Banking and Finance

CBN tasks banks, others on customer relationship

The Central Bank of Nigeria (CBN), has advised banks and other financial institutions in the country to be transparent in their dealings in order to build customers’ confidence.

Mr Kofo Salam-Alada, the Director, Consumer Protection Department of CBN gave the advice in an interview with the News Agency of Nigeria in Abuja.

Salam-Alada said Nigerian banks and other financial institutions rendering financial services must be transparent and ensure fair treatment to customers.

Naira gains at parallel market

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday.

The Pound Sterling and the Euro closed at N458 and N403 respectively.

The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively.

Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars.

Afreximbank announces $1b Adjustment Facility for AfCFTA

The African Export-Import Bank (Afreximbank) says it is providing one billion dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).

In a statement by Afreximbank’s spokesman, Mr Obi Emekekwue, the bank’s president said this to the African Heads of States at the 12th Extraordinary Summit of African Union (AU).

Buhari signs AfCFTA agreement at AU Summit

President Muhammadu Buhari in Niamey, Niger Republic, signed the African Continental Free Trade Area (AfCFTA) agreement, making Nigeria the 53rd state on the continent to append its signature to the document.

The News Agency of Nigeria observed that the signing of the agreement was the first event at the opening of the 12th Extra Ordinary Summit of the African Union on launch of the Operational Phase of the AfCFTA.

Buhari had delayed in signing the agreement, which entered into force May 30, 2019.

Exchange Commission reduces cost, timelines for transmission of shares

The Securities and Exchange Commission, SEC, has an amended draft on the operating framework for transmission of shares, reduced the timeline for the transmission of deceased’s shares from three weeks to one week.

Going by that, the registrar shall ensure that shares of a deceased are transmitted within a week of receiving the request from the administrators or executors.

The registrar is also required to transmit the Letter of Administration to the Probate Registry within 24 hours of receipt of same for verification.

Foreign investment rises by 34% to $8.5b in Q1

National Bureau of Statistics (NBS) said that total Foreign Investment into the country rose by 34.6 percent year-on-year to $8.5 billion in the first quarter of the year (Q1’19).

The Bureau disclosed this in it’s Capital Importation report for first quarter of 2019 released this morning.

The report said: “The total value of capital importation into Nigeria stood at $8.485 billion in the first quarter of 2019.

“This represents an increase of 216.03% compared to Q4 2018 and 34.61% increase compared to the first quarter of 2018.

FG directs CBN, others to synergise with Joint Tax Board

The Federal Government has directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax Board (JTB) in the release of relevant individual records.

Vice President Yemi Osinbajo stated this while inaugurating the New National Tax Identification Number (TIN) Registration System on Monday in Abuja.

Afreximbank supports intra-regional trade with $25b

African Export-Import Bank (Afreximbank) has disbursed eight billion dollars out of the 25 billion dollars it planned on a revolving basis to support intra-regional trade between 2017 and 2021.

The bank’s President, Prof. Benedict Oramah, said this at the on-going Afreximbank Annual Meeting (AAM 2019) in Moscow on Thursday.

“I am pleased to report that in two years of implementation, about eight billion dollars have been disbursed supporting trade and investment flows across borders.

IMF highlights technology’s potential disruption to global finances

International Monetary Fund Managing Director Christine Lagarde warned on Saturday that the increasing presence of technology giants using big data and artificial intelligence could cause a significant disruption to the world’s financial system.

The rapid development of financial technology (fintech) has increased access to cheap payment and settlement systems for low-income households in emerging countries where traditional banking networks are scarce.