Banking and Finance

Nigeria’s Inflation Rate falls in Q4

Nigeria’s inflation rate declined for the first time in three months in October even as food-price growth accelerated.

The consumer-price index rose 11.26 percent from a year earlier compared with 11.28 percent in September, the Abuja-based National Bureau of Statistics said Wednesday.

The median estimate in a Bloomberg survey was for 11.4 percent. Prices increased 0.7 percent in the month.

'Electronic Fraud in Banking to Hit ₦6.1trn'

The Central Bank of Nigeria (CBN) has projected that electronic fraud losses in the country’s banking system would reach N6.1 trillion by 2021.

CBN Director of Consumer Protection, Mr Sunday Salam-Alada, said this at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Benin City.

The workshop was organised by Nigeria Deposit Insurance Corporation (NDIC).

Nigeria Seeks Stiffer Penalties for Perpetrators of Illicit Transactions

Nigerian President, Muhammadu Buhari, at the weekend in Paris, called for stringent actions against perpetrators of illicit financial flows, including crackdown on safe heavens.

He warned that continuous impunity will encourage more pilfering of countries’ resources to the detriment of poor and vulnerable populace.

Intra-African: Afreximbank Challenges Stakeholders

The Executive Vice President, Business Development and Corporate Banking in African Export-Import Bank (Afreximbank), Mr Amr Kamel, has charged the media and financial experts in the continent to promote intra-African Trade.

Kamel said this at Afreximbank’s Annual Seminar and Workshop on Structured Trade Finance in Casablanca, Morocco.

He urged the media to consistently inform and benlighten the people on the importance of intra-African trade to enhance its acceptability and promote growth of businesses within Africa.

Nigeria Plans London Roadshow ahead of $2.8b Eurobond Sale

Nigerian officials will go on a roadshow to London next week ahead of a planned $2.8 billion Eurobond sale this month, two banking sources told Reuters on Thursday.

The roadshow, which is being organised by Citi and Standard Chartered, will run from Nov. 12 for three days and be attended by Nigerian Finance Minister Zainab Ahmed.

Nigeria’s upper house of parliament last month approved the Eurobond issue but advised the government to limit foreign borrowing and boost revenue.

FG Commits to New National Minimum Wage

President Muhammadu Buhari said his administration is committed to having a new national minimum wage, as he received a report of the Tripartite Committee set up by his government a year ago.

The committee was chaired by Ms. Amaopuoruba Pepple, a former head of service of the federation.

N30,000 is the recommended national minimum wage by the Ms. Amaopuoruba Pepple Tripartite Committee set up by the Federal Government to negotiate with labour.

Remittances: African Countries received $72b

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said Nigeria tops other African countries in remittances inflows and is among the top five globally.

He did not give a figure, but said African countries received $72billion in remittances in 2017.

Emefiele, who was represented by Mr Mohammed Tumala, Director Statistics Department, spoke  on Tuesday in Abuja, at the opening session of a workshop on remittance household surveys jointly organised by the CBN and the African Institute for Remittances (AIR).

No Consensus on Minimum Wage

The Tripartite Committee has again failed to reach a consensus over the new minimum wage of workers in Nigeria, just as President Muhamamadu Buhari appeals for amicable resolution.

Chairman of the Committee and former Head of Service of the Federation, Ms Ama Pepple, said on Monday in Abuja after the more than nine hours negotiation.

Ms Pepple said after meeting of the committee with representatives of the Federal Government and leaders of the organised labour in attendance.

AfDB Signs $500m Credit Insurance Deal

The African Development Bank (AfDB) has completed a $500 million credit insurance to protect the bank against the non-payment of loans made to approximately 30 African financial institutions.

The deal with African Trade Insurance Agency (ATI) covers a portion of the banks’ portfolio of non-sovereign operations in Africa.

The deal with is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future.