Financial Sector

CBN engages British fintech to develop digital currency

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

The Central Bank of Nigeria, on Monday, announced the formal engagement of a global fintech company, Bitt Inc., as the technical partner for its digital currency. The CBN said the digital currency, called ‘eNaira’, would be unveiled before the end of this year. According to a statement by the acting Director, Corporate Communication, Osita Nwanisobi, this was disclosed by the CBN Governor, Godwin Emefiele, who said the benefits of the central bank digital currency include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions. He said the virtual currency would also ensure improvements in monetary policy...

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Stock market hits two-week high, investors gain N103bn

Nigerian stocks closed with a market capitalisation of N20.03tn on Tuesday, its highest in two weeks as investors gained N103.23bn at the end of trading. The Nigerian Exchange Limited All-Share Index rose by 0.52 per cent to close at 38,418.04 basis points from 38,220.01bps on Monday. The volume of shares traded rose by 2.23 per cent as 288.93 million shares valued at N2.42bn were traded in 4,640 deals, compared to 282.62 million shares worth N1.87bn transacted in 4,788 deals on Monday. At the end of trading on the floor of the NGX, 28 companies saw an increase in their share prices, with May...

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AfDB appoints new director-general for Nigeria

The African Development Bank Group has appointed Mr. Lamin Barrow as the director-general of its Nigeria office. According to a statement issued by the bank on Tuesday, before his appointment, Barrow was Acting Senior Director, Nigeria Country Office, in the Regional Development, Integration & Business Development Vice Presidency. Commenting on the appointment, President, AfDB, Dr Akinwumi Adesina, said, “Mr Lamin Barrow is a seasoned professional, with a proven track record in strategic management, country dialogue, portfolio management, negotiations and building partnerships. “The Nigeria Country Office is strategic for the bank as it manages a large country portfolio and operations with State governments and...

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Banks commence N6.98 USSD charge, customers kick

Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits. A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are...

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Currency in circulation dips by N10bn

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

Currency in circulation dropped by N10bn from N2.81tn as of the end of March to N2.8tn as of the end of April, latest statistics from the Central Bank of Nigeria showed on Monday. According to figures from the CBN, the figure dropped by N50bn in February from N2.83tn as of January to N2.78tn as of the end of February. It had earlier dropped by N70bn in January from N2.9tn as of December 2020. According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November. The CBN defined currency in circulation as currency outside the vaults...

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Access Bank acquires fifth-largest bank in Botswana

Access Bank said on Monday it has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after it acquired a South African bank. Access Bank is expanding across Africa to counter stagflation at home and dollar shortages that have frustrated businesses. The lender will acquire just over 78 per cent of BancABC Botswana for cash of around 1.13 times book value and a two-year deferred payment, amounting to an undisclosed sum, Atlas Mara said in a statement. The latest acquisition from ABC Holdings, the local unit of London-listed Atlas Mara, brings its African presence to...

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World Bank to address Nigeria, poor countries’ debt overhang

The President, World Bank Group, Mr David Malpass, said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens. He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday. Malpass said, “We are working actively in collaboration with the IMF on the common framework that the G20 established for dealing with debt overhang and debt burdens. “It’s focused on the poorest countries, the IDA countries, and we look forward to progress on that. “The G20 has, I think,...

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Mobile money accounts grew to 1.2 billion in 2020 -GSMA

Mobile money accounts grew to 1.2 billion in 2020 -GSMA

In 2020, the number of registered mobile money accounts grew by 12.7 per cent globally, to 1.21 billion, according to the latest report from the GSM Association. The GSMA noted that over 136 million accounts were added in the year, which exceeded last year’s forecasted growth rate by 6.4 percentage points. In the 2021 State of the Industry Report on Mobile Money, the association revealed that transactions increased by 65 per cent and account activity grew by 17 per cent to over 300 million monthly active mobile money accounts. Transaction values also grew across the board as more money circulated. For the first...

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Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered Bank has said it has launched new programme with Youth Business International, to support young entrepreneurs hit by the economic impact of COVID-19. In a statement on Tuesday, it said the project was part of ‘Futuremakers’ by Standard Chartered, a global initiative to tackle inequality. It stated, “YBI and Standard Chartered Foundation are working together to provide crucial support to over 33,000 underserved young entrepreneurs in six countries across Africa, Asia and Europe. “In Nigeria, the project will be implemented by FATE Foundation.” Speaking on the project, the Head of Corporate Affairs, Brand and Marketing, Standard Chartered Bank Nigeria, Dayo Aderugbo, said,...

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How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

The Lagos Chamber of Commerce and Industry has highlighted steps Nigeria needs to take in order to fully take advantage of the opportunities offered by the World Trade Organisation under the leadership of Dr Ngozi Okonjo-Iweala. The LCCI, in a statement on Monday, felicitated with Nigeria on the appointment of Okonjo-Iweala as the Director-General of WTO. The Director-General, LCCI, Dr Muda Yusuf, said, “While the emergence of Dr Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration, there is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues...

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