₦airaland Forum

Zenith Bank has been honored as the “Best Bank for Digital Solutions in Nigeria” in the prestigious Euromoney Awards for Excellence 2023. This recognition highlights the bank’s exceptional contributions to the realm of digital banking, emphasizing its commitment to innovative and creative digital solutions.

The Group Managing Director/CEO of Zenith Bank Plc, Ebenezer Onyeagwu, expressed........

https://ratecaptain.com/zenith-bank-is-named-best-bank-for-digital-solutions-2023/

Nigeria, under the administration of President Bola Tinubu, has secured a total of $2.7 billion in loans from the World Bank, addressing various sectors amid concerns about rising external debt servicing costs.

These funds, allocated across crucial sectors, are expected to drive transformative..........

https://ratecaptain.com/tinubu-secures-2-7-billion-world-bank-loans-in-2023/

As the final quarter of 2023 unfolds, Nigerian companies are showcasing unprecedented financial resilience, boasting a collective cash reserve of N2.3 trillion. This substantial cash balance marks a notable 27% surge from the N1.8 trillion reported at the close of 2022.

The data, compiled from over 30 major companies listed on the Nigerian Exchange (NGX) from January to December, excludes commercial banks and insurance firms.........

https://ratecaptain.com/nigerian-companies-enter-q4-with-record-n2-3-trillion-cash-reserve/

The Canadian Government has announced the relaunch of the Home Child Care Provider Pilot and the Home Support Worker Pilot programs, opening fresh application opportunities starting January 1, 2024. These initiatives aim to support caregivers seeking permanent residency in Canada.

The two pivotal pilot programs, the Home Child Care Provider Pilot and the Home Support Worker Pilot, provide eligible caregivers and their families with pathways to.........

https://ratecaptain.com/canada-relaunches-programs-for-caregivers-steps-to-make-application/

Libya’s Stock Market officially reopened on Monday at a hall in the capital, Tripoli, after a prolonged closure spanning more than nine years due to political and security instability.

The ceremony marking the resumption of trading was attended by the Prime Minister of the Government of National Unity, Abdulhamid al-Dbeibah, and the Chairman of the Board of Directors for the market, Bashir Mohamed Ashour, along with other high-ranking officials. The reopening was symbolized by the ringing of the bell to signal the commencement of trading activities.

https://ratecaptain.com/libyas-stock-market-resumes-trading-after-more-than-nine-years-of-closure/

In a shocking revelation, it has been alleged that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, operated a staggering 593 illegal bank accounts in the United States, United Kingdom, and China, collectively holding billions of naira. Special Investigator Jim Obaze brought these startling findings to light, disclosing unauthorized transactions amounting to £543,482,213 in the UK alone.

Emefiele, who is currently held in the Kuje Custodial Centre on charges related to a N1.2 billion procurement fraud, now faces additional legal troubles tied to the CBN.........

https://ratecaptain.com/cbn-governor-godwin-emefiele-allegedly-operated-593-illegal-bank-accounts/

In early European trade today, the U.S. dollar experienced a marginal decline as investors awaited crucial growth data, while the British pound continued its descent following a notable drop in UK inflation.

At 04:30 ET (09:30 GMT), the Dollar Index, which measures the greenback against a basket of six other major currencies, traded 0.1% lower at ....

https://ratecaptain.com/u-s-dollar-slips-as-traders-anticipate-growth-data-sterling-continues-to-decline/

A combination of insider abuse within banks and hoarding by customers has been identified as the root cause of the current scarcity of cash in Nigeria, creating challenges for citizens ahead of the festive season. Despite assurances from the Central Bank of Nigeria (CBN) regarding sufficient currency notes in the country, many Nigerians are reportedly struggling to access enough cash from banks.

