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Articles by Niyi Jacobs
First Bank to promote savings culture among youths
First Bank of Nigeria Limited, Nigeria has reiterated its commitment to drive financial literacy among the youth and the unbanked segment of the economy. Speaking at the World Savings Day event in Epe , the bank’s Head Corporate Responsibility and Sustainability, Ismail Omamegbe, said the Bank was totally committed to deepening financial inclusion in the country.
Security agencies arrest fraudulent BDC operators
Some Bureau De Change operators selling foreign currencies above the stipulated limit were arrested by security agencies, in both Lagos and Ikeja yesterday. While speaking with the security agencies, National Mirror learnt that those that were arrested would be prosecuted in order to discourage others from flouting the FX regulations against the federal government’s objectives.
2017-2019 MTEF to be finalised before year end - Budget Office
The Minister of State in Ministry of Budget & National Planning, Mrs. Zainab Ahmed, has said that the 2017-2019 Medium Term Expenditure Framework (MTEF) currently before the National Assembly for consideration would be finalized it before the end of December. This is even as she projected that a new National Economic Recovery Plan would also be unveiled next month.
Lagos traders optimistic as Naira exchanges at N458/$
Lagos traders on Friday were optimistic that the economy would soon rebound as the Nigerian currency continues to appreciate in all the major segments of the forex market. The Naira on Friday continued to hedge against the dollar in all the major segments of the forex market. At the parallel market, the Naira closed at N458 to the dollar, from N462 it posted on Thursday, while the Pound Sterling and the Euro traded at N560 and N510 respectively.
CBN plans cheaper funds for non-oil export businesses
Central bank of Nigeria’s Director, Research and Development, Dr. Uwatt Uwatt, has hinted that the apex bank is planning to introduce cheaper funds for operators on the agric-value chain, in order to reduce the high cost of accessing funds for non-oil export businesses.
CBN orders BDCs to source dollars from First Bank, Travelex
There are strong indications that the Central Bank of Nigeria, CBN, may have given a new directive on how Bureaux de Change operators should source dollar proceeds from International Money Transfer Services, IMTS.
FG to restore EEG scheme soon
Indications have emerged that the Federal Government has concluded plans to resuscitate the suspended Export Expansion Grant (EEG) even as the special committee to review to the scheme has submitted its report. This was revealed on Thursday by Mr Olusegun Awolowo, Executive Director Nigeria Export Promotion Council (NEPC), who was represented by Mr George Enyiekpon at the on-going CBN sponsored seminar for Finance Correspondents and Business Editor (FICAN) in Abakaliki, Ebonyi State.
SME operators bemoan DMBs’ reluctance to grant loans
Some cross section of Small and Medium Enterprise operators in Nigeria have expressed their frustration in accessing most Nigerian Deposit Money Banks, DMBs, loan and capital for running business.Speaking with Mr. Uche Moses, a customer of GTbank Plc, he noted that some of the banks claimed to be offering loan to small and medium scale entrepreneurs and private individuals but they end up playing on the intelligence of their customers.
Banks panic over liquidity crunch, seek CBN’s bailout
There are strong indications that some Deposit Money Banks, DMBs, may have run into liquidity challenges in recent weeks, thereby compelling them to seek operational lifeline from, the Central Bank of Nigeria, CBN. The latest report by Cowry Assets Management Limited on the state of banks’ liquidity has shown that most banks may have been experiencing liquidity shortfall and finding it difficult to meet their immediate financial obligations.
Analysts commend CBN’s measures on foreign capital inflows
The Managing Director, Afrinvest West Africa Limited, Mr Ike Chioke, has commended the Central Bank of Nigeria (CBN) in taking a tough policy decisions to restore confidence and make the economy attractive for foreign capital inflows.
CBN to review non-oil Export Stimulation Facility policy
There are strong indications that the Central Bank of Nigeria, CBN, may soon releasea revised version of its policy on the N500 billion Non-Oil Export  Stimulation Facility (ESF) specifically designed to support non-oil export businesses in the country.
