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Banks’ Credit To Economy Hits N43.67tn
As at the end of February 2021, banks’ credit to the economy rose to N43.67 trillion from N42.92trillion in January – an addition of N75billion. The Central Bank Governor, Godwin Emefiele, who disclosed said, “Provisional data showed that banking system credit to the economy increased by 1.75 per cent to N43.67trillion in February 2021 from…
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CBN Keeps Monetary Policy Rate At 11.5%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the monetary policy rate at 11.5 percent. The committee also retained the liquidity ratio at 30 percent and cash reserve ratio at 27.5 percent. The CBN governor, Godwin Emefiele said of the nine-member committee, six members voted to maintain all parameters…
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Report: Global Maritime Industry Suffers $9.6BN Loss Daily Due To Suez Blockage
Shipping data have shown that the stranded Ever Given mega-container ship in the Suez Canal is holding up an estimated $9.6bn (£7bn) of goods each day which works out at $400 million an hour in trade along the waterway, a vital passageway between east and west. The Suez Canal separates Africa from the Middle East…
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Mobile Money Accounts Grew To 1.2 billion In 2020
The number of registered mobile money accounts grew by 12.7 per cent globally in 2020, to 1.21 billion, according to the latest report from the GSM Association. GSMA noted that over 136 million accounts were added in the year, which exceeded last year’s forecasted growth rate by 6.4 percentage points. In the 2021 State of…
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Nigeria Adopts New Flexible Exchange Rate Policy
In a move that effectively marks the third devaluation of the naira in a year, Nigeria has adopted a new flexible exchange-rate policy for official transactions. The Federal Government will begin to use the flexible rate– that has until now applied to investors and exporters– for government transactions too, Finance Minister Zainab Ahmed said. The…
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Over 72% Of CBN Intervention Funds Remain Outstanding
As at December 31st 2020, over N3 trillion out of the N4.2 trillion intervention funds disbursed by the Central Bank of Nigeria are outstanding. This is a total of 72.5 percent yet to be reimbursed to the apex bank. According to data from the recently released fourth-quarter economic report (4Q’2020) of Nigeria’s Apex bank, the…
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FIRS Project N5.9trillion for 2021 revenue
The Federal Inland Revenue Service, FIRS, has placed their revenue projection for 2021at N5.9 trillion. FIRS Chairman Mohammed Nami, made this disclosure in a meeting with the House of Representatives Committee on Finance on the Service’s 2021 budget defence and consideration of its proposed Revenue and Expenditure Estimates. Nami said, out of the proposed figure,…
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PenCom Recovers N553.03 Million From Defaulters
The National Pension Commission has said it recovered ₦553.03 million from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respe ctive pension fund administrators. PenCom disclosed this in its monthly report for the fourth quarter of 2020 saying that out of this amount, the…
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Electronic Payment Company PayPal Partners With Flutterwave
Flutterwave, Africa’s leading payments technology company, recently annouced a new collaboration with global e-payment giant PayPal to improve global online payments for African businesses. Flutterwave revealed that the recent partnership would enable PayPal customers globally to pay African merchants in the continent through Flutterwave’s platform. More importantly, the partnership will be instrumental in supporting SMEs…
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Nigerian Startup Raises $170 Million To Connect African Fintech
Flutterwave has raised $170 million in a Series C round, positioning itself to further connect and capitalize on Africa’s highly fragmented digital payment landscape. The Nigeria tech payment company is now valued at more than $1 billion. The Series C round was led by the US-based investment firms Avenir Growth Capital and Tiger Global Management,…