Banking and Finance

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.

Foreign trade volume hits ₦8.24trn in Q1, 2019 – Statistics Bureau

The National Bureau of Statistics (NBS) says the country recorded a total trade volume of 8.24 trillion in first quarter, 2019.

The NBS said this in “Foreign Trade in Goods Statistics’’ for first quarter, 2019 posted on its website.

The bureau said the figure (N8.24 trillion) was 2.50 percent higher compared to fourth quarter, 2018 and 7.52 percent higher relative to the corresponding quarter in 2018.

It said the trade balance remained positive at N831.62 billion in the quarter under review, boosted by increase in both exports and imports.

Buhari signs 2019 Appropriation bill of ₦8.92tr into law

President Muhammadu Buhari on Monday in Abuja signed the 2019 Appropriation bill of N8.92 trillion into law.

The president had submitted the 2019 budget of N8.83 trillion to the Senate but was increased by about N10 billion by the Upper House, bringing the amount to N8.92 trillion.

The News Agency of Nigeria reports that the dignitaries who witnessed the signing of the budget, which took place at the mini-conference hall of the president, included the Senate President Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara.

Post- MPC Reaction: Policy Rates Unchanged Amid Conflicting Monetary Policy Direction

In line with our expectations, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained all policy rates at its third meeting of 2019. The Monetary Policy Rate (MPR) was retained at 13.5% with an asymmetric corridor of +2.0%/-5.0%, while the Cash Reserve Ratio (CRR) and Liquidity Ratio were unchanged at 22.5% and 30.0% respectively.  While we recently saw a shift towards monetary easing, the sentiment moderated as only two out of eleven members in attendance voted in support of further cuts to MPR.

Central Bank holds benchmark interest rate

Nigeria’s central bank held its benchmark interest rate at 13.5%, its governor Godwin Emefiele said on Tuesday, after a surprise 0.5 percentage point cut at the previous meeting.

Most analysts polled by Reuters had expected no change. A minority predicted a rate cut

The decision comes a day after Nigeria’s statistics office said economic growth had slowed in the first quarter of 2019, dropping to 2.01% from 2.38% in the previous quarter as the country’s dominant oil sector shrank.