Nigerian banks' assets under strain after naira devaluation, CBN cracks down on currency speculators

CBN cracks down on currency speculators

Nigerian currency traders are refusing to show rates to sell the U.S. dollar after the CBN vowed to crack down on speculators.
COVID-19: Buhari orders shut down of all international airports for 4 weeks

COVID-19: Buhari orders shut down of all international airports for 4 weeks

he president made these pronouncements via a series of tweets published on Thursday night via his twitter handle.
Global stocks tumble on "corona" sell off, BLOODY WEEKS: Coronavirus cost investors N1 trillion, triggers devaluation fears, Global Market Summary on Tuesday, Analysis: The economy is crashing, avoid falling knives,

COVID-19 outweighs stimulus package on global financial market

The market was brought to its knees as coronavirus pandemic outweighed a $2 trillion U.S. stimulus package passed by the American Senate yesterday.
LDR: Growing the real sector by fiat?, Rapid increase in food prices temporary – Emefiele, CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund , How the CBN’s OMO restriction is affecting the market  , Nigerian economy to grow by 2.38% in Q4 - CBN, New CBN report shows Nigerians will reduce consumption of luxury items, Banks violating CBN’s directive on N50 charge on accounts, send contradictory messages, What is on Godwin Emefiele’s mind?

What is on  Godwin Emefiele’s mind?

With an unassuming personality, Godwin Emefiele controls the monetary policies of Nigeria and on his judgment, depends the economic destiny for Nigeria.
Coronavirus: Prices of face masks, hand sanitizers rise by 300%, Corona Pandemic for Nigerian Tech Startups

Analysis: Corona Pandemic for Nigerian Tech Startups

Most Nigerian tech startups face a dire future and how they manage through this unprecedented crisis could determine whether to survive or die.
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CBN issues guidelines to access N50 billion COVID-19 credit facility

The Central Bank of Nigeria has disclosed the guidelines that must be followed by individuals and companies to access the N50billion tarheted credit facility  for households and Small and Medium Enterprises that are badly hit by COVID-19. 
Smuggling of imported rice hits Lagos major markets, as residence brace for shutdown

Smuggling of imported rice hits Lagos major markets, as residence brace for shutdown

Nairametrics Research Team learnt that despite the ban on the importation of foreign-made rice, some Nigerian traders are still importing foreign rice into the country.
Cashless Policy, This is when CBN will cut Monetary Policy Rate – Emefiele, Nigeria’s External Reserves depleted by $2.9 billion, hit 10 months low , CBN to fight piracy in Creative Industry , CBN projects macroeconomy confidence to rise by 118.3% in November, Emefiele addresses stable naira, CBN, FIRS, others under investigation over fraudulent forex dealings

UPDATED: CBN holds MPR at 13.5%, other parameters amidst recession concerns

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has held the Monetary Policy Rate (MPR) constant at 13.5%.
CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, CBN, Bankers Committee move to revive National Theatre with N25 billion , Nigeria’s 3.46 trillion fiscal deficit a source of concern – MPC Member , CBN says Nigerian banks assets and liabilities is now at N41.42 trillion , BVN: CBN to link 100 million banks accounts through proactive means, Foreign reserves drops $4.45 billion, edges closer to $30 billion devaluation benchmark, Payment system framework: CBN provides guidelines to address systemic risk, others, CBN retains Loan to Deposit Ratio at 65% as against increment to 70% , Federal High Court could jail Emefiele over $53 million judgment debt, CBN strongly denies establishing a poultry farm to support its monetary policies, Analysts explain when, why CBN could devalue naira by 5-10%, Banking: Surprise hike in CRR-Implications for banks, Agriculture: Suing ABP beneficiaries; A wild goose chase? , CBN lists major constraints affecting businesses, as borrowing rates projected to rise, CBN’s N287.8 billion T-bills auction records oversubscription, as rates fall marginally, CBN to give Niger Delta rice farmers single-digit loan , Naira and exchange rates, Insufficient electricity, unfavourable economy are among challenges hindering companies –CBN, Banks: Microfinance banks in Nigeria, REMINDER: Nationwide implementation of cashless policy starts April 1st, RESCUE MISSION: CBN coordinates banks, other financial institutions, to raise N1.5 trillion for infrastructure, Banking: Another wave of consolidation?, CBN pays $4.45 billion external debt obligation to World Bank, others in 2-month

CBN pays $4.45 billion external debt to World Bank, others in 2-month

Latest data obtained from the CBN reveals that Nigeria paid a whopping sum of $4.45 billion as external debt service/payment in the first two months of 2020.
COVID-19: President Buhari sets up committee to look at impact on 2020 budget, The good, bad and ugly of low oil prices for Nigeria

The good, bad and ugly of low oil prices for Nigeria

Diversification of Nigeria’s economy is believed to be the only viable way to survive the current environment of global economic uncertainty.


Bola Tinubu, coronavirus

Covid-19: Tinubu asks FG to print more naira notes, outlines economic measures

The National Leader of the ruling All Progressive Congress (APC), Bola Ahmed Tinubu, has urged the Federal Government to print more naira notes to save the economy from total collapse due to the adverse effect of the coronavirus pandemic
Coronavirus: US govt authorises new device to test for disease within 5 minutes

Coronavirus: US’s FDA approves use of new tool that delivers results in 5 minutes

The United States FDA has authorised the use of coronavirus test tool that delivers positive results within five minutes, and negative results within 13 minutes.
Lagos government makes U-turn, suspends planned closure of marine bridge

Lagos government makes U-turn, suspends planned closure of marine bridge

The Lagos State Government on Saturday suspended its earlier plans to partially shut down the Marine Bridge for five months for repair.
Coronavirus (COVID-19): Suspected case in katsina tests negative, FG reports 10 new cases of COVID-19, Coronavirus: Simple ways to keep your business running

Coronavirus cases hit 97, as NCDC confirms another 8 new cases

The Nigeria Centre for Disease Control (NCDC) has confirmed eight new cases of the coronavirus pandemic which is also known as COVID-19.
minimum wage

Just-in: Kaduna state governor, El-Rufai tests positive to coronavirus

The Executive Governor of Kaduna State, Malam Nasir El-Rufai has tested positive to the coronavirus disease.