Banking and Finance

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.

NDIC to Investigate Banks on Fraud Cases

The Nigeria Deposit Insurance Corporation (NDIC) is to investigate some banks for the inadequate rendition of returns to the Corporation on instances of fraud, forgeries, and cases involving members of their staff on grounds of fraudulent activities.

Section 35 and 36 of the NDIC Act No. 16 of 2006 (as amended) requires all Deposit Money Banks (DMBs) to submit monthly information/returns on fraud and forgeries to the Corporation.

Nigeria Targets 3.5% Economic Growth in 2018

The expectation of the Buhari administration that the Nigerian economy will grow this year up to 3.5 per cent is on course, Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu said today.

His optimism was anchored on the latest GDP figures announced by the National Bureau of Statistics today.

The NBS figures indicate a further growth in the fourth quarter of 2017, showing the economy grew by 1.92%.

Lagos Governor Signs ₦1.046tr Appropriation Bill into Law

Governor Akinwunmi Ambode of Lagos State on Monday signed the 2018 Appropriation Bill of N1.046 trillion into law.

The House of Assembly had on Jan. 30 passed the state’s Appropriation Bill into law.

The Commissioner for Finance, Mr Akinyemi Ashade, briefed newsmen shortly after the signing.

Ashade said that the focus of ‘Budget of Development and Progress’ would be to complete all ongoing projects.

CBN Accommodates NIFIs in Revised Agric Credit Scheme

The Central Bank of Nigeria (CBN) says it has revised the guidelines for Commercial Agriculture Credit Scheme (CACS), to include Non-Interest Financial Institutions (NIFIs).

CBN stated this in a circular dated Feb. 16, posted on its Website on yesterday.

The circular said that the review was part of efforts to deepen access to finance and reduce exclusion rate.

It added that the CBN would look at the possibilities of revising guidelines for other intervention funds to the interest of the public.

Adeosun woos Global Bodies to Combat Foreign Corrupt Practices

The Minister of Finance, Mrs Kemi Adeosun, has urged global bodies like the World Bank to help curb foreign corrupt practices by multinational corporations in Nigeria and other developing countries.

The Special Adviser to the Minister on Media and Communications, Mr Oluyinka Akintunde, in a statement on Monday, quoted Adeosun as making the call at the Platform for Collaboration on Tax (PCT) Conference in New York.

“There is absolute need for a complete understanding of how these Multinational Corporations (MNCs) behave in Nigeria and developing countries.

Nigeria’s Foreign Reserves hit $42.8b

Nigeria’s foreign reserves have hit $42.8 billion, according to spokesman of Central Bank of Nigeria (CBN) Mr. Isaac Okoroafor.

Okoroafor, who disclosed this at a meeting with Rice Farmers Association of Nigeria (RIFAN) Wednesday, in Abuja, attributed the steady growth of the reserves to CBN policies targeting reduction in importation of goods, especially food that can be produced in the country.

Rice production under the Anchor Borrowers Programme remains a reference point in the bank’s efforts at conserving the nation’s foreign exchange.

FG to Auction ₦100b Bonds

The Federal Government has offered for subscription by auction N100 billion worth of bonds in its February 21 auction, the Debt Management Office (DMO) said.

The offer circular obtained from the DMO website on Tuesday in Abuja, stated that it would sell N50 billion of a bond maturing in July 2021 at 14.50 per cent.

It would also sell N50 billion to mature in February 2028.

It, however, did not state the interest rate for the February 2028 issue.