Banking and Finance

FG to deepen impact of Foreign Direct Investments —Trade Minister

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, says the ministry will attract Foreign Direct Investments (FDIs) into the country by stimulating business linkages between large and small enterprises.

Adebayo said this yesterday in Abuja at a stakeholders’ engagement for the Implementation of “Business Linkage Programme” for Micro, Small and Medium Enterprises (MSMEs) and Multinational Enterprises (MNES)/Large Local Cooperates (LLCs).

Pension contributors inject ₦21b into fund assets

Pension contributors injected N21 billion into the pension fund assets in the second quarter of this year.

The National Pension Commission (PenCom) revealed this in its monthly report on summary of pension fund assets and Retirement Saving Account (RSA) registration published on its website.

According to the pension industry regulators, the pension fund assets stood at N9.12 trillion in the month of April and moved to N9.33 trillion in June 2019, showing an inflow of N21 billion.

Afreximbank to transform Africa via trade

The African Import Export Bank (Afreximbank) has reiterated its commitment to integrate and transform African economies by promoting Intra-African trading.

According to a statement issued by the bank yesterday, its Managing Director on Intra-African Trade, Mrs Kanayo Awani, said this at the “Trade with Africa Business Summit’’ in Chicago, United States of America.

Awani said that efforts to open up African markets should be accompanied with industrialization and capacity building initiatives to help African countries produce value-added goods.

One Stop Investment Centre sustains foreign investments –NIPC

The Nigeria Investment Promotion Commission (NIPC) has said that its `One Stop Investment Centre’ (OSIC) was promoting and sustaining foreign and local investments through complaints resolution mechanism.

The Director, Strategic Communications of NIPC, Mr Emeka Ofor, told Journalists in Abuja that the OSIC lab had stopped many foreign investors from leaving Nigeria by mitigating their challenges.

Post-MPC Reaction: Policy Levers Unchanged as Committee Adopts Wait-and-See Approach

In line with our expectations, the eleven members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously voted to retain all policy parameters: Monetary Policy Rate (MPR) at 13.5% with asymmetric corridor of +200bps/-500bps, Cash Reserve Ratio (CRR) at 22.5% and Liquidity Ratio (LR) at 30.0%. We observed that the Committee’s interest in easing monetary conditions strengthened relative to the previous meeting in May 2019.

FAAC: FG, States, LGs share ₦762.5b in June

The Federal Government, States and Local Government Areas (LGAs) shared N762.5 billion as federal allocation for the month of June.

Mr Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while addressing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting.

He said that the gross statutory revenue of N652.9 billion received for the month was higher than the N571.7 billion received in May by N81.21 billion.

CBN tasks banks, others on customer relationship

The Central Bank of Nigeria (CBN), has advised banks and other financial institutions in the country to be transparent in their dealings in order to build customers’ confidence.

Mr Kofo Salam-Alada, the Director, Consumer Protection Department of CBN gave the advice in an interview with the News Agency of Nigeria in Abuja.

Salam-Alada said Nigerian banks and other financial institutions rendering financial services must be transparent and ensure fair treatment to customers.

Naira gains at parallel market

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday.

The Pound Sterling and the Euro closed at N458 and N403 respectively.

The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively.

Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars.

Afreximbank announces $1b Adjustment Facility for AfCFTA

The African Export-Import Bank (Afreximbank) says it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).

In a statement by Afreximbank’s spokesman, Mr Obi Emekekwue, the bank’s president said this to the African Heads of States at the 12th Extraordinary Summit of African Union (AU).

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