Monday, February 24 2020
Dangote invests N63bn in Enugu-based automaker, buys 3,500 trucks Dangote Group has entered into a long-term agreement with an Enugu-based automaker, Transit Support Services Limited, for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company Limited’s factory in Emene, Enugu….read more.
Foreign reserves drop by $1.64bn in five weeks The country’s foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020 to $36.69bn on February 20, latest figures from the Central Bank of Nigeria has revealed. The apex bank disclosed that the reserves stood at $38.53bn on January 2, 2020….read more.
No ban on domiciliary accounts deposits – CBN The Central Bank of Nigeria has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, CBN, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria….read more.
Customers free to deposit foreign currency in domiciliary accounts, says CBN Given the misconceptions following a Central Bank of Nigeria (CBN) directive, the apex bank has clarified customers of deposit money banks (DMBs), are free to deposit foreign currency in their domiciliary accounts. To read other featured articles by our research team….read more.
Stanbic IBTC unveils new feature on ease wallet Leading end-to-end financial solutions provider, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has unveiled the addition of a new feature: ‘paycode’ to its @ease wallet….read more.
Growing concerns as insecurity, infrastructure deficit stall FDI inflow The monumental growth of 446 per cent in Foreign Direct Investment (FDI) recorded in South Africa in 2018, and the single-digit growth of seven per cent by Egypt is a reflection of investors’ confidence in both economies given their level of industrialisation coupled with their favourable operating environments…..read more.
Ecobank Hosts Regional Trade Forum The forum taking place in March, will be a two-day event, providing the opportunity for exporters and importers within Africa to exhibit their products in a marketplace scenario with panel discussions by highly experienced and diversified stakeholders and leaders of thought in the industry….read more.
Uduk: We are Working on Attracting More Companies to Capital Market The Acting Director General, Securities and Exchange Commission, Ms. Mary Uduk, in this interview spoke about development in the capital market in 2019. She also expressed optimism that the Finance Act 2020 will stimulate activities in the capital market…read more.
‘W’ Initiative Launches Campaign Access Bank Plc’s ‘W’ initiative has launched a new television advertisement to create awareness on the loan product specially designed for its women owned businesses. The campaign encapsulates the vision of the bank to empower women from all walks of life by encouraging them to take advantage of the W power loan to grow and sustain their businesses….read more.
Banks’ lending rates defy crash in TB yields BANKS are yet to adjust their lending rates downward to reflect the sharp decline in treasury bills yields occasioned by the excess liquidity. The excess liquidity was triggered by the exclusion of local investors from OMO bills late last year….read more.
Foreign Portfolio Investors inject $1.7bn into I&E window FOREIGN Portfolio Investors (FPIs) injected $1.7 billion into the Investors and Exporters (I&E) window in January 2020 raising hope of sufficient dollar inflow and stability in the foreign exchange market. This comes as the acting Managing Director/Chief Executive of Coronation Merchant Bank, Banjo Adegbohungbe, hinted that the newly introduced 5-year naira denominated foreign exchange futures will encourage inflow of Foreign Direct Investments (FDI) into Nigeria in the long run….read more.
DMO appoints CSL as new stockbrokers to FGN CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria, FGN. The appointment of the firm, as announced by the Debt Management Office (DMO) followed an open competitive bidding process in which other stockbrokers participated…read more.
Excess liquidity to persist as N1.7trn inflow hit interbank market External reserves sheds $536m By Babajide Komolafe THE surfeit of excess liquidity in the interbank money market will persist this week courtesy of inflow of about N1.7 trillion. Consequently, cost of funds is expected to remain in the lower single digit level while the Central Bank of Nigeria (CBN) is expected to sustain liquidity mop through sale of OMO (Open Market Operation) treasury bills…read more.