IMPACTS OF COVID-19 ON THE NIGERIAN ECONOMY

The Economic Impacts of COVID-19 In December 2019, a cluster of pneumonia cases from an unknown virus surfaced in Wuhan, China. Based on initial laboratory findings, the disease named Coronavirus disease 2019 (abbreviated as COVID-19), was described as an infectious disease that is caused by severe acute respiratory syndrome coronavirus 2. The COVID-19 outbreak has […]

IMPACT OF COVID-19 ON THE ECONOMY ON INTEREST RATES ON NIGERIA ECONOMY

The Central Bank of Nigeria has announced its first set of policies to cushion the negative impact the deadly coronavirus on Nigerian businesses and economy. The CBN governor, Godwin Emefiele, announced in Abuja that the interventions included the immediate cut on interest rates of all applicable CBN intervention facilities from nine per cent to five percent per annum for […]

STOCK MARKET INDEX SLUMP FURTHER BY N151 BILLION

Transactions on the Nigerian Stock Exchange (NSE) conditioned on a downturn yesterday, as more bluechip stocks depreciated in price, resulting to a further decrease in market capitalization by N151 billion. Tuesday, ASI fell by 290.49 points or 1.27 per cent to 22,629.92 points. Accordingly, investors lost N151 billion in value in value as market capitalization […]

FBNQuest holds 5th yearly General Meeting, reports ₦4.2 billion PBT

FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has declared a profit before tax (PBT) of ₦4.15billionfor the year ended 31st December 2019. This represents a 48 percent increase from the₦2.8 billion recorded in the previous year, as reported by the Chairman of the Board of Directors,Mallam Bello Maccido,at […]

Ethical entrepreneurs call for interest-free loans

Ethical entrepreneurs have called on the Federal Government to exemplify its commitment to the development of alternative finance through inclusion of non-interest windows in its various loan and intervention funding programs. Ethical entrepreneurs and financial experts who participated in a webinar on financial inclusion in Nigeria and government’s intervention funds called on government to adopt […]

FG CONCLUDES TO BORROW 2 TRILLION NAIRA FROM PENSION FUNDS

The Federal Government has concluded plan to borrow N2 trillion from the current N10 trillion pension funds to finance the development of infrastructure. The disclosure was made at the National Economic Council (NEC) meeting presided over by the Vice President, Yemi Osinbajo, on Thursday in Abuja. Briefing newsmen at the end of the NEC meeting in Abuja, Kaduna State Governor, Mallam Nasir el-Rufai, stated […]

BANKING SECTOR BRACES UP FOR NEW RECAPITALIZATION BY 2020.

Uncertainty looms in the banking sector over proposed plan by the Central Bank of Nigeria (CBN) to recapitalize commercial banks operating in the country, our correspondent gathered. Our correspondent also gathered that regional and national banks might be CBN’s target on recapitalization  as most international banks in Nigeria have capital in excess of N500 billion. […]

FORMER WELL FARGO CEO BANNED FROM BANKING AND FINED

New York (CNN Business) ; Former Wells Fargo CEO John Stumpf on Thursday agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in leading the bank through its massive fake accounts scandal and other sales practice misconduct. In addition to Stumpf, the US Office of the Comptroller […]

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