Japan and China on Friday signed a currency swap arrangement of up to $30 billion – the largest such bilateral deal concluded by Tokyo – to strengthen financial stability and spur business activity in both countries, the Bank of Japan said. The arrangement, which takes effect on Friday and lasts until Oct. 25, 2021, will…
The volume of trade between Nigeria and Japan has hit $320m, information from the Japan External Trade Organisation has revealed. The Trade Commissioner and Managing Director, Japan External Trade Organisation, Shigeyo Nishizawa, said on Wednesday that Nigeria’s import from his country in 2017 slightly decreased by 1.6 per cent to $320.8m, while export to Japan…
The Central Bank of Nigeria has increased the capital requirements for microfinance banks in the country in a bid to tackle the challenge of inadequate capital base in the sub-sector. The CBN announced the upward review of the minimum capital requirement in a circular dated October 22, 2018 to all microfinance banks in the country.…
Central Bank of Nigeria (CBN) has set the minimum capital requirement of N6 billion for the operation of Mortgage Guarantee Companies (MGC) in the country. In an exposure draft posted on its website, it pointed out that the licensing of MGC would deepen the mortgage banking sub-sector, through increased market access to mortgage finance and…
United States Africa Development Foundation has invested over N8.64 billion ($24 million) to boost capacity of farmers across the country. Speaking at an Agriculture mini-fair, organised by the foundation in collaboration with Diamond Development Initiative, stakeholders in the sector, including the U.S. Ambassador to Nigeria, Stuart Syminton, Executive Director, Diamond Development Initiative, Adamu Garba, President,…
The Development Bank of Nigeria says it has become a member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of the Small and Medium Enterprises. Established by the G20 Global Partnership for Financial Inclusion…
The Central Bank of Nigeria has increased the capital requirements for microfinance banks in the country in a bid to tackle the challenge of inadequate capital base in the sub-sector. The CBN announced the upward review of the minimum capital requirement in a circular dated October 22, 2018 to all microfinance banks in the country.…
The Organisation of Petroleum Exporting Countries has urged its member nations, not to mention oil prices when discussing policy in a break from the past, as the oil-producing group seeks to avoid the risk of US legal action for manipulating the market, sources close to OPEC said. Proposed US legislation, known as “NOPEC” which could…
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate rising from 11.23 per cent in August to 11.28 per cent in September 2018. This is the second consecutive rise in headline inflation after 18 consecutive months of decline in the rate. “The Consumer Price Index, which…
The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the re-imposition of…
