Banking and Finance

'CBN Resisted Pressure to Float the Naira'

The acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.

Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter, yesterday in Abuja.

Delivering a lecture titled, “Managing Public Confidence in a Period of Economic Challenge -The Role of Public Relations’’, the CBN spokesman said the bank was vindicated afterwards for rejecting the suggestion.

Market Operators to FG: Invest in Infrastructure

Capital market operators on Tuesday urged the Federal Government to focus more on infrastructure development to boost local employment and consolidate the achievements of the past three years.

The operators stated this in an interview with the News Agency of Nigeria in Lagos, while appraising the three years of President Muhammadu Buhari’s administration.

Rasheed Yussuf, a former President of Association of Stockbroking Houses of Nigeria (ASHON), said the government should invest more in power, roads and railway.

MPC Maintains Status Quo

At the end of its 261st meeting (second this year), the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) voted to maintain status quo for the tenth consecutive session by retaining the: 

1. Monetary Policy Rate (MPR) at 14.0%;
2. Asymmetric corridor around the MPR at +200/-500bps;
3. Cash Reserves Ratio (CRR) at 22.5%; and
4. Liquidity Ratio (LR) at 30.0%.

Value Added Tax: ₦269.79b Generated in Q1 2018

Sectoral distribution of Value Added Tax (VAT) data released by the National Bureau of Statistics for Q1 2018 reflected that the sum of N269.79bn was generated as VAT in Q1 2018 as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017 representing 6.17% increase Quarter-on-Quarter and 21.87% increase Year-on-Year.

2018 Budget: Experts Want Change in Disbursement Approach

Some financial experts on Thursday said the Federal Government must change its approach towards the implementation and disbursement of the annual budget for it to impact positively on Nigerians.

The experts expressed their views in an interview with the News Agency of Nigeria in Lagos.

They spoke on the passage of the 2018 budget by the National Assembly, six months after it was presented by executive.

Capital Importation: Foreign Inflows Expand Despite Underwhelming FDI

The National Bureau of Statistics (NBS) released Q1:2018 capital importation data earlier today and unsurprisingly, capital imported into the country simultaneously expanded Year-on-Year (Y-o-Y) and Quarter-on-Quarter (Q-o-Q) for the fourth consecutive quarter as foreign investors further increased holding of Naira assets. Total capital inflows surged 594.0% Y-o-Y, reflecting low-base effect of Pre-I&E window era, and rose by a modest 17.1% Q-o-Q to US$6.3bn.

Nigeria’s Foreign Reserve Increases to $47.49b

Nigeria’s gross official reserves increased by $1.24bn in one month and $16.63bn over twelve (12) calendar months to $47.49bn in April 2018, news agency Voice of Nigeria reports.

As stated by FBNQuest in its Good Morning Nigeria yesterday, the rapid accumulation of US$16.63bn over 12 months is due to two successful Eurobond issues, the recovery in oil export revenues and, more recently, the steady bid by the CBN at the investors’ and exporters’ window.

Excess Charges: Banks to Refund with Interest

The Central Bank of Nigeria (CBN) said any bank that deducts monies illegally from a customer’s account for products and services would be forced to refund the money to the customer with interest.

Mr Fada David, Consumer Complaints Management, Consumer Protection Department, CBN, said this in an interview with the News Agency of Nigeria yesterday in Abuja.

This is sequel to complaints by bank customers within the Federal Capital Territory (FCT) over excess charges by banks through Automated Teller Machine (ATM) withdrawals.

Will Currency Swap Deal Stifle Nigerian Economy?

Financial analysts have expressed concern that the currency swap deal recently signed by the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) will stifle the Nigerian economy.

The Currency Swap Deal was signed on April 27.

Mr Boniface Okezie, the president Progressive Shareholders Association of Nigeria, told the News Agency of Nigeria that the currency swap deal was unnecessary.

He said the deal would ensure that majority of the country’s foreign trade deals were channeled to the Chinese economy.

Central Bank signs $2.5b FX Swap Deal with China

The Central Bank of Nigeria (CBN) says  on Thursday  that it has signed the bilateral Currency swap agreement with the Peoples Bank of China (PBoC).

A statement by the apex Acting Director of Communications, Isaac Okorafor, noted that the Governor Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led Chinese team at the official signing ceremony in Beijing, China.

It said the agreement was signed on April 27th adding that it was an outcome of over two years of painstaking negotiations by both Central Banks.