Finance

Ecobank Nigeria has reiterated that its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria.

The Abuja Division of the Federal High Court has struck out a suit brought by a member of the governing council of the Nigerian Investment Promotion Commission (NIPC) which sought to block the agency from spending the N5.6billion internally generated revenue that accrued to it.

The African Export-Import Bank (Afreximbank) has demystified market uncertainties caused by COVID-19 pandemic and successfully concluded a dual-currency Syndicated Loan, equivalent of US$907.5 million.

Prominent emerging market creditors have set up a new group to help heavily-indebted African nations coordinate responses to the economic impact of COVID-19, but have also criticised recent calls for blanket debt relief.

Global economic losses from the coronavirus pandemic could reach up to 8.8 trillion dollars, or nearly 10 per cent of the world economy’s output, the Asian Development Bank (ADB) said on Friday.

The Minister of Finance, Zainab Ahmed, has disclosed that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion.

South Africa’s rand weakened early on Thursday as demand for emerging currencies continued to ebb due to growing concerns over the impact of the coronavirus on the global economy.

The Central Bank says it is developing a framework to offer grants and credit to researchers, science institutions and biotechnology firms to develop a vaccine against Covid-19.

Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday, stated that the Federal, states and local governments received N1.95 trillion from the Federation Account Allocation Committee (FAAC) in the first quarter of 2020.

South Africa’s central bank has temporarily prohibited the use of debt issued by the Land Bank as collateral after the state agricultural lender was downgraded deeper into junk status and missed $2.7 billion in loan repayments.

Egypt’s two biggest state banks have collected 121 billion Egyptian pounds ($7.7 billion) from a new high-yield savings certificate they introduced in March, officials from the two banks were quoted as saying on Sunday.

South Africa’s central bank (SARB) said on Friday it would reduce overnight repo auctions to one per day from the two it has held since early March to inject liquidity into the banking system amid the coronavirus pandemic.

The All Farmers Association of Nigeria, AFAN, Friday, hailed the appointment of acting Managing Director of Bank of Agriculture, BoA, Alwan Hassan, as it signifies hope for smallholder farmers in the country.

South Africa’s rand rose early on Friday, with sentiment toward risk and emerging market currencies boosted by an easing in tensions between China and the United States and optimism about the re-opening of some economies around the world.

Gross reserves also increased, to $53.003 in April from $52.458 billion previously. The forward position, representing the central bank’s unsettled or swap transactions, decreased to a balance of $592 million in April after a positive balance of $631 million previously.

President Muhammadu Buhari has appointed Alwan Hassan as the new acting managing director for the Bank of Agriculture.

IBFD, the world’s foremost authority on cross-border taxation, has announced the appointment of Dr Oby Ezekwesili to its Board of Trustees, effective from 1 April 2020.

Nigeria has received a $3.4 billion emergency fund from the International Monetary Fund (IMF), less than 24 hours after receiving $311 million of stolen money stashed in the United States and Jersey island.