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Cryptocurrency33 mins ago

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

the best mobile banking apps, On Google Play Store, some Nigerians are dissatisfied with their mobile banking apps   the best mobile banking apps, On Google Play Store, some Nigerians are dissatisfied with their mobile banking apps  
Business News1 hour ago

Banks earn N216 billion in digital banking income amidst threat from challenger banks

Nigerian banks raked in a sum of N216.52 billion from their e-business earnings in the year 2020.

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Currencies2 hours ago

Naira gains at black market as external reserves increases by $620 million in 2 weeks

The opening indicative rate closed at N410.88 to a dollar on Monday.

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Business News8 hours ago

COVID-19 Update in Nigeria

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Business

Update: Nigeria signs MoU with United Arab Emirates to establish Joint Commission

Federal Government has signed a Memorandum of Understanding with the United Arab Emirates (UAE).

Published

on

Nigeria signs MoU with United Arab Emirates

The Federal Government has signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE), which provides a platform for the nations to engage each other bilaterally.

The MoU was signed on Tuesday, December 1, 2020 at the Ministry of Foreign Affairs Headquarters in Abuja, and was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, via his Twitter handle on Tuesday.

READ: UAE denies placing travel ban on Nigerians, gives reason for suspending visa issuance

While Onyeama signed the document on behalf of the Nigerian government, the UAE was represented by the Ambassador to Nigeria, Dr. Fahad Al Taffaq.

Onyeama tweeted, “On behalf [email protected], I signed an MoU with the United Arab Emirates (UAE) represented by @altaffaq, UAE Ambassador to Nigeria. The MoU provides the platform through which the countries can engage each other bilaterally in many areas- legal, commercial, etc.”

READ: Outrage as RwandAir dumps luggage belonging to Nigerians in Dubai 

Explore Data on the Nairametrics Research Website

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Sigma Pensions

Why it matters

The MoU on establishing a Joint Commission seeks to enhance bilateral cooperation and engagement between both countries in many areas.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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    Business

    Digital Switch Over: Broadcasting code amendment to curb monopoly and boost local content – FG

    The Minister disclosed that the DSO has been rolled out in five states so far.

    Published

    on

    Insecurity: FG to implement town hall meetings to reach a national consensus

    The Federal Government said the Digital Switch Over is a priority project because it will improve local content, create jobs, curb content monopolies and improve on-demand television to millions of Nigerian households.

    This was disclosed by the Minister of Information, Lai Mohammed At The Digital Switch Over Stakeholders Meeting in Lagos on Monday.

    The Minister disclosed that the DSO has been rolled out in five states so far, adding that the FG is “kick-starting the new rollout here in Lagos state on April 29th 2021, Kano state on June 3rd 2021 and Rivers state on July 8th 2021. We will then follow up with Yobe state on July 15th 2021 and Gombe state on August 12th 2021.”

    What the Minister said

    • The DSO is about stimulating local content and empowering platform owners. It’s about creating jobs for our teeming population, especially the very creative youth population. This project is capable of generating 1 million jobs in three years.
    • We have carried out an unprecedented reform of the broadcasting industry because we know that there is a nexus between those reforms and the success of the DSO. The amendments were necessitated by the need to boost the local content in Nigeria, curb anti-competitive and monopolistic tendencies and boost advertising revenues.

    The Amendments

    The Minister revealed that the FG  amended the Code to curb monopoly and exclusivity of programme content in order to create room for the local industry to grow. “For example, the pay-tv sector of the Broadcast Industry had been controlled by foreign interests, while indigenous efforts to compete have been frustrated or weakened by the established control of the big monopolies,” he said.

    • We have amended the Code to stimulate growth in the advertising industry, introducing regulations mandating media agencies and advertisers to offset all outstanding invoices within 60 days related to advert placement and the barring of carriage of adverts of defaulters.
    • Under the new amendment, for a programme to qualify as local content, it must be authored, directed and produced by a Nigerian. In addition, at least 75 per cent of the leading actors and major supporting cast must be Nigerians, a minimum of 75% of its program expenses and 75% of post-production expenses paid for services provided by Nigerians or Nigerian companies.

    The Minister added that the amendments also boosted advertising as all advertised products and services manufactured, grown, processed, developed, created and originating from Nigeria, shall be wholly produced in Nigeria.

    What you should know

    In February, The Federal Government launched a 14-member Ministerial Task Force on the Digital Switch Over (DSO) rollout across the country.

    Continue Reading

    Business

    CBN moves against bad debtors to other financial institutions in new circular

    The CBN has said it will extend its Credit Risk Management System to other financial institutions in the country.

    Published

    on

    CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

    The Central Bank of Nigeria (CBN) has further moved against bad debtors as it said it will extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in the country.

    This follows the successful implementation of the CRMS in deposit money banks across the country.

    This disclosure is contained in a circular titled, ‘Credit Risk Management System: Commencement of Enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies, issued by the apex bank and signed by its Director, Financial Policy and Regulation Department, Kelvin Amugo, on April 8, 2021.

    CBN in the circular noted that this policy is to help promote a safe and sound financial system in the country as well as prevent the bad debtors from undermining the banking system.

    What the CBN is saying in the circular

    The statement from the CBN’s circular reads, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

    “With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CRMS platform.

    Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis. OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions.

    To ensure full compliance, OFIs are reminded to conclude the tagging of ALL life credits files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 2021.’’

    Sigma Pensions

    The apex bank in the circular also advised concerned OFIs to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRMS for commercial, merchant and non-interest banks in the country.

    While noting that it would monitor compliance with the requirements of this circular, the CBN said that appropriate sanctions would be applied for non-compliance.

    What you should know

    • The CRMS was introduced due to rising cases of non-performing loans in banks and this contributed significantly to the financial distress in the banking sector.
    • This was also compounded by the existence of predatory debtors in the banking system who are fond of abandoning their debt obligations in some banks only to move to contract new debts in other banks. This led to the need for a central database from which consolidated credit information on borrowers could be obtained.
    • The CRMS is web-enabled thereby allowing banks and other stakeholders to dial directly into the CRMS database for the purpose of rendering statutory returns or conducting status enquiry on borrowers.

    Continue Reading

      





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