Central bank issues regulation for payment of bills in Nigeria
Businessam Staff
March 19, 2018
The Central Bank of Nigeria (CBN), in an effort to promote sound financial, efficient and effective payments system in the country, has unveiled regulations for the payment of bills. In a circular released on its website at the weekend, the CBN explained that the move was to document the minimum standards that must be complied […]
Egypt debt to UAE oil company drops to $228m
Businessam StaffFebruary 12, 2018
Egypt has paid $164 million to the UAE-based Dana Gas reducing its debt to the company to $228 million, a statement on the organisation’s website on Sunday said. The funds, according to middleeastmonitor, were paid by Cairo last year, the company added. Egypt has faced difficulties in paying foreign companies’ debts since the January revolution of […]
UK offers initiative for holistic approach to infrastructure devt in Africa
Businessam StaffFebruary 12, 2018
UK has indicated that it would increase its efforts to work closer with African governments and private sector on infrastructure development through a vehicle, the Africa Infrastructure Board. On the sidelines of the Mining Indaba in Cape Town last Friday, the UK government and private sector presented the Africa Infrastructure Board and emphasized the unique […]
Nigeria’s crude account held $2.32bn as of Jan 15
Businessam StaffJanuary 19, 2018
Nigeria’s excess crude account stood at $2.317 billion as of Jan. 15, a state governor said on Thursday. The figure was given by the finance minister during a meeting of Nigeria’s national economic council, according to Abdullahi Umar Ganduje, the governor of Kano state, who briefed reporters after the meeting, according to Reuters. Last month, […]
New Zimbabwe government seeks to sell stakes in state-owned companies
Businessam StaffJanuary 4, 2018
Zimbabwe has invited bids for stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. President Emmerson Mnangagwa, who took over from Robert Mugabe two months ago, is under pressure to deliver on his promises to […]
Bank of Japan holds rates, damps down speculations of rate hike in near term
Businessam StaffDecember 21, 2017
Haruhiko Kuroda, Bank of Japan (BoJ) chief, has damped down speculation that the central bank is preparing the ground for raising interest rates next year amid a global wave of policy tightening by central banks led by the Federal Reserve. The BoJ kept its monetary policy in place Thursday as inflation remains stubbornly low in the […]
Nigeria’s central bank to auction N1.27trn treasury bills in Q1 2018
Businessam StaffDecember 15, 2017
Nigeria plans to sell N1.27 trillion worth of treasury bills in five auctions in the first quarter of 2018, according to the Central Bank of Nigeria’s Treasury Bills Issuance Calendar, seen by Businessamlive. Specifically, the CBN would offer N87.71 billion in the three-month paper, N244.27 billion in the six-month bill and N933.61 billion in a […]
Nigeria central govt. saves N24.7bn monthly via TSA, IPPIS/BVN implementation
Businessam StaffNovember 7, 2017
President Muhammadu Buhari has said that the Federal Government has leveraged information and communication technology (ICT) as well as the enforcement of bank verification number (BVN) to make monthly savings of about N24.7 billion. The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at […]
China’s central bank chief warns of ‘sudden, contagious, hazardous’ financial risks
Businessam StaffNovember 6, 2017
China’s financial system is becoming significantly more vulnerable due to high leverage, according to central bank governor Zhou Xiaochuan, who has made a series of blunt warnings in recent weeks about debt levels in the world’s second-largest economy. Latent risks are accumulating, including some that are “hidden, complex, sudden, contagious and hazardous,” even as the […]
Only $2.5bn of $5.5bn foreign loan request by govt. is new borrowing, Nigerian finance minister explains
Businessam StaffOctober 25, 2017
Kemi Adeosun, Nigeria’s finance minister has explained that only $2.5 billion of the recent loan request by the federal government is new borrowing and that the balance of $3 billion is meant to refinance loans taken by the previous administration. The minister, who spoke on Arise TV’s News programme, said the proposed $5.5 billion loan […]