Connect with us

E-Financial

CBN Says It Will Steer Nigeria Away from Recession

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.

CBN Says It Will Steer Nigeria Away from Recession

Mr. Godwin Emefiele, CBN governor

It said this was in spite of the push by some vested interests to impugn the integrity of the bank.

Isaac Okorafor, director, Corporate Communications Department, CBN, said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN.

He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies.

He, however, noted that Godwin Emefiele, CBN governor, and his team at the bank would not be deterred by the actions of such persons.

Okoroafor said the bank, in pursuit of its mandate enshrined in the CBN Act 2007, as Amended, would continue to strive to ensure accretion to the external reserves to safeguard the international value of the naira.

He added that it would continue to ensure that no individual or institution circumvents the system.

According to Okorafor, the naira, in the past three years, had remained stable against other world currencies, due to strict measures put in place by the CBN to check cases of round-tripping.

He said the bank, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.

He noted that those opposed to the policies of the CBN would not relent in their effort to undermine the bank, but stressed that the bank remained resolute to the dictates of its enabling Act.

The CBN spokesperson said the bank would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

SEC, NITDA Collaborate on Data Protection in Capital Market

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has restated its preparedness to collaborate with the National Information Technology Development Agency (NITDA) in a bid to foster safe conduct of transactions and usage of personal data in the Nigerian capital market.

SEC, NITDA Collaborate on Data Protection in Capital Market

Mr. Lamido Yuguda, director general of the SEC, stated this during a webinar on Nigerian Data Protection Regulation and how it affects the Capital Market.

According to a statement by Efe Ebelo, SEC’s Head, Corporate Communication, the event had as its theme: Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian Capital Market.

Mr. Yuguda stated that the Commission is very serious on the issue of data protection in the capital market assuring that going forward, the SEC would continue to create necessary awareness.

According to him, “You may all recall that in 2019, the National Information Technology Development Agency (NITDA) issued the Nigerian Data Protection Regulation (NDPR) with the objectives to safeguard the rights of natural persons to data privacy; foster safe conduct for transactions involving the exchange of Personal Data; prevent manipulation of Personal Data; and ensure that Nigerian businesses remain competitive internationally

“By this regulation therefore, all private and public organizations that collect, process, store, archive and destroy data of natural persons in Nigeria or of Nigerians resident abroad are required to comply with the provisions of the Regulation.

“Since the Commission and indeed all Capital Market Operators perform these activities on data as covered by the NITDA NDPR, we are also subject to the new regulation, in one way or the other. That explains the reason behind organizing today’s webinar to enlighten the capital market community on the provisions of the NDPR”.


Kindly share this post
Continue Reading

E-Financial

FBN Insurance Pays N4.4Bn In Claims In Q1 2020

Published

on

Kindly share this post

FBN Insurance has displayed resilience in its business strategy despite the negative impact of the coronavirus pandemic on the Nigerian economy.

The company recently paid the sum of N4.4 billion in claims to its customers in the first half of the year 2020.

This represents a 26.7 per cent increase year-on-year when compared to N3.4 billion paid during the same period in 2019.

While briefing news men at the company’s Lagos head office, Mr. Val Ojumah, Managing Director/Chief Executive Officer of FBN Insurance, disclosed that prompt settlement of customers claims is one of the underpinning business successes of the insurer as it strives to continually boost customers’ confidence and trust during the 10 years of the company’s existence.

According to Ojumah, “As a responsive and reliable insurer, we have during this turbulent time- kept our promise to our customers by paying claims promptly. Our focus remains to provide financial security and relief to our esteemed customers especially at this trying time.”

On a related note, the company has unswervingly delivered on its promise to its shareholders by paying dividends promptly. At the recently held virtual AGM, the company announced a full year dividend of 97k per share for 2019 which represents a 49 per cent increase over the 65k per share that was paid in 2018. The company has consistently paid dividend to its shareholders since 2013.

As at year end, the total assets base of the company grew from N70.5billion in 2018 to N109bilion in 2019. This represents a 55 per cent growth year-on-year of which over 90 per cent are in liquid assets.

In a bid to continue to deliver seamless service to its customers, the company has invested and upgraded its digital platforms.

FBN Insurance Limited, was incorporated in 2010 to transact life insurance business in Nigeria and currently operates in over 60 sales outlets and two branches in addition to its head office located in Lagos


Kindly share this post
Continue Reading

E-Financial

Naira Weakens, Oil Slips, Stocks Flat

Published

on

Kindly share this post

By Lukman Otunuga, Senior Research Analyst at FXTM

As the coronavirus menace dug its vicious talons deeper into Africa’s largest economy, the Central Bank of Nigeria wasted no time in depreciating the official Naira rate by 5.5% to 381 per Dollar.

In the face of Dollar shortages, depressed Oil prices and mounting pressures from external lenders the CBN remains pressured to unify the multiple exchange rates to improve transparency.

A single exchange may eliminate an element of confusion and even attract foreign exchange investment, but such may come at the expense of rising inflation.

The exchange rate at the black market has already tumbled to a three-year low, trading around N463 per Dollar following the official devaluation.

With consumer prices hitting 12.4% in May, signs of rising inflationary pressure fueled by a weaker Naira is the last thing Africa’s largest economy needs.

Local stocks trading flat this week with the Nigerian All-Share Index down -0.24% since Monday.

Oil prices were mostly depressed this week thanks to rising coronavirus cases across the globe.

Fears around another round of lockdowns hitting demand for Oil continues to haunt attraction towards the commodity and this may remain a key theme ahead of the OPEC decision next week.

If the cartel decides to extend the historic production cuts of 9.7 million barrels per day beyond July, Oil prices have the potential to edge higher. However, a disappointing outcome to the meeting with the cartel reverting to previous supply cut of 7.6 million barrels per day could send Oil prices tumbling.

Overall, this was another week defined by COVID-19, volatile global equity markets and sharp changes in risk sentiment. Gold is likely to remain the talk of the town after appreciating to levels not seen in 9 years. With coronavirus related developments, trade uncertainty and global growth fears among many negative themes straining sentiment, the precious metal has the potential to shine this quarter.

 


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending