Money market

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General News Money market

Finance minister berates rating agencies, urges them to be reasonable

Abuja, Dec.8, 2022 – The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, has condemned the recent downgrades of Nigeria by some credit rating agencies. She said that those downgrades were based on factors beyond the country’s control and could affect the country’s ability to borrow from the international market. The finance minister said this during a meeting with the United Nations Deputy Secretary General and Chair, United Nations Sustainable Development Group, Amina Mohammed, in Abuja. “We are coping with a lot and we are doing the best …

Money market

Promoters of banks, financial institutions, to disclose sources of funds – CBN

Abuja, Dec. 8, 2022 – The Central Bank of Nigeria (CBN) says promoters of banks and other financial institutions will now be required to disclose sources of their funds when applying for license. The CBN, had in a circular issued by the Director, Financial Policy and Regulation Department, Chibuzo Efobi, said the new guideline was in compliance with AML/CFT/CPF laws and regulations. “The directive has formed part of the minimum requirements for licensing new financial institutions. “The guideline is part of the Guidelines for ‘Licensing Banks and Other Financial institutions in …

Money market

Zenith Bank wins “The Bank of the Year in Nigeria” award

Lagos, Dec.5, 2022 – Zenith Bank has won “The Bank of the Year in Nigeria” award in The Banker’s Bank of the Year Awards 2022. A statement from the bank said that the award was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony in London on Friday. It said the award was in recognition of the bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption. The Banker said the Nigeria’s Bank of the Year award …

Money market

Nigeria’s domestic debt stands at N20.91 trillion

Lagos, Dec. 5, 2022 – Nigeria’s domestic debt stood at N20.91 trillion as at June 2022, up from the N17.63 trillion recorded in the same period last year. The statistics were reported by the CBN Financial Market Half-Year Activity Report 2022 just posted on the apex bank’s website. The report indicated that the cost of debt servicing had increased by 40.74 per cent to N1.37 trillion at June 2022 from the N977.03 billion recorded in the same period last year due to the increase in borrowings by the federal government. …

Business Planning Money market

Nigeria’s GDP declines by 1.78% in Q3 2022

Abuja, Nov. 25, 2025 – Nigeria ‘s Gross Domestic Product (GDP) dropped by 1.78 percent in the third quarter of 2022 from its level in the corresponding period in 2021. The GDP grew by 2.25 percent in real terms in third quarter of 2022 against the 4.03 growth rate recorded in the third quarter of of 2021. The Nigerian Bureau of Statistics (NBS) gave the statistics on its website. It attributed the decline to the base effects of the recession and the challenging conditions that impeded productive activities. The GDP …

Currencies Money market

All security agencies will be involved in tracking naira notes – CBN

Abuja, Nov. 24,2022 – Mr Godwin Emefiele,, the Governor of the Central Bank of Nigeria (CBN), says the apex bank will involve all the security agencies in the country in tracking the new naira notes. He said that agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission would also be involved in monitoring large withdrawals and movement of the new naira notes. Emefiele said in Abuja on Wednesday  that the amount of money that could be withdrawn from the counter would be …

Money market

FAAC shares N736.78bn to FG, states, LGs

Abuja, Nov. 23,2023 – The Federation Account Allocation Committee (FAAC) has shared N736.782 billion from the October 2022 Federation Account Revenue to the federal government, states and local government councils. This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022. The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) revenue of N213.283 billion, Exchange Gain revenue of N5.775 billion and N100.000 billion Augmentation from Non-oil Revenue In October 2022, the …

Currencies Money market

Buhari unveils new naira notes

Abuja, Nov. 23, 2022 – President Muhammadu Buhari today unveiled the new naira notes as proposed by the Central Bank of Nigeria. He unveiled the new currency notes  at the Federal Executive Council (FEC) meeting at the State House, Abuja. The central bank announced that it would redesign the naira notes in order to control the amount of currency in circulation, manage inflation and combat counterfeiting. “These challenges primarily include significant hoarding of banknotes by members of the public with statistics showing that over 85 percent of currency in circulation …