Category: Mezcredit Project News

CBN Foresees Sustained Growth in Private Sector Credit
Post

CBN Foresees Sustained Growth in Private Sector Credit

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...

CBN: Naira recovery against dollar to begin February 2021
Post

CBN: Naira recovery against dollar to begin February 2021

•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...

IMF rates Nigeria’s GDP top in Africa
Post

IMF rates Nigeria’s GDP top in Africa

•‘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...

Enhancing Flow of Diaspora Remittances
Post

Enhancing Flow of Diaspora Remittances

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...

Consumers’ll avoid buying expensive items in 2021 – CBN survey
Post

Consumers’ll avoid buying expensive items in 2021 – CBN survey

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...

CBN Directs Banks to Close IMTOs’ Naira Accounts
Post

CBN Directs Banks to Close IMTOs’ Naira Accounts

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...

Report: FG’s Q3 Revenue Declined by 42% to N842bn
Post

Report: FG’s Q3 Revenue Declined by 42% to N842bn

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...

CBN Directs Banks to Close IMTOs’ Naira Accounts
Post

CBN Directs Banks to Close IMTOs’ Naira Accounts

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...

Report: FG’s Q3 Revenue Declined by 42% to N842bn
Post

Report: FG’s Q3 Revenue Declined by 42% to N842bn

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...