Category: Finance - Page 21 - African News Today

17Jun

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Dips to Four-Year Low

Nigeria’s legal tender has dipped further to a four-year low in the parallel market after the central bank’s effort to prompt banks to sell more dollars to customers failed to address the widening difference between the official and black-market rates. Unlicensed dealers were exchanging the naira at 502 per dollar on Wednesday from 500 last week, abokifc.com, a website that collates the data reports. The development amounted to the lowest exchange rate for the naira since 2017. The rate widens the gap between the official and the parallel market rate to 22% when compared with the spot rate of 411.13 naira in Lagos on Wednesday. Nigeria, Africa’s biggest economy, has witnessed devaluation of its currency thrice since March last year as lower oil income, which accounts for about 90%...

Oyo State Govt Increases Corps Members Stipend to N15,000 from N5,000

5Jun

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Youths

Oyo State Govt Increases Corps Members Stipend to N15,000 from N5,000

Governor Seyi Makinde of Oyo State has announced an increment in the monthly stipend of National Youth Service Corps, NYSC, members deployed in the state from N5,000 to N15,000. Makinde disclosed this on Thursday when he visited the NYSC permanent camp at Iseyin, Oyo State, to the excitement of the corps members. The governor in a tweet on Twitter said, "We visited the NYSC Permanent Orientation Camp at Iseyin this evening. I assured the youth corps members that we would address the issues raised by the Commandant about the state of the camp. I also told them we would increase their allowance from N5,000 to N15,000. "I also shared with them how it was during my national youth service in Port Harcourt that I got a job and met and married my lovely wife, @iamominini. So, I am an exa...

Inflation Looms as CBN Further Devalues Naira

26May

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Inflation Looms as CBN Further Devalues Naira

The Central Bank of Nigeria, CBN, has further officially devalued the country’s currency to N410.25/$ after exhausting all options to maintain the value of the naira. Consequently, experts have expressed fear that the decision to chart the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar would amount to inflation and increase the poverty level in Nigeria. The new rate was confirmed by the apex bank on its website following the removal of N379/$ earlier in May. CBN governor, Godwin Emefiele had said that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He had said, “In order to adjust for the decrease in the supply of f...

Buhari Seeks Senate Approval for Fresh N2.3trn External Loan

18May

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

Buhari Seeks Senate Approval for Fresh N2.3trn External Loan

The President, Major General Muhammadu Buhari (retd.), has asked the Senate to approve another N2.3trillion ($6.18bn) external loan. This is contained in a letter addressed to the Senate President, Ahmad Lawan, and read at plenary on Tuesday. Buhari said the proposed loan which is equivalent to N2.3trillion is to finance the 2021 budget deficit of N5.6 trillion. Buhari said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others. This is coming barely a month after the Senate approved the sum of $1.5bn and €995 million external borrowings for the Federal Government. The loans were part of the $5.5 billion and €995 million external borrowings Buhari had, in May 2020, asked the Red Chamber to ...

Zenith Bank Records 4% Before Tax Profit In Q1 2021

1May

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Zenith Bank Records 4% Before Tax Profit In Q1 2021

Zenith Bank Plc has announced a Profit Before Tax, PBT, that shows an increment of 4% to N61.0 billion, from N58.8 billion recorded in March 2020, its unaudited results for the first quarter ended 31st March 2021. The gain was despite a tough macroeconomic environment worsened by the COVID-19 pandemic. The unaudited statement of account presented to the Nigerian Stock Exchange (NSE) on Friday, 30th April 2021, showed Profit After Tax (PAT) also grew by 5% from N50.5 billion in Q1 2020 to N53.1 billion in Q1 2021, SaharaReporters reports. The profitability was driven by the optimisation of the cost of funds and improvement in non-interest income. The Bank's cost of funds reduced significantly from 2.6% in March 2020 to 1.1% in March 2021. This was also reflected in interest expens...

Why We Sacked First Bank Directors – CBN

30Apr

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Why We Sacked First Bank Directors – CBN

The Central Bank of Nigeria, CBN, has said that its decision to sack all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc was in order to preserve the stability of the bank so as to protect minority shareholders and depositors. The apex bank had on Thursday fired all the directors and appointed new persons to fill the void. The sack was announced by governor of the Central Bank, Godwin Emefiele, at a press briefing in Abuja, Punch reports. Emefiele said the decision was taken by the management of CBN, the apex regulator of Nigeria’s financial sector, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval. He said...

CBN Questions First Bank for Sacking MD Without Approval

29Apr

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Questions First Bank for Sacking MD Without Approval

The Central Bank of Nigeria, CBN, has questioned the Board of the First Bank of Nigeria for relieving Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, of his duties without regulatory approval. The Apex bank queried First Bank in a letter to the bank’s Chairman, Mrs Ibukun Awosika, dated April 28, 2021, signed by the CBN Director, Banking Supervision, Mr Haruna Mustafa, and obtained by the News Agency of Nigeria. According to Mustafa, the decision was reached without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank. He noted that the tenure of Adeduntan has yet to expire. He said, “The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misc...

Reps Guarantee Nigerians of Pay-per-view Tariff Implementation

24Apr

By Obiajulu Joel NwoluNo Comments

Finance, Legislature, News, Nigeria

Reps Guarantee Nigerians of Pay-per-view Tariff Implementation

The House of Representatives ad hoc Committee on pay-per-view tariff has guaranteed Nigerians of its resolve to implement payment commensurate with viewing hours on satellite service. The assurance was issued by the Chairman of the committee, Rep. Unyime Idem (PDP-Akwa Ibom) while addressing newsmen at the National Assembly complex in Abuja on Friday. According to Idem, a bill to compel service providers to implement pay-per-view has passed second reading in the house. He said that the bill, when passed into law, would expand the powers of the Nigerian Broadcasting Commission to ensure the implementation of a pay-per-view tariff. Idem added that the process to implement a pay-per-view tariff started in June 2020 and would not be swept under the carpet. He said, “I want to as...

Wike Backs Obaseki on N60 Billion New Notes Printing

19Apr

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

Wike Backs Obaseki on N60 Billion New Notes Printing

Governor Nyesom Wike of Rivers State says the claim by his Edo state counterpart, Godwin Obaseki that the Nigerian Government printed about N60 billion to share to the federating units in March cannot be regarded as spurious. The governor has therefore challenged the Central Bank of Nigeria (CBN) to unequivocally declare if money was printed or not. Wike stated this while briefing journalists shortly after he attended a private function in Abuja on Sunday. He said, "Obaseki was in APC (All Progressives Congress), so he understands them. So, Obaseki couldn't have come from the blue to say they printed N60 billion. He knows them." Wike said it was regrettable that instead of the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele to address the issue raised by Governor Obaseki...

My Government Can Barely Afford Salary Payment – El-Rufai

13Apr

By Obiajulu Joel NwoluNo Comments

Finance, Labour, News, Nigeria

My Government Can Barely Afford Salary Payment – El-Rufai

The Kaduna State government has said that its revenue allocation from the Federation Account Allocations Committee, FAAC, since the middle of 2020, can barely pay salaries and overheads of workers in the state. This comes on the heels of the recent disclosure that the state government is downsizing its workforce because of the overstretch of public finances by huge wage bills at a time when revenue has dwindled. It disclosed this in a statement issued by the Special Adviser on Media and Communication to the Governor, Muyiwa Adekeye. It read, “The government was elected to develop the state, not just to pay the salaries of public servants. It was elected to promote equality of opportunity, to build and run schools and hospitals, upgrade infrastructure and make the state more secure...