Finance

Central bank told to stop giving forex for food imports

Nigerian President Muhammadu Buhari on Thursday directed the central bank to stop issuing foreign exchange for food and fertiliser imports, according to a statement by his spokesman.
Embattled President of African Development Bank (AfDB), Dr Adewumi Adesina, has survived a second round of investigation into his conduct, giving him a boost in his re-election bid next month.

AfDB approves $27.3 million virus response for AU

The African Development Bank’s board of directors has approved the sum of $27.33m in grants to boost the African Union’s efforts to mobilise a continental response to the COVID-19 pandemic.
The logo of South Africa's Standard Bank is seen above the company's headquarters in Cape Town, South Africa, file. REUTERS-Mike Hutchings-File Photo

South African bank profits seen taking years to recover from virus hit

Coronavirus-related bad debts have set South African banks’ profits back by around a decade or more and they are unlikely to recover for at least three years, two top executives told Reuters, as the economy struggles with recession.
Uganda’s central bank has introduced a new lending window for commercial banks that might encounter short-term liquidity challenges, it said on Tuesday, unveiling another tool to complement its main monetary policy instrument.

Uganda central bank sets up new window for lending to banks

Uganda’s central bank has introduced a new lending window for commercial banks that might encounter short-term liquidity challenges, it said on Tuesday, unveiling another tool to complement its main monetary policy instrument.

Nigerian banks debut quick response code payment in Ghana

The banks: Eco, Zenith and Fidelity; are among six banks in Ghana that initiated services to allow the public pay for goods and services through the universal Ghana Quick Response (Gh QR) code. The Ghana banks are GCB Bank, Bank of Africa, and the Agriculture Development Bank.

POS, Mobile transactions volume hits four-year high in Nigeria

According to the Principal Lead MasterCard Advisors for Sub-Saharan Africa, Bola Asiru, “POS transaction volume along with mobile transactions (Interscheme) value, reached four years high with N416 billion and N275 billion transactions in July respectively.
After taking a critical look at security challenges ravaging the country, a professional economist, Dr Felix Amieye-Ofori, has suggested that economic development will continue to elude Nigeria if the situation is not urgently addressed.

Insecurity, bane of Nigeria’s economic development – economist

After taking a critical look at security challenges ravaging the country, a professional economist, Dr Felix Amieye-Ofori, has suggested that economic development will continue to elude Nigeria if the situation is not urgently addressed.
Debates on revenue collections from Stamp Duties between Federal Inland Revenue Service (FIRS) and Nigerian Postal Service (NIPOST) was brought to a close as FIRS submitted that it was backed by law to collect stamp duties.

Income tax: FIRS inaugurates online portal for financial institutions

The Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.
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.

Central bank freezes 38 firms’ accounts over forex infractions, others

The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies.
Embattled President of African Development Bank (AfDB), Dr Adewumi Adesina, has survived a second round of investigation into his conduct, giving him a boost in his re-election bid next month.

Nigerian farmers hail AfDB’s boss over re-election, inauguration

Over 40 million Nigerian farmers under the auspices of All Farmers Association of Nigeria, AFAN, Saturday, hailed Dr Akinwunmi Adesina, over re-election and subsequent inauguration as African Development Bank’s President for a second tenure.

N386/$ new exchange rate not sustainable – BDC operators

The Association of Bureau de Change Operators of Nigeria (ABCON) has declared that the new exchange rate for the operators to sell forex at N386 cannot sustain their operations.

DMO: Nigerians’ concerns should be how loans are utilised

The Director-General, Debt Management Office, Patience Oniha, on Wednesday, defended the nation’s debt profile, saying there is nothing wrong with borrowing.
Embattled President of African Development Bank (AfDB), Dr Adewumi Adesina, has survived a second round of investigation into his conduct, giving him a boost in his re-election bid next month.

Nigerian government congratulates Akin Adesina on re-election as AfDB president

The Federal Government has congratulated Dr Akinwumi Adesina, President of African Development Bank (AfDB) Group on his re-election as the eighth president of the bank for a second term.
Nigeria Naira

Naira appreciates further at parallel market

The naira strengthened to N440 to a dollar at the parallel market on Tuesday, compared with the N465 to a dollar it was the previous day.
President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has said that Nigeria needs to evolve a more effective tariff structure in order to achieve steady electricity supply.

Akin Adesina pledges quality deliverables to Africa through AfDB

Dr Akinwumi Adesina, President of African Development Bank (AfDB) Group, says he will build a much stronger and resilient bank to deliver greater quality impacts on African people.
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.

CBN orders banks to pay 10% of MPR as interest on savings deposit

The Central Bank of Nigeria (CBN) has ordered banks to henceforth pay 10% of it’s Monetary Policy Rate (MPR) as the minimum interest rate on savings deposit.
Africa’s richest businessman, Aliko Dangote, has donated a mobile testing centre with the capacity to test 400 people for COVID-19 daily, to the Kano State Government.

Aliko Dangote wants Ngozi Okonjo-Iweala as WTO chief

Business morgul and the Africa’s richest man Aliko Dangote has called on member states of the World Trade Organisation (WTO) to vote for former Finance Minister Dr Ngozi Okonjo Iweala fore the director-general of the organisation.
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.

External reserves reverse negative trend, rises to $35.7 billion

The nation’s external reserves, last week, rose (though slightly) for the first time in 12 weeks, to $35.66 billion.

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The Commissioner for In­formation and Strategy, Gben­ga Omotoso, while speaking on the commencement of the campaign on Thursday, said it was initiated after discovering that members of the public did not comply with the directives.

#EndSARS: Lagos government to investigate Lekki shootings

The Lagos State government said it would investigate reports of shootings at the Lekki Toll plaza, which followed the 24-hour curfew imposed to stop criminals hiding under the #ENDSARS protests to unleash mayhem on innocent citizens.

#EndSARS: Stop killing peaceful protesters – Hillary Clinton tells President Buhari

Former United States presidential candidate, Hillary Clinton, has made a public appeal to Nigeria's President Muhammadu Buhari to end the killing of peaceful protesters.
A late winner from Marcus Rashford saw the Red Devils win 2-1 against the Parisians at the Parc des Princes - the scene of their famous Champions League win versus PSG in 2019.

Manchester United set new club record after another Champions League win vs Paris Saint-Germain

Manchester United's victory against PSG in the Champions League has seen the club win 10 consecutive away games for the first time in their history.
Netflix seems to be on a cancelation streak as of late, and the science fiction space drama Away is the streaming service’s latest victim.

‘Away’ canceled at Netflix after one season

Netflix seems to be on a cancelation streak as of late, and the science fiction space drama Away is the streaming service’s latest victim.
Kano State Governor Abdullahi Umaru Ganduje

Kano government distributes instructional materials to schools

The Kano State Government, says it has begun the distribution of instructional materials worth over N1.5 billion to primary and junior secondary schools in the 44 Local Government Areas of the state.