Banking and Finance

₦100b health sector intervention scheme operational till 2030 –CBN

CENTRAL Bank of Nigeria (CBN) said that the N100 billion credit support to the health sector created as part of measures to address the impact of the Coronavirus, COVID-19, pandemic on the Nigerian economy, will operate till 2030.

The apex bank disclosed this in the guidelines for the scheme released last week, stating that: “The exit date of this intervention is December 31, 2030.”

External reserves to fall below $30b

The travel restrictions and other measures being implemented around the world in order to curb the Coronavirus pandemic has led to the shutdown of the global economy.

The Sub-Saharan region in Africa is not immune from the economic shock caused by the coronavirus outbreak. The oil exporters from the sub-region have been seriously hit hard by the crash in crude oil prices which is compounded by drop in demand due to a series of lockdowns and restrictions being carried out globally.

COVID-19: CBN implements necessary measures for steady operations

The Central Bank of Nigeria (CBN) says it has triggered business continuity plans to ensure the bank’s operations remain uninterrupted despite COVID-19 outbreak in the country.

The CBN Director of Corporate Communications Department, Isaac Okorafor, said this in a statement in Abuja.

Okorafor disclosed that the apex bank had directed Deposit Money Banks (DMBs) and other financial institutions to do the same.

BOI raises €1b from international capital market

As part of efforts to revitalise Nigeria’s industrial sector, the Bank of Industry (BOI) says it has raised €1 billion (approximately $1.11billion) from the international capital market.

The Managing Director of BOI, Mr Kayode Pitan, in a statement on Friday in Lagos, said that the fund was in line with the focus of President Muhammadu Buhari’s administration.

Pitan said that the fund would leverage Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan to achieve its target.

Nigeria central bank devalues official FX rate by 15% after trade with local bank –traders

The Nigerian central bank devalued the official currency rate by 15% on Friday, in a move to converge a multiple exchange rate regime which it has used to manage pressure on the naira, traders said according to Reuters.

The currency in Nigeria, which is Africa’s biggest economy and relies on crude sales for 90% of foreign exchange earnings, has come under pressure after oil prices plunged following a disagreement between Russia and Saudi Arabia over a deeper production cut. The coronavirus outbreak has also hit global demand for oil.

Nigeria to delay non-critical spending, defer Eurobond sale -finmin

Nigeria will postpone all non-critical government spending and wait for better market conditions for a planned $3.3 billion eurobond offering due to the turmoil caused by the coronavirus pandemic, the finance minister said on Monday.

Minister Zainab Ahmed told journalists in Abuja that Africa’s largest economy will prioritize “major capital expenditures,” Reuters reports.

“Any expenditures that are not critical we must defer to do it at a later time when things become more normal,” she said.

COVID-19: CBN reduces interest rates, rolls out other interventions

The Central Bank of Nigeria (CBN) has announced reduction of interest rates in all its intervention facilities from nine percent to five percent per annum for one year to ameliorate the effect of coronavirus pandemic on the nation’s economy.

The CBN Governor, Mr Godwin Emefiele who made this known while addressing newsmen in Abuja on Monday said the reduction of the interest rates took effect from March 1.

He disclosed that the bank had also extended moratorium of all CBN intervention facilities on all principal repayment for one year effective from March 1.

Sovereign wealth, pension funds should be invested in Africa –AfDB

The President of African Development Bank (AfDB), Dr Akinwumi Adesina, calls for a sovereign wealth funds and pension funds of Africa to be invested in the continent, not elsewhere.

The bank’s Communications and External Relations Department in a statement said Adesina stated this at the inauguration of the first report on the implementation of Agenda 2063 ahead of the 33rd African Union Summit in Addis Ababa.

SEC, DFID collaborate on financial technology development

The Securities and Exchange Commission (SEC) says it will partner with the Department for International Development (DFID) to develop the financial technology (fintech) space in the country.

The Head, Corporate Communication, SEC, Mrs Efe Ebelo, said this in a statement in Abuja.

Ebelo said that the partnership agreement was reached when officials of DFID visited the Acting Director-General of the commission, Ms Mary Uduk in Abuja.

Forex: CBN injects $218.41m, CNY 18m into retail secondary market

The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS).

 

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja yesterday, the News Agency of Nigeria reports.

 

Okorafor said 18 million Yuan was also injected in the spot and short-tenored forward segment of the inter-bank foreign exchange market.

 

He said the development was in continuation of the CBN intervention in the inter-bank foreign exchange market.

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