Nigeria’s inflation drops to 11.14% in July — NBS

By Thompson ABISOLA The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for July dropped to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in June. The NBS disclosed this in its “CPI and Inflation Report’’ for July released on Wednesday in Abuja. According to the bureau, the figure is 0.09 per cent points less than the rate recorded in June. The bureau said the figure showed 18 consecutive reductions in inflation rate since January 2017. The report showed that increases were…

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Currency swap deal: CBN bars importers of substandard goods

By Thompson ABISOLA The Central Bank of Nigeria (CBN) has said the currency swap agreement with the People’s Bank of China (PBoC), will not cover the importation of substandard goods into the country. The Central Bank Governor, Mr Godwin Emefiele, said this on Wednesday in Abuja, at the Currency Swap Forum for North Central Zone. The forum brought together stakeholders in the trade sector – importers and exporters – to sensitise them on the conditions and benefits of trading under the new Reminbi denominated window. It would be recalled that…

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Expert urges FG to establish independent regulator for microfinance banks

By Olamilekan FAWAS A financial expert, Mr Ajayi Godfrey, on Wednesday called on the Federal Government to establish an independent regulatory body to oversee the activities of microfinance banks in the country. Godfrey made the call on Wednesday in Lagos during a training on Strategic Financial Inclusion for Micro Finance Institutions and Banks. The training was organised by G-Consulting International Services in conjunction with Financial Inclusion Advocacy Centre, Ghana. He said Other Financial Institutions Supervision Department (OFISD) of Central Bank of Nigeria saddled with monitoring micro finance banks was already…

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NSE: Index defies July inflation rate figure, down by 0.60%

By Thompson ABISOLA The All-Share Index at the Nigerian Stock Exchange (NSE) on Wednesday dropped further by 0.60 per cent in spite of July inflation rate figure released by the National Bureau of Statistics (NBS). The NBS released the Consumer Price Index, which measures inflation with the index dropping by 0.09 per cent points from 11.23 per cent in June to 11.14 per cent in July. The bureau, in the report released on Wednesday, said that this was the 18th consecutive decline in headline index. However, the All-Share Index, after…

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Naira closes at N362.30 to dollar at investors’ window

By Thompson ABISOLA The Naira on Wednesday closed at N362.30 to the dollar at the investors’ window, with investors trading a total of 147.8 million dollars, TBI Africa  reports. At the Bureau de Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N415, respectively. The Nigerian currency closed at N360 to the dollar at the parallel market, maintaining same rate for 36 hours, while the Pound Sterling and the Euro closed at N478 and N415, respectively.…

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Nigeria, India trade hits $12bn – High Commissioner

By Thompson ABISOLA The trade volume between India and Nigeria hit 12 billion dollars between April 2017 and March 2018, Indian High Commissioner to Nigeria, Nagabhushana Reddy, has said. Reddy said this while speaking with newsmen at a flag hoisting ceremony to mark the 72nd Independence of India in Abuja on Wednesday. It would be recalled that the trade figures between both countries as at January 2018 was 10 billion dollars. The high commissioner, however, said the current figures represented a 26 per cent increase from the previous financial year.…

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August bond auction oversubscribed by N10.09bn, says DMO

By Thompson ABISOLA The Debt Management Office (DMO) said the Federal Government’s bond auction for August conducted on Wednesday was oversubscribed by N10.09 billion. A statement issued in Abuja by the DMO on Thursday said N90 billion worth of bonds were offered in three tenors of five, seven and 10 years. “Allotments were made to successful bidders at 14.39 per cent for the five-year, 14.60 per cent for the seven-year and 14.69 per cent for the 10-year bond which are consistent with the rates in the secondary market for the…

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FG urges commercial banks to reduce lending rates to farmers – Ogbeh

By Aliyu DANLADI The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has appealed to commercial banks to reduce their lending rates to farmers to spur the development of agriculture in Nigeria. The minister made the appeal on Tuesday in Abuja at a three-day conference on: “Feed the Future Nigeria Agricultural Policy Project’’ organised by International Food Policy Research Institute (IFPRI), Abuja. Ogbeh said the high interest rate being charged by commercial banks on loans to farmers is inimical to the growth and development of agriculture. The minister pointed…

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More funds available for lending to private sector with redemption of NTBs – DMO

By Giwa SHILE The Debt Management Office (DMO), has said with the redemption of about N840 billion worth of Nigerian Treasury Bills (NTBs), more funds are now available for lending by the banks to the private sector. The Director-General, Ms Patience Oniha, said this during a media conference on Tuesday in Abuja. She also said the activities of the organisation had resulted in lower interest rates for the benchmark of Federal Government securities from 18.5 per cent in Jan. 2017 to between 11 and 14 per cent in the first…

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Bank of Ghana to prosecute executives of failed banks

By Kunle SHONUGA Ghana’s central bank plans to prosecute executives of failed local lenders suspected of dissipating depositors’ funds and insider dealing, the regulator said on Tuesday. Deputy central bank governor Elsie Awadzi told Reuters in Accra that the central bank was also considering barring culpable directors from operating in the Ghanaian financial sector. “We are working very hard on submitting a dossier on each of these banks to the law enforcement agencies … to further investigate criminal behaviour or what could potentially be criminal behaviour and to prosecute,” Awadzi…

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