Banking and Finance

Nigeria’s Economic Growth Outlook Positive after Recession

Minister of Finance, Mrs. Kemi Adeosun, has said that the country’s economic outlook for 2018 and beyond was positive.

Adeosun, disclosed this at the 4th Ogun State Investors Forum in Abeokuta, which had in attendance Vice President Yemi Osinbajo, Governor Ibikunle Amosun of Ogun State, former Mexican President, Mr. Felipe Calderone, and eminent persons and captains of industry, news agency Voice of Nigeria reports.

Nigeria Plans ₦54b Treasury Auction

Nigeria plans to raise 53.96 billion naira at a treasury auction on Wednesday after repaying the same amount of bills, with the aim of lowering its borrowing costs, traders said.

The debt office has said it would repay some treasury obligations in phases as they mature. It plans to repay 482 billion naira of treasury bills in the second quarter and half the amount it wants to raise between March and May.

Economist Warns FG on External Borrowings

An economist, Prof. Sheriffdeen Tella, yesterday described the nation’s debt stock of N21.73 trillion as worrisome and urged the Federal Government to stop external borrowing.

Tella, a professor of Economics at Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed his views in an interview with the News Agency of Nigeria in Lagos.

He said that the current size of the country’s external debt was worrisome.

Foreign Exchange Market gets fresh $210m from Central Bank

The Central Bank of Nigeria (CBN) yesterday injected 210 million dollars into the inter-bank Foreign Exchange Market, in its bid to sustain liquidity in the foreign exchange market.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor in a statement said that the move would ensure the continuous availability of foreign exchange to customers.

Nigerian Banks Lose 2m Customers in 2 Years –Report

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, Nigerian banks lost over 2 million customers between 2016 and 2017.

According to statistics from the Nigeria Inter-Bank Settlement System (NIBSS), the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million.

The statistics obtained by the News Agency of Nigeria from the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

Nigeria Assures Businesses of Protection in Africa Free Trade

Nigeria would protect the interest of businesses in the new African Continental Free Trade Area (AfCFTA) agreements, the Foreign Affairs Minister, Mr. Geoffrey Onyeama, has said.

He told the News Agency of Nigeria after a meeting with a cross section of members of Organised Private Sector on AfCFTA in Abuja, that he convened the meeting to address some issues concerning AfCFTA.

The agreement, he said, would be signed at the meeting of Africa head of states on March 21 in Kigali, Rwanda.

How Forensic Accounting can Curb Corruption –Expert

The President, Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIA), Mrs Victoria Enape, has said that forensic accounting was the only way to control fraud.

Speaking on Thursday during a Public Hearing organised by Senate Committee on Establishment and Public Service chaired by Sen. Emmanuel Paulker.

The hearing was on four bills, namely Chartered Institute of Forensic and Investigative Auditors in Nigeria; Chartered Institute of Finance and Control in Nigeria.

Experts Decry Lack of Monetary Policy Direction

Some financial experts have decried lack of monetary policy direction and delay in the passage of the  2018 appropriation Bill in the country.

Some of them who spoke to the News Agency of Nigeria on Thursday in Lagos said the situation was presently affecting foreign investors’ confidence in the Nigerian stock market.

They said that foreign investors had slowdown their participation in the market due to the budget delay and lack of the Monetary Policy Committee (MPC) meeting.

Inflation drops by 14.3% –Statistics Bureau

Nigeria’s Inflation rate as measured by the Consumer Price Index (CPI) has further dropped from 15.13 in January to 14.33 per cent in February.

The National Bureau of Statistics (NBS) disclosed this in its CPI report for February released on Wednesday in Abuja.

The bureau said that the figure showed 13 consecutive reductions in inflation rate since January 2017.

According to the bureau, this figure is 0.8 per cent less than the rate recorded in January (15.13) per cent.

Debt Office to Raise ₦70b at Bond Auction

Nigeria plans to raise 70 billion naira ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said on Tuesday, less than it has sold at previous auctions.

The DMO said it would issue a five-year bond to raise 10 billion naira, and sell 10-year paper to fetch 30 billion naira, using the Dutch auction system on March 21.

It plans to introduce a new seven-year note to raise another 30 billion naira, it said in a bond notice. The result of the auction is expected on March 23, the DMO said, according to Reuters report.