Point of Sale (PoS) operators, in response to the cash shortage, have resorted to.......

https://ratecaptain.com/scarcity-of-cash-blamed-on-insider-abuse-and-customer-hoarding-ahead-of-festive-season/

The World Bank has revealed that Nigeria secured the highest amount of fresh loans from the institution in 2022, receiving a substantial $2.9 billion. Tanzania closely followed, obtaining $2.7 billion during the same period, as indicated in the World Bank’s International Debt Report for 2023.

The report emphasized the debt challenges facing developing nations and cautioned that the surge in global interest rates puts the world’s poorest countries at risk of..........

https://ratecaptain.com/nigeria-tops-world-banks-fresh-loans-with-2-9-billion/

Traders anticipate a dynamic week in African currency markets as Kenya’s shilling and Zambia’s kwacha are predicted to face downward pressure, while the Ugandan shilling is expected to strengthen. Ghana’s cedi is forecasted to remain steady, and Nigeria’s naira may exhibit mixed signals, according to market insights.

Kenya’s Shilling:
Kenya’s shilling is anticipated to slip due to increased foreign-currency demand from...

https://ratecaptain.com/african-currency-outlook-shilling-and-kwacha-face-pressure-naira-mixed-signals/

Nigeria grapples with economic challenges as the overall inflation rate surged to 28.20% in November 2023, surpassing the October 2023 rate of 27.33%. The month-on-month increase is recorded at 0.87%, indicating a concerning upward trend.

Comparing November 2023 to the same month in the previous year, the year-on-year headline inflation rate witnessed a substantial increase of 6.73% points, rising from..........

https://ratecaptain.com/top-story-inflation-rates-surge-to-28-20-for-november-2023/

The Central Bank of Nigeria (CBN) has forecasted a decrease in the country’s inflation rate and a reduction in exchange rate pressures in the coming year. Despite the inflation rate reaching a staggering 27.33% in November, the highest in 18 years, CBN Governor Yemi Cardoso remains optimistic about a turnaround in 2024.

Speaking before the Joint Committee on Banking, Insurance, and Other Financial Institutions in........

https://ratecaptain.com/cbn-predicts-inflation-and-exchange-rate-relief-in-2024/

In a bid to combat fraudulent transactions within the banking industry, the Chartered Institute of Bankers of Nigeria (CIBN) has called upon the Central Bank of Nigeria (CBN) to implement robust policies and strengthen security measures.

Isaac Arokun, the Ogun State Chairman of CIBN, made this call during a debate organized for higher institutions in the state as part of the activities marking the Annual...............

https://ratecaptain.com/cibn-urges-cbn-to-strengthen-measures-against-fraud-in-banking/

In a significant shift in market dynamics, the U.S. dollar plummeted to a fresh four-month low on Thursday following indications from the Federal Reserve that its interest-rate hike cycle has concluded, and lower borrowing costs are on the horizon in 2024.

Federal Reserve Chair Jerome Powell, during Wednesday’s Federal Open Market Committee (FOMC) meeting, conveyed that the historic tightening of..............

https://ratecaptain.com/dollar-hits-four-month-low-as-federal-reserve-signals-end-to-rate-hike-cycle/

In its latest Nigeria Development Update, December 2023 edition, titled ‘Turning The Corner (from reforms and renewed hope, to results)’, the World Bank has raised concerns over the lack of transparency in the financial reporting of the Nigeria National Petroleum Corporation Limited (NNPCL) following the removal of fuel subsidies. The Washington-based institution highlighted the need for clarity on the financial gains from subsidy removal and the impact on federation revenues.

The World Bank pointed out that while nominal oil revenue gains have been visible since..............

https://ratecaptain.com/world-bank-criticizes-lack-of-transparency-in-nnpcs-financial-reporting-following-fuel-subsidy-removal/

In a significant policy shift, the Central Bank of Nigeria (CBN) has announced the suspension of new loan applications for its Intervention Programs. The move is outlined in a circular titled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” addressed to the Chief Executives of banks. The circular, signed by Sa’ad Hamidu, the Acting Director of the Development Finance Department, signifies a strategic pivot in the bank’s operational focus.

