Banking and Finance

Economic Review: 2019 In Retrospect

In 2019, world economies went through an upheaval. Some went from their lowest productive levels while others suffered a case of near economic meltdown.

There was a huge embrace of digital technology in the financial market as well as a high rate of youth participation in political and economic revival.

These are the some of the notable points of that year.

MONETARY POLICY RATE (MPR)

Nigeria’s monthly revenue drops by ₦387.15b

The Nigerian government’s revenue shortfall continues to pose a major challenge as monthly collected revenue dropped by N387.15 billion in November. This is disclosed in the latest Economic Report released by the Central Bank of Nigeria (CBN).

CBN in its latest economic report stated that the Federal Government collected N858.92 revenue in November, as against the monthly budget estimate of N1.24 trillion. This means federally collected revenue fell short of the monthly budget estimate by N387.15 billion (31.1% shortfall).

CBN reviews downward electronic transfer, ATM withdrawal charges

The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees.

The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000.

Only electronic transfer above N50,000 will attract N50 charge.

Inflation increased by 11.85% in November 2019 –Statistics Bureau

The National Bureau of Statistics (NBS) said inflation increased by 11.85 percent year on year in November 2019.

The NBS made this known in ITS Consumer Price Index (CPI) and Inflation report for November released on Tuesday.

The bureau said the development was 0.24 percent points higher than the rate recorded in October 2019 which was 11.61 percent.

It explained that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

Buhari signs 2020 budget into law

President Muhammadu Buhari yesterday in Abuja signed the 2020 appropriation bill of N10,594,362,364,830 into law.

News Agency of Nigeria reports that the budget was increased from N10.33 trillion to N10.594billion by the National Assembly.

About N560.47 billion of the total budget is for statutory transfers while N2.7 trillion is for debt service.

Other breakdown of the budget include N4,842,974,600,640 for Recurrent Expenditure; Capital expenditure N2,465,418,006,955; Fiscal Deficit N2.28 trillion and Deficit/GDP N1.52 per cent.

Deposit Insurance Corporation challenges stakeholders on financial inclusion

The Nigeria Deposit Insurance Corporation (NDIC) has called on banks and other stakeholders to make concerted efforts toward addressing challenges hindering financial inclusion in the country.

Dr Sunday Oluyemi, the Director of Communication and Public Affairs Department of NDIC, made the call on Wednesday at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Yola, Adamawa.

CBN wants increased Mobile Money Operators across Nigeria

The Central Bank of Nigeria (CBN), has urged Mobile Money Operators (MMOs), to improve and increase agents footprint across the country to bring the service closer to the excluded.

The Director, Payment Systems Management, Mr Samuel Okojere, made the call at the second edition of the Association of Licensed Mobile Payment Operators (ALMPO) conference themed: “Beyond Payments” in Lagos.

Okejere said: “Not withstanding the progress made by Mobile Money Adoption, we have a lot on ground to cover in Nigeria as a whole.

Border closure contributes to rising inflation says Minister

The Federal Government has said that closure of the nation’s borders has contributed to the rising inflation.

But the government has also assured that the closure is temporary as the government expects the neighbouring countries to respect the ECOWAS protocols to enable the reopening of the borders.

Corporate Affairs Commission set to delist companies over annual returns

Corporate Affairs Commission (CAC) on Monday urged companies operating in the country to file in their annual returns as provided by the law or risk being de-listed from its register.

Mr Moses Adaguusu, Head Public Affairs of CAC, told the News Agency of Nigeria in Abuja that the call became necessary in view of the need to keep the commission abreast of such companies that were still in operation or otherwise.

Lagos presents ₦1.168tr 2020 Budget

Lagos State Governor Babajide Sanwo-Olu on Friday presented a budget of N1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year.

The proposal represents 11.3 per cent of the proposed 2020 budget of the entire country which is put at 10.22 trillion.

The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion.

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