Finance

The African Development Bank (AfDB) has approved a $100 million loan for Indorama Eleme Fertiliser & Chemicals aimed at helping it boost fertiliser production, the bank said in a statement on Thursday, reports Reuters.

The African Development Bank (AfDB) has approved US$100 million senior loan to Nigerian firm, Indorama Eleme Fertilizer & Chemicals Limited, to support the company’s plans to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum.

Data made available by the Central Bank of Nigeria show that the nation’s foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14.

The Central Bank of Nigeria (CBN) has approved the release of second tranche of N1 billion from the Micro Small and Medium Enterprises Development Fund (MSMEDF) for disbursement to Small and Medium Enterprises (SMEs) in Niger State.

The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its loan portfolios to small-scale businesses.

The Central Bank of Nigeria (CBN) has again called on Nigerians to handle the Naira with care, restating that the N50,000 fine on abuse of the currency stands.

The Naira on Tuesday gained 2.3 points to appreciate against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

The Federal Government has offered for subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office (DMO) said.

As Central Bank of Nigeria (CBN), for the umpteenth time, urged the public to refrain from accepting multilated Naira notes from banks, all tiers of government equally have a role to play via mass education in changing the orientation of Nigerians towards the currency.

The Nigerian Incentive-based Risk Sharing System for Agricultural lending (NIRSAL) has mapped out modalities to train Agriculture Desk Officers of commercial banks and other key stakeholders in Value Chain Finance so as to guarantee food sufficiency in Nigeria.

Banks wanting to trade in digital currencies should make sure those activities are clearly "segregated" from their other operations, a top ECB official cautioned Monday, as ever more financial institutions mull jumping on the bitcoin bandwagon.

Reserve Bank of Zimbabwe says it has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin.

Zimbabwe's central bank chief has promised that chronic cash shortages will ease within two months' time, which will also be around the time Zimbabweans go to the polls.

First Bank of Nigeria Limited, has announced the introduction of the Contactless Naira MasterCard, added to its array of debit cards, to promote convenience, ease of transactions and the security of funds.

The Chartered Institute of Bankers of Nigeria (CBN) has called on the Senate to urgently pass the Financial System Strategy (FSS 2020) Bills into law to promote financial inclusion and strengthen electronic payment system in the country.

As Nigerians await the passage of the 2018 budget by the National Assembly, the federal government says its capital expenditure for the 2017 fiscal year was in excess of N1.5 trillion.

The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018.

The Central Bank of Nigeria (CBN) has blamed commercial banks for sabotaging its efforts in replacing mutilated notes with new ones in the country.