FG plans to borrow N952bn in 4 months
The Federal Government has unveiled plans to borrow the sum of N952.04bn ($3.02bn) with new issues of Treasury Bills from September 15 to December 1, 2016. In its latest TBs issuance calendar, the CBN said it would sell N264.47bn worth of threemonth bills, N204.88bn of sixmonth bills and N482.69bn of one-year bills. The Federal Government is expected to borrow around N900bn from the local market to bridge its budget deficit, which is estimated at N2.2tn in the 2016 budget.
Emefiele links elites’ taste for foreign goods to forex scarcity
The Central Bank of Nigeria (CBN) has blamed the elite who preferred imported materials to local ones for the foreign exchange crisis and its immense contributions to the current nation’s economic woes. The apex bank, through its Governor, Godwin Emefiele, lamented that Nigerians spend nothing less than £2 billion on their children studying abroad at the detriment of the the country’s educational sector.
DMO commends Access Bank on PDMM
The Debt Management Office (DMO) has commended Access Bank Plc for emerging as the most outstanding Primary Dealer Market Makers (PDMM) during the first half of 2016. The debt office, in a statement released over the weekend acknowledged Access Bank as the most outstanding PPDM in H1 2016.
ABCON bemoans inadequate forex allocation to members
Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) has decried the poor compliance of banks to the sale of foreign exchange to its members and also solicited Central Bank of Nigeria’s (CBN’s) intervention on the issue. Gwadabe said, in a telephone interview, that only about nine per cent of BDCs currently had access to forex sales from banks, a situation he described as “worrisome’’.
CBN assures BDC operators of forex market participation
The Central Bank of Nigeria (CBN) yesterday assured Bureaux De Change (BDCs) operators in the country that their interests were being giving necessary attention under the new foreign exchange regime. Speaking at an interactive session with BDC operators in Lagos, the apex bank Governor, Mr. Godwin Emefiele, told them that the apex bank was working round the clock to accommodate all stakeholders, in order to achieve stability of the foreign exchange market and the exchange rate.
Naira slums at inter-bank market, exchanges N250 to dollar
After months of speculation on real foreign exchange rate for the Naira, the anxieties appeared to have started fizzling yesterday with the national currency exchanging at N280 to the dollar after the monetary authorities formally flagged off the flexible forex regime.
Dealers foresee interbank rates easing on T/Bills sale
Dealers in the Nigerian financial market are of high expectations that planned issuance of Treasury Bills (T-Bills) worth N196.99 billion by the government on Thursday will boost financial system liquidity and soften interbank rates. According to one of the dealers, the instruments are 91-day bills worth N35.10 billion and 149-day bills worth N161.89 billion.
MasterCard launches Special app for commercial transactions
MasterCard has unveiled the first commerce application for SoftBank Robotics’ humanoid robot, Pepper, a digital payment service. The app was built by the Master- Card Labs team in Singapore, one of the company’s eight research and development centers across the globe. The Pepper application adds to ongoing MasterCard programs that bring payments to any consumer gadget, accessory or wearable– from fitness bands to refrigerators and now robots.
Banks seek CBN’s intervention over alleged EFCC’s harassment
Many Deposit Money Banks (DMBs) in the country have formally lodged their complaints to the Central Bank of Nigeria, CBN, over alleged recent harassment of their employees by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency is investigating some bank officials over foreign exchange rates charged for cross border transactions on Naira Debit Cards (NDC).
CBN to sanction banks over late response to cardholders’ complaints
The Central Bank of Nigeria (CBN) has ordered all Deposit Money banks (DMBs) to treat all cardholders’ complaints within three days or face sanctions.
Nigeria’s inflation hits 12.8%, highest in 4 years
Nigeria’s Consumer Price Index (CPI), which measures inflation rate, recorded a sharp rise for the second consecutive month in March, peaking at 12.8 per cent year-on-year up from the 11.4 per cent recorded in the preceding month.
DMBs’ poor performances threat to economy’s growth - Afrinvest
There are strong indications that as a result of 2015 poor performance of most of the quoted Deposit Money Banks (DMBs) on the Nigerian Stock Exchange (NSE), where some of the banks recorded significant decline in profits, this could trigger more negative impacts on the Nigerian economy till the end of 2016.
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