CBN POLICY MEASURES IN RESPONSE TO COVID-19 OUTBREAK AND SPILLOVERS
CBN POLICY MEASURES IN RESPONSE TO COVID-19 OUTBREAK AND SPILLOVERS
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 […]
FIC records N25.66 trillion turnover as indices soar by N344 billion
Turnover in the Fixed Income and Currency (FIC) markets stood at ₦25.66 trillion at the end of transactions last month, March 31, 2020. According to FMDQ, the figure represents 9.33 per cent increase when compared to ₦23.47 trillion turnover achieved in February 2020. Also, total FX market turnover in March 2020 stood at $28.92 billion […]
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 […]
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. […]
RECOVERED AMOUNTS FROM NIGERIAN BANKS
The sum of N8,461.9 billion was retained in the Federation Account, representing an increase of 45.1 per cent above the level in 2017, after an aggregate statutory deduction of N1,089.7 billion from both oil and non-oil revenue. Of this amount, N1,053.7 billion, N395.2 billion, and N378.0 billion were transferred to the VAT Pool Account, […]
THE NEW VAT REGIME AND THE POTENTIAL IMPLICATION
On 13 January 2020, President Muhammadu Buhari finally signed the Finance Bill 2019 (now Finance Act 2020) into law. The Finance Act (the Act) seeks to promote fiscal equity, align local laws with global best practices, introduce tax incentives for investments in infrastructure and the capital market as well as support small businesses in line with the ongoing Ease […]
20 Changes To Nigeria’s Tax Laws That May Affect You [2019 Finance Bill]
A Bill to amend various tax laws in Nigeria is currently undergoing legislative process at the National Assembly. The 2019 Finance Bill which was presented to the Legislature by President Muhammadu Buhari along with the 2019 Budget seeks to introduce sweeping changes. Below are some of the important changes you should know about: Excess […]
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