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South African Rand coins are seen in this photo illustration. REUTERS-Mike Hutchings

South Africa rand up as risk appetite revives

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.
Mustafa Chike-Obi

Mustafa Chike-Obi emerges new Fidelity Bank chair

“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 Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

NECA: Central bank’s adjustment of Naira rate’ll cause inflation

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.

Bank shuts branch for disinfections over suspected coronavirus case

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.
Nigeria Naira

Forex constraint devalues naira to N380 per dollar

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.

NSIA posts N36 billion profit in 2019

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.
Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS-Thomas White-Illustration

South African rand opens stronger after positive data

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.

Zenith Bank tops in Nigeria by Tier-1 capital

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 Plc has urged its customers and the general public to disregard social media report of its shutting 340 branches nationwide.

Access Bank to refund stamp duty deductions

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

LIRS: Lagos generated N25 billion during lockdown, leveraging on technology

The Lagos Inland Revenue Service (LIRS) says it generated a whooping N25 billion through taxation in April when there was total lockdown.
The African Development Bank, AfDB, says it has approved a 70 million dollar loan for a road project in Ebonyi. The bank said on its website on Friday that it would provide $40 million, while its co-financier, the Africa Growing Together Fund (AGTF), would contribute $30 million for the project.

AfDB named fourth most transparent aid institution

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 urged its customers and the general public to disregard social media report of its shutting 340 branches nationwide.

Bank launches digital cash flow lending for SMEs

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.
Finance minister Tito Mboweni is expected to unveil an emergency budget with major changes to spending and revenue forecasts in parliament on Wednesday.

New Development Bank provides South Africa with $1 billion coronavirus loan

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.

Russia cuts lending rate to keep 2021 inflation close to 4% target

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.

Court orders bank to refund $8,541 illegal deductions to customer

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.

Remittance drop may drag Philippine GDP growth down by 0.4 pct central bank

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.

Eight suspects arrested in South Africa’s ‘biggest bank robbery’ fraud case

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 Naira

Nigeria’s naira eases 6.2% against dollar on official window

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.

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Thunderstorm kills seven cows in Osun village

About seven cows belonging to a Fulani herder, Alhaji Abdullahi, in Elepo Village, Ifon, Osun State were in the early hours of Tuesday struck dead by thunderstorm.

South Sudan’s central bank cuts benchmark interest rate to 10%

South Sudan’s central bank said it cut its benchmark interest rate to 10% from 13%, as part of efforts to mitigate the effects of the coronavirus outbreak on the economy.
UBA - United Bank for Africa

UBA Group appoints deputy managing directors

The United Bank for Africa Plc (UBA), a pan-African financial services group, on Tuesday announced the appointments of Mr Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors.
Rasheedat Ajibade

Rasheedat Ajibade hails CAF for introducing Women’s Champions League

Super Falcons and Norwegian Toppserien forward Rasheedat Ajibade has applauded the decision of the Confederation of African Football (CAF) to introduce Women’s CAF Champions League.
The Minister of Youth and Sports Development, Mr. Sunday Dare, on has turned the heat on the Nigeria Football Federation (NFF) saying football in the country is going backward.

Sports ministry denies appointing new AFN chief

The Ministry of Youth and Sports Development has denied appointing Mr. People S.Y Pepple as Director-General for the Athletics Federation of Nigeria (AFN), warning the sporting public, MDAs and law enforcement agencies not to do business with him.