the Secondary Market Intervention Sales (SMIS) will result in inflation.

Heritage Bank Plc said it has closed down an Experience Centre- EC (branch) at Allen Avenue; Ikeja over “unconfirmed case” of Coronavirus for deep hygiene clean up after an employee took ill last week.

Shortage of forex in the economy caused the naira to fall below the official rate of by 3.5 per cent to N380/$1 from N360/$1 according to the Central Bank of Nigeria.

The Nigeria Sovereign Investment Authority (NSIA) recorded a profit of about N36.15 billion from its investments in the 2019 financial year but fears worse returns this year due to the impact of the COVID-19 pandemic on its markets.

South Africa’s rand opened stronger on Friday and was on course for gains of roughly 2% against the dollar this week, after the first current account surplus in 17 years and an upbeat U.S. jobs report.

The bank, in a statement on Thursday in Lagos, said that it climbed a whopping 29 spots from 425 in 2019 to 386 in the 2020 global ranking of banks.

Access Bank on Sunday agreed to refund its stamp duty deductions made from the accounts of aggrieved customers following social media outcry.

The Lagos Inland Revenue Service (LIRS) says it generated a whooping N25 billion through taxation in April when there was total lockdown.

The Asian Development Bank was ranked first with the International Development Association of the World Bank and the United Nations Development Programme (UNDP) occupying the second and third positions.

Access Bank Plc has unveiled a digital lending portal tagged ‘Cash flow Loans by Access’ to provide access to finance for Small and Medium Enterprises (SMEs) to grow and expand their businesses.

The New Development Bank established by the BRICS group of emerging nations has approved a $1 billion COVID-19 emergency loan to South Africa to help reduce the socio-economic impacts of the pandemic, the National Treasury said on Saturday.

Russia‘s central bank on Friday cut its key lending rate by 1 percentage point to 4.5 percent to maintain inflation next year close to the targeted 4 percent, the bank said in a statement.

A Chief Magistrates’ Court in Gwagwalada, FCT, on Friday ordered Zenith Bank PLC to reverse 8,541 dollars illegally deducted from the account of one of its customers, Mr Ida Gabriel.

The displacement of thousands of overseas Filipino workers (OFWs) due to the COVID-19 pandemic may drag the Philippines‘ GDP growth down by 0.4 percent this year due to the reduction in remittances, the Philippine central bank said.

South African authorities have apprehended eight people suspected of illegally siphoning 2.3 billion rand ($133.87 million) from small lender VBS Mutual Bank, which collapsed in 2018 because of the corruption scandal.

Nigeria’s naira eased by 6.2% against the U.S. dollar on the official market on Wednesday after the government moved to converge its multiple exchange rate regime, traders said.