This suspension marks a departure from the previous central bank’s approach, which heavily relied on development finance intervention...........

https://ratecaptain.com/cbn-halts-submission-of-new-loan-requests-for-intervention-programs/

In the latter half of 2023, the Nigerian business landscape has witnessed the departure of at least five major multinationals, raising concerns about the impact on foreign investment and the nation’s ambitious target of achieving a $1 trillion economy by 2030.

Investment data from the National Bureau of Statistics (NBS) reveals a 33 percent decline in the second quarter of 2023, with inflows dropping to $1.03 billion from $1.54 billion recorded in the same period in 2022. The United Nations Conferences on Trade.............

https://ratecaptain.com/multinationals-exit-nigeria-posing-threat-to-1-trillion-economy-goal/

The NGX Banking Index, a key benchmark capturing the performance of the banking sector, has witnessed a remarkable surge of 95.35%, according to market data as of the closing of trading on Tuesday, December 12. This surge highlights the sector’s resilience and attractiveness to investors.

The index comprises major capitalised and liquid companies, including Access.............

https://ratecaptain.com/nigeria-banking-index-soars-by-95-35-outpacing-market-as-optimism-prevails/

The Central Bank of Nigeria (CBN) has mandated commercial banks, including Access Bank, Zenith, UBA, and others, to take charge of loan recoveries for funds granted under its various intervention schemes. The apex bank also disclosed a suspension of new loan applications under its development finance intervention funds.

The directive was conveyed through a circular addressed to bank Chief Executives and signed by Sa’ad Hamidu, the Acting Director of the Development Finance Department at...............

https://ratecaptain.com/cbn-suspends-access-bank-zenith-uba-and-others-from-issuing-new-loans/

The Central Bank of Nigeria (CBN) has categorically refuted media reports claiming that certain banks failed the Capital Adequacy Ratio (CAR) stress test for international authorization. In an official statement released on Monday, Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, emphasized the falsity of these reports and urged the public to disregard them.

The statement, posted on the CBN’s official website, assured the public and stakeholders of the ongoing stability and resilience of the Nigerian...

https://ratecaptain.com/cbn-debunks-reports-of-banks-failing-capital-adequacy-ratio-stress-test/

In a stark illustration of the economic challenges facing Nigeria, the Federal Government’s budget has seen a significant surge in naira terms but has encountered a decline when expressed in dollars. The proposed 2024 budget of N27.50 trillion represents a notable increase from the N320 billion budgeted in 1999, reflecting the growth and evolving needs of the nation.

However, a closer look reveals a concerning trend when viewed through the lens of the exchange rate. The proposed 2024 budget, when converted to dollars, stands at.........

https://ratecaptain.com/naira-vs-dollars-fgn-budget-soars-in-naira-but-weakens-against-the-dollar/

In a groundbreaking development, the Dangote Refinery, poised to become Africa’s largest oil processing facility, is projected to generate an impressive annual revenue of $27 billion at full operational capacity, according to exclusive information obtained by Nairametrics.

With a refining capacity of 650,000 barrels per day (bpd), the refinery is anticipated to play a pivotal role in Nigeria’s economic transformation, as noted by...........

https://ratecaptain.com/dangote-refinery-to-generate-27-billion-annual-revenue/

In response to the growing concerns over reported shortages of naira notes in the country, the Central Bank of Nigeria (CBN) has stepped forward to address the situation, attributing it to heightened withdrawals by Deposit Money Banks (DMBs) and customer panic. The CBN’s Corporate Communications Department, along with CBN Governor Olayemi Michael Cardoso, has reassured the public that there is no actual shortage in currency supply and measures are in place to ensure sufficient cash flow for essential economic activities.

