FG recorded N66.51bn deficit in October – CBN

The Federal Government’s collected revenue fell by 38.4 per cent in October, and it recorded a deficit of N66.51bn within same period. The Central Bank of Nigeria revealed this in its ‘Economic Report October 2018’ which was released on Monday. In the report, the apex regulator stated, “Federally-collected revenue (gross) was estimated at N682.06bn in…

CBN Opens December Sale with $210m

In its first intervention in the foreign exchange market for December, the Central Bank of Nigeria (CBN) yesterday injected the sum of $210 million in the inter-bank foreign exchange market. Authorised dealers in the wholesale segment of the market received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments…

MTN, Nigeria’s $10bn dispute risk to South Africa’s financial system – Bank

MTN Group’s dispute with Nigerian authorities over $10bn in repatriated funds and back taxes could increase risk in South Africa’s financial system depending on the outcome, the South African Reserve Bank said. The bank, in its Financial Stability Review released on Wednesday in Pretoria, said if MTN eventually repatriates the disputed amount to Nigerian authorities,…

KfW invests €31 million in InfraCredit to enhance infrastructure in Nigeria

Largest development bank in Europe, KfW Development Bank, has invested €31 million surbordinated unsecured capital in InfraCredit to enhance infrastructure investments in Nigeria. The 10-year investment, which is accompanied by a technical assistance grant to support InfraCredit’s market development and capacity building programme, would also strengthen its guarantee capacity, enable it achieve targeted capitalisation and…

Unity Bank to seal deal on capital raise

Unity Bank Plc has said it is currently on the verge of finalising a memorandum of understanding (MoU) that will lead to capital injection into the bank to boost expansion and market competition. The Managing Director/CEO, Mrs. Tomi Somefun, who said this yesterday, during an interaction with journalists in Lagos, however did not give details…