Banking and Finance

Buhari assents to Banks, Other Financial Institutions Act

Nigeria’s President, Muhammadu Buhari has assented to the Banks and Other Financial Institutions Act 2020.

It repeals the extant Banks and Other Financial Institutions Act 1991 as amended. 

Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in a statement issued on Friday said: 

Lagos 2021: The Budget of Rekindled Hope

The Lagos State Governor, Babajide Sanwo-Olu has presented the year 2021 budget estimate of 1.155 trillion naira to the Lagos State House of Assembly.

A fiscal budget tagged “Budget of Rekindled Hope” according to the Governor, is aimed at advancing the agenda of the State, as it remains committed to building communal cohesiveness and Inter-ethnic unity among the residents.

Global Equities Market: Bloodbath across Markets following Weak Sentiment

Global COVID-19 cases rose 6.8% to 45.4 million this week while the death toll rose 3.3% to 1.2 million. The US remains the epicentre of the virus with 9.2 million cases while daily cases in France (total cases: 1.3 million) and Germany (total cases: 513,147) have been on the rise compared to the early days of the pandemic, prompting new lockdown measures. The new restrictions dampen the prospects of a fast-paced economic recovery after initial optimism following the strong momentum in Q3:2020 when countries eased lockdowns.

CPI Report: Headline Inflation Remains Elevated

The upward pressure on domestic consumer prices lingered for the 13th consecutive month as headline inflation rose to 13.7% y/y in September 2020 from 13.2% in August as disclosed in NBS’ Consumer Price Index report. This is the highest level of headline inflation since February 2018, driven by a sharp m/m increase at a 39-month high of 1.5% from 1.3% in August.

CBN directs banks to comply with SWIFT universal payment confirmations

The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.

The directive was outlined in a circular issued by Mr Sam Okojere, CBN’s Director, Banking Services Department.

Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).

Global Stock Market: Markets Upbeat Despite Mixed Signals on Stimulus Package

Global COVID-19 cases remained on the rise this week at 36.4 million, an increase of 7.4% from last week while the death toll rose 4.3% to 1.0 million. The US remains the major epicentre of the pandemic with 7.9m reported cases, which has slowed the reopening of economic activities. Consequently, unemployment claims remained sticky around 800,000 people since the beginning of September amid huge furloughs in the airline industry.

FX Market: Fresh Optimism Buoys Rebound in Oil Prices

Recently, OPEC and its allies reiterated the need to ensure that proactive and preemptive measures are taken to support the oil market. Consequently, Brent rebounded to $43.21/bbl. from last week’s close of $40.65/bbl. despite rising COVID-19 cases. Locally, the external reserves remained pressured as it decreased 5bps w/w to $35.7bn (10/07/2020). 

FOREX: Civil Society Organisations task CBN on level playing ground

A consortium of Civil Society Organisations (CSOs) has asked the Central Bank of Nigeria (CBN) to ensure level playing ground for all oil marketers in accessing Foreign Exchange (FOREX) for importation of petroleum products.

The group disclosed this in a communiqué released after its meeting in Abuja, on Tuesday.