The Central Bank of Nigeria’s (CBN) Credit Conditions Survey Report for fourth quarter (Q4) 2020 has stated that the availability of credit to the corporate sector increased in Q4 2020, and was also expected to rise in the first quarter (Q1) of 2021. According to the report posted on the Bank’s website yesterday, the growth...
The Lagos Chamber of Commerce and Industry (LCCI) has projected that the Nigerian economy will grow by one per cent in 2021. The projection was contained in the LCCI’s, “Economic and Business Review for Year 2020 and Outlook for Year 2021,” released by its Director General, Dr. Muda Yusuf. The Chamber also called on the...
•Firms envisage higher interest rates from January THE Central Bank of Nigeria (CBN) has said the naira will begin recovery against the dollar and other global currencies from February 2021. This was contained in the latest CBN Business Expectation Survey released by its Statistics Department. The survey respondent firms, however, envisage higher interest rates from...
•‘It’s 26th globally’ Using the Gross Domestic Product (GDP) as yardstick, the International Monetary Fund (IMF) has rated Nigeria as the best economy in Africa. In its 2020 World Economic Outlook, the IMF also ranked Nigeria as one of the world’s 26 top economies with an average GDP of $442,976 million. The outlook ratings put...
Obinna Chima writes on the new measures aimed to boost flow of remittances sent home by Nigerians in the Diaspora Remittances are perceived as one of the key benefits that migration bring to originating countries. According to the United Nations Conference on Trade and Development (UNCTAD), remittances are private flows of resources mostly intended for...
The Central Bank of Nigeria has said most of the consumers it surveyed recently do not have plans to buy big-ticket items in 2021, considering the current economic conditions, according to a survey by the Central Bank of Nigeria. The statistics department of the CBN disclosed this in its consumer expectations survey report for the...
The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs) to close all naira accounts for International Money Transfer Operators (IMTOs). This, it stated was to ensure that all diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients). The CBN stated this in...
The federal government’s estimated retained revenue declined by 42.3 per cent to N842.09 billion in the third quarter of 2020, compared with a benchmark of N1.459 trillion. This reflects the prolonged revenue challenge facing the country. The Central Bank of Nigeria (CBN) disclosed this in its third quarter economic report for 2020 posted on its...
The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs) to close all naira accounts for International Money Transfer Operators (IMTOs). This, it stated was to ensure that all diaspora remittances are received by beneficiaries in foreign currency only (cash and/or transfers to domiciliary accounts of recipients). The CBN stated this in...
The federal government’s estimated retained revenue declined by 42.3 per cent to N842.09 billion in the third quarter of 2020, compared with a benchmark of N1.459 trillion. This reflects the prolonged revenue challenge facing the country. The Central Bank of Nigeria (CBN) disclosed this in its third quarter economic report for 2020 posted on its...