According to recent CBN report, which indicated that the rate of default in household loan repayments is on the increase in the third quarter of 2019, Q3’19. The report did not give absolute figures. The report stated: “In the current quarter relative to the previous quarter, lenders reported an increase in the availability of secured…
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN…
The Central Bank of Nigeria has said it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited. Stanbic IBTC Holdings Plc, in a statement to the Nigerian Stock Exchange on Monday, said the CBN…
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned that weak economic fundamentals currently being shown by the Nigerian economy are putting the country’s exit from recession under threat. Nigeria’s economy exited recession in 2017 after suffering contraction for five consecutive quarters. The CBN Governor, Mr Godwin Emefiele, is quoted to…
Agusto & Co. has assigned an “A-” rating on Union Bank of Nigeria Plc’s series 1 and series 2 combined N13.5 billion fixed rate senior unsecured issue. The issue was under the bank’s 2018 registered N100 billion Debt Issuance Programme. According to a statement from the Pan-African rating agency, the issue was senior to other…
The Nigerian National Petroleum Corporation has said that it recorded a trading surplus of N17.16bn in April. The Group General Manager, Public Affairs, NNPC, Mr Ndu Ughamadu, said this in a statement made available to our correspondent in Abuja on Thursday. According to him, the surplus is part of the highlights of the corporation’s Monthly…
Wema Bank Plc said it has entered into partnerships with Development Bank of Nigeria (DBN) to improve access to cheaper funds for small businesses in Nigeria, recently. the bank said MSMEs and businesses in all segments can access up to N153 million and N610 million, respectively, from the bank. A statement by Funmilayo Falola of…
Travelex UK through its Nigerian subsidiary has restated its commitment to sustaining existing cooperation with Nigeria’s financial sector regulators in reforming the Bureau De Change subsector. It said in a statement on Monday that it would continue to work with the Central Bank of Nigeria, the Economic and Financial Crimes Commission and the BDC operators…
The imports of Nigerian crude oil and other West African grades to the United States look set to plunge to nearly zero amid growing shale oil production in the North American country, our correspondent has learnt. The US Atlantic Coast imports of West African crude oil are expected to decline due to harsh arbitrage conditions…
British inflation jumped unexpectedly to a six-month high in August, pushed up by bigger-than-usual seasonal increases in sea and air fares and higher theatre admission prices, official data showed on Wednesday. Consumer price inflation rose at an annual rate of 2.7 percent in August, compared with 2.5 percent in July, the Office for National Statistics…
