Tuesday, April 20, 2021
CRC Credit Bureau Organises Forum on Open Banking
CRC Credit Bureau Limited recently hosted a webinar to educate individuals and businesses on open banking. The Managing Director/CEO of CRC Credit Bureau Limited, Dr. ’Tunde Popoola, in a statement said the webinar with the theme: ‘Open Banking: Implications for Payments System and Access to Credit,’ was an important discuss to understand its connection to data management and financial inclusion. Read more
FG Turned Down Govs’ Request to Borrow N50bn from CBN, Says Ahmed
Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday narrated how the federal government rejected a request by governors to borrow N50 billion from the Central Bank of Nigeria (CBN) to augment the revenue shortfall in March for distribution by the Federation Account Allocation Committee (FAAC). Read more
Oil firms borrowed N130bn from banks in February – CBN
Operators in the downstream, natural gas and crude oil refining sectors of the Nigerian oil and gas industry borrowed N130bn from Nigerian banks in February amid the significant rise in global crude oil prices. The debt owed by the oil and gas companies rose to N4.05tn in February from N3.92bn in January, according to the latest data obtained from the Central Bank of Nigeria on Monday. Read more
FG recorded N485.51bn fiscal deficit in January – CBN
The Federal Government recorded N485.51bn fiscal deficit in January, statistics obtained from the Central Bank of Nigeria have shown. According to the monthly economic report for January released by the CBN on Friday, the low revenue performance in January was due to the decline in non-oil receipts following the lingering effects of the COVID-19 pandemic on business activities and the resultant shortfall in tax revenues. Read more
No petrol price increase in May, says NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Monday announced that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly called petrol, in May. NNPC has maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of over N120bn monthly. Read more
PFA boosts investment assets with N674 billion
A pension fund administrator (PFA), Premium Pension Limited, said its assets under management (AUM) grew to N674.30 billion last year, from N625.16 billion in 2019. The chairman, Board of Directors, Ibrahim Babayo, said this during the company’s 16th yearly general meeting. Babayo stated that the number of retirement savings accounts (RSAs) registered in both the public and private sector organisations as well as micro pension as of December 31, 2020, rose to 730,146 in the period. Read more
ABCON calls on CBN to check cryptocurrencies’ impact on diaspora remittances
The Association of Bureaux De Change Operators of Nigeria (ABCON) has charged the Central Bank of Nigeria (CBN) to introduce measures to insulate diaspora remittances against the impacts of cryptocurrencies. It made the call in its quarter one economic review, arguing that such measures were necessary to protect diaspora remittance inflows against the disruption. Read more
