Category: Economy

CBN, Dangote plan N120bn COVID-19 fund, Elumelu, Rabiu donate N6bn

The Central Bank of Nigeria and the private sector, led by Aliko Dangote Foundation and Access Bank, have set up a coalition aimed at raising N120bn towards the fight against COVID-19 in Nigeria. The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said at a press briefing in Lagos on Thursday that the Nigerian Private… Read More »

Category: Economy

CBN To Remain Operational While COVID-19 Lasts

Following the current impact of the Corona Virus (COVID-19) on the global economy coupled with efforts by the Nigerian Government, including partial lockdown in some States and at the Federal level, to check the spread of the virus in Nigeria, the Central Bank of Nigeria (CBN) wishes to inform stakeholders and members of the Nigerian… Read More »

Category: Economy

COVID-19: Massive economic crises loom, says CBN

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday said the outbreak of the coronavirus pandemic would lead to massive economic crisis capable of throwing many countries into recession. The committee said the COVID-19 pandemic would not only result in health crises, but also massive economic crises that would force even leading… Read More »

Category: Economy

Nigeria slashes crude selling prices to woo buyers

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus outbreak and a price war between Saudi Arabia and Russia… Read More »

Category: Economy

Bankers Committee Communique

Good afternoon Ladies and Gentlemen, you will recall that in the last two weeks, the Monetary and Fiscal Authorities in Nigeria have been holding a series of discussions and roundtables with critical stakeholders to consider several scenarios and optimal responses on the impact of COVID-19 on the Global and Nigerian Economy. Indeed, the CBN has… Read More »

Category: Economy

Zenith Bank Commiserates With Sanwo-Olu On Abule-Ado Explosion, Donates N100M Support To Emergency Relief Fund

Zenith Bank Plc, Nigeria’s leading financial institution, has donated N100 million to the Emergency Relief Fund set up by the Lagos State Government for the victims of the Abulo-Edo explosion. The Group Managing Director/ Chief Executive Officer of Zenith Bank Plc, Mr. Ebenezer Onyeagwu made the pledge on Wednesday, March 18, 2020, when the Management… Read More »

Category: Economy

COVID-19 CBN Ramps Up Intervention

ABUJA – Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all… Read More »

Category: Economy

Oil price sinks to $24, lowest in 17 years

The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 17 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic. Brent, against which Nigeria’s crude is priced, fell by $3.84 to $24.89 per barrel as… Read More »

Category: Economy

FirstBank: Empowering Women Through Financial Inclusion

First Bank of Nigeria Limited is taking steps to ensure that women and women-led businesses are empowered. The bank has, through its FirstGem; FirstMonie and First Women Network empowered and brought several unbanked women into the financial system. This it proved during this year’s International Women’s Day (IWD) celebration, writes COLLINS NWEZE. Empowering women through… Read More »