Economists and financial experts interviewed by Daily Trust expressed mixed feelings about the new policy and its immediate and long term implications.
They predicted a shock that will further shot up the dollar rates at the parallel market, which will stabilise in the long run. They also blamed the CBN for the downside of the expunged practice.
Emefiele also said the CBN will no longer continue registration of new BDCs as subsequent forex will be channelled through commercial banks.
The CBN governor said as part of the new forex sales policy, all commercial bank branches will create a separate desk for the purpose.
For others: Upto 20 days 0% This is just a broad range. Interest rates may be offered at a lower or higher interest rate. Credit Card Finance charges levied only on ATM withdrawals and unpaid component of credit card bill
^ IDFC First Bank levies finance charges starting at 9% p.a.
Data as on 21st June 2021,
Source: Paisabazaar.com
2. Loan against credit card
If you are sure that you will not be able to pay back the entire dues by the due date, then going for a loan against your credit card could be a better option. Many credit card providers offer their customers pre-approved loans which can be useful in such a scenario. These are pre-approved loans and are usually disbursed within a few hours of making the loan application online, says Kukreja.
Pro-Fab à nouveau contrôlée par des Québécois journaldequebec.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from journaldequebec.com Daily Mail and Mail on Sunday newspapers.
•Raise concern on impact on fuel price
By Nume Ekeghe, Dike Onwuamaeze in Lagos and Emmanuel Addeh in Abuja
With the sustained rally of crude oil prices, there is pressure on the federal government to save the windfall as analysts and the organised private sector (OPS) predict a surge in revenues that will position Nigeria to attract more Foreign Portfolio Investors (FPIs).
The analysts urged the federal government to ensure that the extra revenue to be earned from the difference in the current oil price and oil benchmark in the 2021 budget is saved in the Excess Crude Account (ECA) and the Sovereign Wealth Fund (SWF).
The Central Bank of Nigeria (CBN)
By
Tue Mar 02 2021
The Nigerian Gross Domestic Product (GDP) report, published by the National Bureau of Statistics (NBS) penultimate week indicates that the economy grew by 0.11 per cent in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
According to the report, the growth was largely driven by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%).
The positive growth in real GDP indicates that the Nigerian economy has recovered from the pandemic-induced recession which disrupted economic activities in most part of 2020.
The country is expected to capitalise on this to boost the economy further in subsequent quarters.