By Babajide Komolafe
The naira last week buckled under the weight of increased dollar demand, depreciatiating in both the parallel market and the Investors and Exporters (I&E) window, even as the nation’s external reserves declined further to $36.12 billion last week.
Data from the Central Bank of Nigeria (CBN) showed that the external reserves fell to $36.116 billion Wednesday last week from $36.395 billion Wednesday the previous week. This translated to a $279 million week-on-week (w/w) decline and it represents the second weekly decline in the reserves since December 17th.
The decline according to analysts at Lagos based Afrinvest Securities Limited might not be unconnected to the recent repayment of a $500 million Eurobond instrument by the federal government.
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
•Insists restrictions to safeguard Nigerians, financial system
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics.
The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system.
As one of the financial institutions committed to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country, Fidelity Bank Plc organised a webinar in Enugu state to tackle the challenges bedevilling entrepreneurs.
At the event, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, provided insights into the bank’s unique approach to managing MSMEs, stating that the sector contributes about 48 per cent of national Gross Domestic Product (GDP), accounts for 96 per cent of businesses and 84 per cent of employment in Nigeria.
Speaking on what the bank has designed for SMEs, the banker said, “We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions, provides funding, business advisory services for all our customers.”