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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

Banks to place chronic loan defaulters on watch list

Banks to place chronic loan defaulters on watch list

The Central Bank of Nigeria on Monday released the guidelines aimed at reducing non-performing loans in the banking sector and monitoring chronic loan defaulters. The CBN released the guidelines through a circular to all banks and other financial institutions, with ...

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Anxiety over H1 results, inconsistent policies trigger investor apathy

Anxiety over H1 results, inconsistent policies trigger investor apathy

• Analysts predict gloomy outlook as index dips 0.12% • Insist undervalued market creates new entry opportunities Expectations of poor half-year, inconsistent government policies and rising COVID-19 cases have continued to trigger apathy on the equities sector of the Nigerian ...

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FIRS: Making stamp duty the new black gold

FIRS: Making stamp duty the new black gold

This matter of making the Stamp Duty (and by implication tax revenue) the next black gold has occupied my mind even long before I was appointed the Executive Chairman of the Federal Inland Revenue Service. I have thought that given ...

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Nigeria can’t survive AfCFTA with weak industrialisation – Gbajabiamila

Nigeria can’t survive AfCFTA with weak industrialisation – Gbajabiamila

For Nigeria to compete and survive in the African Continental Free Trade Area, it must as a matter of national emergency ramp up industrialisation and manufacturing activities, the Speaker, House of Representatives, Femi Gbajabiamila, has said. He said this could ...

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Buhari signs N10.8tn revised budget today, says minister

Buhari signs N10.8tn revised budget today, says minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, met with the leadership of the National Assembly on Thursday to discuss the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper. She disclosed that the President, Major General Muhammadu ...

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Currency in circulation dropped to N2.29tn, says CBN

Currency in circulation dropped to N2.29tn, says CBN

Godwin Emefiele, CBN’s Governor Currency in circulation dropped by N52.5bn from N2.35tn at the end of May to N2.29tn in June, the latest figures from the Central Bank of Nigeria showed on Wednesday. Recent figures showed that there was a ...

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Naira trades at N381/$

Naira trades at N381/$

The naira resumed trading on the official market at 381 to the dollar after no quotes for two straight sessions, as the central bank unified the country’s multiple exchange rates, Reuters reported on Wednesday. It noted that the central bank ...

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Official exchange rate may hit N430/$ – Report

Official exchange rate may hit N430/$ – Report

The nation’s official exchange rate may fall to N430 to the dollar by the end of 2020, United Capital Plc, a pan-African investment banking and financial services group, said on Tuesday. The firm, in its economic forecast for the second ...

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FG targets 50,000 farmers in post-COVID-19 intervention

FG targets 50,000 farmers in post-COVID-19 intervention

The Federal Government has said that no fewer than 50,000 smallholder farmers will benefit from the OCP Africa post-COVID-19 intervention package across the country. The Minister of State for Agriculture and Rural Development, Mr Mustapha Shehuri, stated this on Tuesday ...

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China reversing Nigeria’s infrastructural deficit, says Buhari

China reversing Nigeria’s infrastructural deficit, says Buhari

The President, Major General Muhammadu Buhari (retd.), on Tuesday lauded what he called China’s contributions towards the reversal of infrastructure deficit in Nigeria. He said such contributions were visible in the areas of rail, roads, airports and power. According to ...

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CBN debits banks N122bn, moves to unify exchange rates

CBN debits banks N122bn, moves to unify exchange rates

The Central Bank of Nigeria debited N122bn ($338m) from banks’ excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to unify its multiple exchange rates. Reuters reported on Monday that ...

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FG writes off N4.2bn debt for radio, TV stations

FG writes off N4.2bn debt for radio, TV stations

The Federal Government has decided to write off 60 per cent of the N7bn owed by radio and television stations in licensing and renewal fees. The government has also slashed the existing licence fee by 30 per cent for all ...

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CBN bows to pressure, devalues naira again

CBN bows to pressure, devalues naira again

• ‘Timing coincidental, nothing to do with IMF, World Bank’ • Economists advocate currency, lifestyle audit • Moghalu, Sanusi, others disagree on exchange rate unification The country’s fiscal state faces tougher times as the Central Bank of Nigeria (CBN) bowed ...

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Lagos, Rivers lead as states domestic debts hit N4.1tn

Lagos, Rivers lead as states domestic debts hit N4.1tn

The total domestic debts for the 36 states of federation and the Federal Capital Territory stood at N4.1tn as of the end of March, 2020, the Debt Management Office has disclosed. According to the DMO, Lagos led with a debt ...

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Rising COVID-19 cases, unfavourable policies drag NSE’s index by 1.99%

Rising COVID-19 cases, unfavourable policies drag NSE’s index by 1.99%

Analysts blame proposed electricity tariff hike, PMS increment The Nigerian Stock Exchange (NSE) suffered another week of losses, amid rising COVID-19 cases, and the persisting foreign exchange (forex) illiquidity in the market. Consequently, the NSE All-Share index (ASI), and market ...

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Foreign reserves fell by $373.23m in June – CBN

CBN debits banks N122bn, moves to unify exchange rates

The country’s foreign reserves fell by $373.23m from $36.57bn on June 1 to $36.2bn on June 29, latest figures from the Central Bank of Nigeria revealed on Thursday. According to the CBN, the reserves maintained a steady rise at a ...

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FG hopeful of higher revenue as stamp duty tax yields N66b

FG hopeful of higher revenue as stamp duty tax yields N66b

Stamp Duties Tax generated N66 billion within the first five months of this year, the Federal Inland Revenue Services (FIRS) has disclosed. The executive chairman of the revenue agency, Muhammad Nami, who spoke at the inauguration of the Inter-Ministerial Committee ...

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Investors lose N115bn as stocks reverse gains

Rising COVID-19 cases, unfavourable policies drag NSE’s index by 1.99%

Investors lost a total of N115bn on Thursday as the nation’s stock market closed in the red amid profit-taking activities. The Nigerian Stock Exchange All-Share Index declined by 0.89 per cent as market breadth closed negative with only seven gainers ...

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Zenith Bank tops in Nigeria by Tier-1 capital

Zenith Bank tops in Nigeria by Tier-1 capital

Zenith Bank Plc has emerged as number one Bank in Nigeria by Tier-one Capital in the 2020 Top 1,000 World Bank Ranking, published by The Banker Magazine. The bank, in a statement on Thursday in Lagos, said that it climbed ...

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Senate summons Ahmed, Emefiele, others over expatriate tax evasion

You can’t hijack public works scheme, Lawan tells Keyamo

The Senate on Wednesday summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to brief it on measures to curb tax evasion by expatriates. The decision followed ...

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