ASSETS & FINANCIALS

Assets and Financial is MMS Plus featured news items on the capital and money market. It takes you into the financial and stock world, with company performance measurement

Reps dump N22.7tn loan request, okay N1tn borrowing

Reps dump N22.7tn loan request, okay N1tn borrowing

  The House of Representatives, on Tuesday, partly approved of the requests made by the President, Major General Muhammadu Buhari (retd.), on Ways and Means Advances from the Central Bank of Nigeria. While the House approved restructuring of N1tn WMAs, …

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CBN will accept old naira notes after deadline, says Emefiele

CBN will accept old naira notes after deadline, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the bank will continue to accept old naira notes after the stipulated deadline. Emefiele spoke on Tuesday when he appeared at an interactive session with the house of representatives ad hoc …

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Nigeria’s economic growth to hit 3.2%, says IMF

Nigeria’s economic growth to hit 3.2%, says IMF

Nigeria’s economy is set to grow from 3.0 per cent in 2022 to 3.2 per cent in 2023 due to measures made to address insecurity in the oil sector, according to the International Monetary Fund. The IMF disclosed this in …

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New naira: CBN allocates N30m daily to Bauchi banks

New naira: CBN allocates N30m daily to Bauchi banks

The Central Bank of Nigeria, Bauchi State, says it allocates N30 million new naira notes daily to each branch of banks in the state to increase access of customers to the new notes. An official of the apex bank, Mr …

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EU earmarks €102.5m humanitarian aid for Nigeria, others

EU earmarks €102.5m humanitarian aid for Nigeria, others

The European Union says Nigeria and other countries in the Lake Chad region will benefit from its €102.5m humanitarian aid. Niger, Chad and Cameroun are other countries named in the humanitarian lifeline by Europe’s top bloc. The European Union made …

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Cash swap: CBN bars Abuja, Lagos PoS operators

Cash swap: CBN bars Abuja, Lagos PoS operators

The Central Bank of Nigeria has excluded mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme, media has learnt. The development came as the January 31 deadline for the phasing out of the …

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CBN injects $15.3bn to stabilise naira

Emefiele: How DSS Quizzed 27 Bank CEOs Over Forex Fraud

  The Central Bank of Nigeria injected $15.3bn into the economy to stabilise the value of the naira from January to October, 2022. This was obtained in the banking sector regulator’s monthly and quarterly economic reports on foreign exchange market …

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Nigeria’s Trade Surplus Rises 69% To $11.58bn 

Nigeria’s Trade Surplus Rises 69% To $11.58bn 

Nigeria’s trade surplus rose year-on-year by 69 percent to $11.58 billion in the first ten months of 2022 from $6.85 billion in the corresponding period of 2021. The Central Bank of Nigeria (CBN) in its Economic Report for October 2022 …

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Airtel Confirms Purchase Of 4g/5g Spectrum In Nigeria For $316.7 Million

Airtel Confirms Purchase Of 4g/5g Spectrum In Nigeria For $316.7 Million

Airtel Africa has announced its Nigerian subsidiary, Airtel Networks Limited has acquired 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the Nigerian Communications Commission, NCC for $316.7 million as it aims to deepen the adoption …

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Pension: PIAFRICA 2023 To Focus On Investments, Risk Management, Others

Pension: PIAFRICA 2023 To Focus On Investments, Risk Management, Others

Experts will discuss the latest developments and trends in the African pension market, Nigeria in particular at the conference. Alternative investments, risk management, regulatory developments, and innovative investment strategies are among pension-related topics to be discussed at the 6th Pension …

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Electronic Transfers Hit 3.5 Billion In 2022 As Nigeria Maintains 6th Position Globally

Electronic Transfers Hit 3.5 Billion In 2022 As Nigeria Maintains 6th Position Globally

The decision of the Central bank of Nigeria (CBN) to turn the economy to a cashless one is fast yielding positive results as the volume of electronic transactions in Nigeria rose to 3.5 billion in 2022, thus maintaining Nigeria’s ranking …

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World Bank warns of fresh global recession, higher poverty in SSA

World Bank warns of fresh global recession, higher poverty in SSA

•Pegs global growth at 1.7 per cent, 2.9 per cent for Nigeria The global economy may slide into recession this year if there is a resurgence of COVID-19 and escalation of the ongoing Russian-Ukrainian war, the World Bank has warned. …

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New naira: CBN to monitor commercial banks’ compliance

New naira: CBN allocates N30m daily to Bauchi banks

The Central Bank of Nigeria will be monitoring commercial banks to ensure that they comply with the directive of loading the  redesigned naira notes in their Automated Teller Machines. The CBN Director, Currency Operations, Ahmed Umar, made this known in …

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Investors stake N27.2 billion on equities in four days

Investors stake N27.2 billion on equities in four days

The Nigerian Exchange Limited (NGX) last week, recorded a turnover of 921.8 million shares worth N27.2 billion in 15,601 deals. This volume of shares traded was, however, higher than 1.8 billion units valued at N18.9 billion that changed hands in …

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Forex crisis, others threaten business growth – NECA

Forex crisis, others threaten business growth – NECA

The Nigeria Employers’ Consultative Association has stated that dwindling input and forex scarcity were adversely impacting businesses in the country. The Director-General of Nigeria Employers’ Consultative Association, Mr Adewale Oyerinde, during a recent media parley in Lagos, said business must …

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State govts withdraw N701.54bn, NFIU bans cash transactions

State govts withdraw N701.54bn, NFIU bans cash transactions

The Nigeria Financial Intelligence Unit has prohibited cash withdrawals from accounts belonging to the Federal Government, all its agencies, states and local governments. It also announced new guidelines for compliance by all financial institutions, non-financial institutions, public officials, and foreign …

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Nigeria’s debt to hit N77tn, loan servicing gulps N5.2tn

Nigeria’s debt to hit N77tn, loan servicing gulps N5.2tn

Nigeria’s public debt burden may hit N77tn if the National Assembly approves the request by the President, Major General Muhammadu Buhari (retd.), to restructure the Ways and Means Advances. Thee Ways and Means Advances is a loan facility through which …

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Telcos, ISPs ready for Elon Musk’s Spacelink competition in Nigeria

Telcos, ISPs ready for Elon Musk’s Spacelink competition in Nigeria

•Starlink pegs hardware cost $600, monthly subscription at N31, 000 Though they agreed that, Nigeria’s telecommunications sector would be very competitive this year, especially with the coming of Elon Musk’s Starlink Space X for broadband services, mobile network operators (MNOs) …

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External reserves fell by $3.43bn in 2022 – Report

External reserves fell by $3.43bn in 2022 – Report

Nigeria’s external reserves fell by $3.43bn in 2022, according to figures obtained from the Central Bank of Nigeria. The CBN disclosed in its movement on external reserves figures that the reserves which stood at $40.52bn as of the end of …

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Buhari signs ₦‎21.8trillion 2023 budget into law

Buhari signs ₦‎21.8trillion 2023 budget into law

  President Muhammadu Buhari on Tuesday signed into law the 2023 appropriation bill of N21.83 trillion. Buhari signed the bill at the Council Chambers of the State House in Abuja. Last week the National Assembly passed the bill, representing an …

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