The World Bank on Thursday projected a five per cent growth for emerging market and developing economies in 2021. Nigeria is a developing economy and the financial institution’s projection was contained in its January 2021 Global Economic Prospects report. “Growth in emerging market and developing economies is envisioned to firm to five per cent in...
The dream of Nigeria’s growing its Gross Domestic Product (GDP) by 2.0 per cent this year may be a mirage afterall as the World Bank predicts 1.1 per cent growth for the country in 2021 and 1.8 percent in 2022. This is contained in the World Bank’slatest report entitled: “Global Economic Prospects”, released on Tuesday....
As part of their due diligence in granting credit facilities, banks should obtain reports of borrowers from credit bureaux, their regulator, the Central Bank of Nigeria (CBN), has said. The apex bank gave this order in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for the fiscal years 2020/2021’. “Obtain credit reports...
Foreign exchange inflow through the Central Bank of Nigeria in the third quarter of 2020 stood at $6.97bn. The CBN disclosed this in the third quarter economic report. It said, “Foreign exchange inflow through the Central Bank of Nigeria decreased in the third quarter of 2020, largely due to a reduction in non-oil inflow. “During...
A recent report by Sigma Pensions titled, ‘Nigeria 2021 Outlook: A return to normalcy, but tough policy choices lie ahead,’ has predicted that the Nigerian economy would experience a V-shaped economic recovery. A V-shaped recovery is characterised by a quick and sustained recovery in measures of economic performance after a sharp economic decline. However, it...
Nigeria will return to growth path in 2021 but external and fiscal imbalances will pose downside risks to the economy. Sigma Pensions Limited stated this in its report released on Monday titled ‘Nigeria 2021 outlook: A return to normalcy, but tough policy choices lie ahead’. It noted that Nigeria continued to grapple with the aftershocks...
The Central Bank of Nigeria has instructed lending institutions to obtain reports of borrowers from credit bureaus as part of their due diligence in granting loans. It also said the operations of private credit bureaux would be guided by the provisions of the Credit Reporting Act, 2017 and the National Credit Reporting System Regulation, 2019....
The Central Bank of Nigeria injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira. The CBN disclosed this in its third-quarter economic report. The bank said through its periodic interventions in the forex market, it continued to boost the supply...
The newly redefined and standardised cheque for the banking system has taken off. The new cheque rule took effect on January 1, 2021. The Central Bank of Nigeria (CBN) had approved a cheque standard plan that includes new digit on the magnetic ink character recognition code line and expiry dates for cheque books. The new...
This year was not an easy ride for banks and other financial institutions but it opened opportunity for improved digital services for lenders with hindsight. More bank customers used the COVID-19 triggered fears to embrace digital services, activated their mobile Apps and demanded for low-cost banking services that have now come to define sectoral competition....