Finance

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said the ongoing reforms to increase diaspora remittances into the country will support the economy and help reduce the impact of the COVID-19 pandemic.

U.S. investment bank Goldman Sachs on Wednesday lost its fight against an EU cartel fine handed down to its former Italian subsidiary and cable maker Prysmian after Europe’s top court said it was liable for the actions of the unit.

The Central Bank of Nigeria (CBN) Tuesday resolved to leave all monetary policy parameters unchanged in a continued efforts to stimulate the economic growth.

On Monday, the currency exchanged for 475 at the parallel market, against the 383 central bank’s official rate. Inflation hit 15.75 per cent in December 2020, the highest in three years, according to the National Bureau of Statistics.

The apex bank also retained the Monetary Policy Rate (MPR) at 11.5 per cent, the Cash Reserve Ratio (CRR) at 27.5 per cent, the Liquidity Ratio (LR) at 30 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.

Our education system is designed to teach kids everything that is needed for employment and related skills but it often leaves an important aspect that deals with managing our finances. Financial education is often ignored or overlooked by many.

As Central Bank of Nigeria (CBN) opens its Monetary Policy Committee (MPC) meeting on Monday, a financial expert, Mr Okechukwu Unegbu, has advised the committee to address rising inflationary rates.

Access Bank Plc at the weekend said it had filed a notice of appeal at the Supreme Court to challenge the decision by the Lagos Division of Court of Appeal to upturn the suspension of the interim order made by a Federal High Court in Lagos sealing the corporate offices of Seplat Petroleum Development Company (SPDC) and freezing its accounts, in respect of loan obtained by Cardinal Drilling Services Limited.

The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.

The bank had in December 2020 directed that IMTOs and commercial banks in the country pay beneficiaries of diaspora remittances in foreign currencies, in a bid to deepen the foreign exchange market and create transparency in the administration of diaspora remittances into Nigeria.

Naira strengthened against the U.S. dollar on Thursday at the Investors & Exporters (I&E) window of the foreign exchange market, data from the FMDQ Security Exchange where currencies are officially traded showed.

China’s central bank proposed stepping up anti-trust measures to rein in payment firms such as Ant Group’s Alipay and Tencent’s WeChat Pay, which dominate the non-bank payment industry.

Access Bank Plc has unfolded plans to expand to eight more African countries as part of a strategy to support trade and finance in the continent and take advantage of the newly formed African Continental Free Trade Area (AfCFTA).

The Bank of Industry (BoI) has reacted to advertisements and letters on a purported recruitment exercise by the bank.

This was announced in a circular issued to all deposit money banks, mobile money operators and payment service providers on Monday and signed by Musa Jimoh, the director of payments system management department, and Kevin Amugo, director of financial policy and regulation department.

The dollar dropped on Tuesday as investors prepared for U.S. Treasury Secretary nominee Janet Yellen to talk up the need for major fiscal stimulus and commit to a market-determined exchange rate when she testifies later in the day.

The KanInvest and Diaspora, in partnership with the Links, a UK-based company and the Manufacturers Association of Nigeria (MAN), has secured N10 billion intervention fund from Central Bank of Nigeria (CBN) in its bid to revive industries affected by the COVID-19 pandemic disease in Kano State.

The anticipated release follows moves made by the CBN, working with the Nigeria Customs Service (NCS), in the last quarter of 2020, to facilitate import waivers to four agro-processing companies to import 262,000 tonnes of maize to bridge the shortfall in production and augment local production.