The central bank’s announcement comes as a direct response to the surge in significant cash withdrawals by financial institutions. CBN Governor Olayemi Michael Cardoso emphasized that............

https://ratecaptain.com/cbn-addresses-naira-shortage-concerns-amidst-increased-withdrawals/

In a significant effort to combat the proliferation of illicit substances, the Oyo/Osun command of the Nigeria Customs Service has handed over a substantial quantity of Cannabis Sativa, valued at over 14 million naira, to the Nigerian Drug Law Enforcement Agency (NDLEA). The handover ceremony took place at the command’s headquarters in Ibadan.

Area Comptroller Ben Oramalugo led the operation and personally conducted the.......

https://ratecaptain.com/nigeria-customs-service-hands-over-n14-million-worth-of-illicit-substances-to-ndlea/

FairMoney is actively seeking a talented professional to lead its offline merchant acquiring business in the dynamic city of Lagos.

About the Role

The newly created position of Regional Sales Manager – Merchant Business will be based in the bustling Lagos Island area. The successful candidate will play a pivotal role in advancing FairMoney’s..........

https://ratecaptain.com/fair-money-job-opening-regional-sales-manager/

A cloud of uncertainty looms over Nigeria’s oil sector as the state-owned Nigerian National Petroleum Corporation (NNPC) prepares to implement a significant change in how it prices its crude cargoes. According to findings by RateCaptain, this controversial shift has sent shockwaves through the trading community and raised concerns about a potential erosion of the country’s oil revenue.

The move, set to take effect next month, involves NNPC deviating from the established..........

https://ratecaptain.com/uncertainty-grips-nigerias-oil-sector-amid-nnpcs-controversial-pricing-shift/

In a significant economic development, Nigeria’s total trade for the third quarter of 2023 has reached an impressive ₦18,804.29 billion. According to recent data, exports played a pivotal role in this surge, totaling ₦10,346.60 billion, while imports accounted for ₦8,457.68 billion.

The latest figures indicate a remarkable 60.78% increase in total exports compared to the second quarter of 2023 (₦6,435.13 billion) and an even more substantial 74.36% surge compared to the same quarter in 2022...........

https://ratecaptain.com/nigerias-q3-trade-reaches-%e2%82%a618-8-trillion-experiencing-substantial-growth/

In a remarkable feat, FBN Holdings, one of Nigeria’s oldest banks, has officially entered the prestigious N1 trillion market cap club, commonly known as SWOOTs (Stocks Worth Over One Trillion Market Capitalization). The milestone was achieved on Wednesday, following consecutive gains of approximately 10%, propelling the share price to unprecedented heights.

As of 10:34 am on Wednesday, FBN Holdings (FBNH) saw a surge of 9.91%, or N2.65, reaching a market capitalization of........

https://ratecaptain.com/fbn-holdings-achieves-n1-trillion-market-cap-milestone/

A massive influx of customers swarmed banking halls across Nigeria on Monday as they rushed to comply with the Central Bank of Nigeria’s (CBN) recent directive to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts. This surge comes in response to the CBN’s stern warning to banks on Friday, instructing them to restrict account access for customers who have not linked their BVN and NIN.

The CBN’s directive stated that existing customers must ensure all accounts and............

https://ratecaptain.com/cbn-directive-sparks-panic-unlinked-nin-and-bvn-accounts-face-restrictions/

In a concerning economic development, the Nigerian Naira started a new low on Monday, opening at N927.19 per dollar in the official market and N1165 per dollar in the parallel market. This marks an 11.39% depreciation, with the domestic currency opening at N927.19 to a dollar, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), where forex is officially traded.

O Friday, intraday high and low recorded further revealed the volatility in the forex market, with............

https://ratecaptain.com/naira-depreciates-to-n935-in-the-official-market/

The Federal Government has disbursed a total of N135.4 billion to states and the Federal Capital Territory (FCT) following the second Independent Assessment of Results under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) initiative.

The announcement was made by Dr. Abdulkarim Obaje, the National Coordinator of the...........

https://ratecaptain.com/fg-disburses-n135-4-billion-to-states-and-fct-under-ng-cares-initiative/