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CBN
Funding rates expanded significantly last week on the back of the N600 billion retail FX funding and CRR Debit.
The disbursement under the Scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.
Founded in 2003, and licensed by the CBN, Jaiz Bank Plc has since expanded its services exponentially.
Despite the rhetoric, majority of Nigerians are still wary of the so called N1 trillion intervention fund.
Sadly, this move, in addition to similar policies by the CBN, has left many banks cash-strapped and unable to pursue various profitable ventures.
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
Many portfolio investors were unable to move their money from the country due to FX limitations. So, they reinvested.
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.
This is naira's first major gain against the dollar since late March.
The apex bank said this is in line with its resolve to enhance the quality of service bank customers are given. Nigerian banks are, therefore, required to implement the revisions starting from June 8, 2020.
CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country's foreign earnings.
We are on the brink of a recession. Whilst policies like these could offer a buffer, the prolonged existence of the pandemic on the economy is one nail in the coffin that can only be halted by the provision of a vaccine.