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Nigeria loses 10% in $575 billion global remittances

Minister of Finance, Mrs. Kemi Adeosun (left); with her Angolan counterpart, Augusto Archer de Sousa Mangueira, at the ongoing Spring Meetings of the IMF/World Bank meeting in Washington DC. • Regulatory burden, costs, diversion, others drive decline Nigeria had its fair share of the global economic challenges and frequent regulatory intervention aimed at taming money laundering, as its remittance record in …

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CBN reverses self on cashless rules

Central Bank of Nigeria • Asks banks to make refunds immediately Less than one month after the take-off of the nationwide cashless initiative, the Central Bank of Nigeria (CBN), has directed Deposit Money Banks to suspend charges on over-the-counter and Automated Teller Machine withdrawals worth more than N500,000 or deposit of same amount. In a statement by apex bank’s Director, …

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Nigeria may benefit from multi-million dollar Africa initiatives

Under the G-20 Compact with Africa scheme, IMF Managing Director, Christine Lagarde and Germany’s Minister of Finance, Wolfgang Schäuble, at the weekend in Washington DC, signed a €15 million pact in support of capacity development activities across Africa. • IMF, Germany, IFC dangle over $2.4 billion investmentsNigeria is in line to benefit from series of multilateral initiatives brokered by the …

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Adeosun engages G24 on tax revenue, inclusive growth, budget transparency

Nigeria’s finance minister Kemi Adeosun PHOTO: NAN Nigeria’s Minister of Finance, Kemi Adeosun, met with fellow finance ministers at a meeting convened by the G24 Group, to discuss strategies to drive non-oil revenue growth and achieve inclusive growth. Speaking after the meetings, the Minister said: “Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda. We have an …

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Government fast tracks bill against sea pirates, illegal trade

Speaker of the House of Representatives, Yakubu Dogara Determined to ensure optimum safety, the Federal Government is concluding plans to put in place a new law to curtail the activities of illegal shippers and sea pirates on Nigerian nation’s waters.  The bill on ‘Suppression of Piracy and other unlawful Acts at Sea,’ is currently with the executive arm of government waiting …

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FMDQ market report

FMDQ OTC Securities Exchange The Central Bank of Nigeria (CBN) over the weekend, released a Circular announcing a new special window for Investors, Exporters and End-users called “Investors’ & Exporters’ FX Window” to further boost liquidity in the FX Market. Permitted transactions eligible at the new FX Window include invisible transactions (excluding International Airline Ticket Sales Remittances), Bills for Collection …

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Supporting Nigeria’s agricultural change agenda in a meaningful way

one of the 11 three tonne harvester tractors Olam Nigeria, in a bid to showcase its contributions to the rice revolution in Nigeria, took some journalists to its multimillion-dollar rice farm and milling facility at Ondorie, Rukubi in Nasarawa State. DANIEL ANAZIA was there and reports Agriculture, no doubt, accounts for two-thirds of livelihood, just as food accounts for two-third …

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Banking stocks lead NSE’s N6 billion turnover in four days

Nigerian Stock Exchange Fidelity Bank traded higher at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange (NSE). It led nine others with 21.43 per cent to close at N1.02 per share. Following Fidelity last week was C&I Leasing, adding 14.29 per cent to close at N0.64 per share. TransNational Corporation gained 5.33 per …

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BDCs, compliance efforts and naira travails

For the first time in several months, officials of the Central Bank of Nigeria (CBN), Department of State Service (DSS), the Police and over 3,000 directors of Bureaux de Change (BDC) operators found themselves under one roof. The emergency meeting, organised at the instance of the Association of Bureaux De Change Operators of Nigeria (ABCON), in Lagos, last week, was …

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