Banking and Finance

AMCON Recovers ₦681b Debt in Six Years

The Asset Management Corporation of Nigeria (AMCON) has recovered more than N681.5 billion from chronic debtors in the last six years, its Managing Director of Ahmed Kuru, revealed in Abuja on Monday.

The revelation was at an interactive session with Judges of the Federal High Court.

He said the amount was recovered from the debtors in form of cash, properties and shares.

He stated that most of the recoveries were made possible through court-sanctioned settlements or outright judgment.

CBN to Sell Dollars to Consumers at ₦360

Nigeria central bank will sell dollars to private individuals at 360 naira per dollar, it said in a tweet on Monday.

Reuters reports that the bank has been intervening on the official currency market to try to narrow the spread with the black market rate, which was 520 to the dollar a month ago after it devalued the naira for retail customers to 375.

The naira traded at 315 on the official market on Monday.

Cash Incentive: Over 2,300 Whistleblowers Tip Finance Ministry

The Ministry of Finance says it has so far received 2,351 tips from whistleblowers bordering on cases of embezzlement of government funds, looting of assets and contract inflation, among others.

According to the News Agency of Nigeria, Festus Akanbi, the Special Adviser, Media to the Minister of Finance, Mrs Kemi Adeosun, in a statement, said the tips came via text messages, calls, email and forms filled on the ministry’s website.

IMF says Nigeria needs urgent reform –Report

The International Monetary Fund (IMF) is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in much-needed international loans.

The Washington-based fund will urge Nigeria, a major oil producer, to introduce immediate changes to its exchange rate policy and say its recent reform plan is not enough to drag Africa's biggest economy out of recession, according to the 68-page report.

Nigeria Issues New Retail Savings Bond to Raise $7m

Nigeria's debt office said on Thursday it raised 2.07 billion naira ($6.6 million) from a new two-year savings bond intended for retail investors.

Nigeria forecasts a budget deficit of 2.36 trillion naira in 2017, half of which it aims to fund through domestic borrowing.

The Debt Management Office (DMO) has said it offered the bond to help broaden the country's funding base. It will be available for purchase on a monthly basis and have a maximum subscription of 50 million naira. It carries a coupon of 13.01 percent.

Naira Gains Against Dollar

The continuous Central Bank of Nigeria’s (CBN) intervention in foreign exchange (forex), has caused the Naira to hit the dollar again on Wednesday.

The currency traded N400 to a dollar at the black market on Wednesday in Abuja.

The News Agency of Nigeria reports that the Naira has also appreciated against the Pound Sterling and Euro rate as it traded at N510 and N415 respectively.

One of the Bureau de Change operators known as Tijanni Jos, said that the development had caused operators to lose a lot of money.

FG Revenues Fall in February Due to Lower Oil Prices

Nigeria's distributable government revenues fell to 429.127 billion naira in February from 465.19 billion naira in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday.

Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils.

Average oil prices fell to $44.74 from $49.57 per barrel in February, the statement said.

CBN offers additional $180m to boost FX liquidity

The Central Bank of Nigeria (CBN) has offered additional $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million through the inter-bank window.

In a statement, on Monday in Abuja, the CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, said the wholesale requests will be settled on Tuesday, 21 March 2017.

He said that with the development, it is expected that the Naira would further strengthen in the foreign exchange market in the days to come.

World Bank to invest $57b in Nigeria, Others

The World Bank Group President, Mr Jim Kim said the bank would be investing 57 billion dollars to accelerate growth and development In Sub-Saharan African countries over the next three years.

In a statement released to the media by the Senior Communications Officer, World Bank Nigeria, Mrs Olufunke Olufon, on Monday in Abuja, Kim said the money would be raised by three subsidiaries of the group.

According to Kim, the funding will run from July 1, 2017, to June 30, 2020.