₦airaland Forum

Recent reports indicate that South Africa is intensifying its efforts to exit the Financial Action Task Force (FATF) grey list by implementing robust anti-money laundering (AML) measures. In February 2023, FATF placed South Africa, along with Nigeria and 20 other nations, on its grey list due to deficiencies in their legislations aimed at combating money laundering, terrorism financing, and proliferation financing.

Being on the grey list has various consequences, including enhanced due diligence for citizens with offshore bank accounts, increased difficulties in...........

https://ratecaptain.com/south-africa-adopts-measures-to-exit-global-watchdogs-grey-list/

Investment bankers gathered in Lagos for the recent Investment Banking Awards Night have praised the ongoing currency reforms initiated by the Central Bank of Nigeria (CBN). Despite acknowledging the challenges posed by the free-floating of the naira and the removal of fuel subsidies, key figures in the industry, including the immediate past President of the Association of Issuing Houses of Nigeria, Ike Chioke, emphasized the opportunities these reforms have ushered in.

In a statement issued on Monday, Chioke highlighted the dual impact of the CBN’s currency reforms on the nation’s economy. “Nigeria is bracing up to the impacts of the...............

https://ratecaptain.com/investment-bankers-applaud-cbn-reforms-amidst-challenges-embrace-growth-opportunities/

In a bid to address the significant challenge of debt recovery in the Nigerian banking sector, the Nigeria Deposit Insurance Corporation (NDIC) has announced its readiness to initiate the recovery of over N400 billion owed to failed banks by debtors. Bello Hassan, the Managing Director and Chief Executive Officer of NDIC, highlighted the urgency of the debt recovery process during the opening of the 20th workshop for business editors and finance correspondents in Owerri.

Hassan emphasized that debt recovery is crucial for the smooth payment of depositors of liquidated banks, revealing that a substantial portion of the.............

https://ratecaptain.com/ndic-pursues-n400-billion-debt-recovery-from-failed-banks/

In response to the recent Supreme Court ruling validating the use of old N200, N500, and N1,000 notes, the Central Bank of Nigeria (CBN) has issued a new directive to banks regarding the acceptance and issuance of both old and redesigned currency.

The CBN’s notice, signed by Sidi Ali Hakama, the acting director of Corporate Communications, instructs banks nationwide to ......

https://ratecaptain.com/cbn-issues-new-directive-to-banks-following-supreme-court-ruling-on-old-naira-notes/

Standard Chartered Bank, a renowned international financial institution with over 160 years of global impact, is inviting qualified individuals to join their team in the role of Analyst, Customer Experience. The bank, committed to making a positive difference for clients, communities, and employees, emphasizes innovation, challenge, and growth opportunities.

Job Overview:

https://ratecaptain.com/standard-chartered-bank-job-opening-data-analyst/

FCMB Group Plc, a leading financial institution, has unveiled its Unaudited Group Results for the nine months ended 30 September 2023, showcasing a robust financial performance with a 108% Year-on-Year growth in Profit Before Tax (PBT), totaling N55.1 billion.

Financial Performance Highlights:

https://ratecaptain.com/fcmb-group-plc-reports-remarkable-108-year-on-year-profit-growth-in-9m-2023/

Nigeria, despite being Africa’s largest economy, unveils its proposed 2024 budget of N27.5 trillion ($33 billion), revealing a stark contrast to the budgets of its continental counterparts. President Bola Tinubu’s presentation to the National Assembly comes as a strategic response to global oil market shifts and economic challenges, necessitating adjustments to address the nation’s financial needs amidst oil price volatility.

Financial Disparities with African Peers:

https://ratecaptain.com/top-story-fg-allocates-n27-5-trillion-for-2024-budget/

President Bola Tinubu presented the 2024 budget to the National Assembly on November 29, 2023

President Bola Tinubu during his presentation of the 2024 ‘Budget of Renewed Hope’ on Wednesday pegged oil price at $77.96 and the naira at N750/$1.

The President presented the 2024 budget proposal of N27.5trn before a joint session of the National Assembly in Abuja on Wednesday.

He said, “Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

“After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

“Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.”

The President said Nigeria remained committed to meeting its debt obligations and projected debt service at 45% of the expected total revenue.

“Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

“The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.”

https://www.channelstv.com/2023/11/29/2024-budget-parameters-oil-price-pegged-at-77-96-naira-at-750-per-dollar/#:~:text=President%20Bola%20Tinubu%20during%20his,Assembly%20in%20Abuja%20on%20Wednesday.

In a mid-week trading session, the Naira faced a decline against the U.S. dollar, hitting N881.88/$1, down from N814.60/$1 on Monday, as reported by official data from FMDQ. This depreciation continued on the black market, where the Naira fell to N1160/$1 on Tuesday from N1,115/$1 on Monday.

The persistent devaluation of the Naira has been attributed to short sellers who maintain their positions despite recent assurances from Mr. Yemi Cardoso, stating that..........

https://ratecaptain.com/naira-decline-to-n881-amidst-dollars-three-month-low/

In a recent speech, the Central Bank of Nigeria (CBN) shed light on the pressing macroeconomic and social challenges facing the nation’s domestic economy. The speech highlighted several factors contributing to these challenges, including adverse global shocks, domestic imbalances, structural rigidities, and unintended consequences of corrective policy measures.

The continuous decline in Nigeria’s crude oil production emerged as a key factor exacerbating economic challenges.............

https://ratecaptain.com/cbn-highlights-challenges-and-strategies-for-nigerias-domestic-economy/

Oil prices experienced a dip on Monday, with the Brent benchmark hovering close to $80 a barrel, setting the stage for a pivotal OPEC+ meeting later in the week. Investors are anxiously awaiting the outcome, anticipating potential supply curbs extending into 2024.

As of 1447 GMT, Brent crude futures showed a decline of 35 cents, or 0.4%, at $80.23 a barrel, while.............

https://ratecaptain.com/oil-prices-waver-near-80-as-opec-meeting-looms-and-supply-concerns-persist/