Author: Marketforces Africa

Interbank Funding Eased on Strong Financial System Liquidity. Interbank funding rates eased further yesterday, as financial system liquidity opened substantially higher at ₦609.1 billion from ₦470.4 billion.

FX: Oil Market Balance Raises Hope for Naira Stability – Afrinvest. Naira position in the foreign exchange market has drastically dropped, but Afrinvest has stated that there is hope for the local currency as oil market balances.

NCDC Confirms 604 new COVID-19 cases, Records 20 Deaths. Nigeria Centre for Disease and Control (NCDC), has confirmed 604 new cases of the coronavirus pandemic, with total number of infections rising to 38,344 in the country.

DiamondXtra season 12: Access Bank splashes N87.74m on 1,000 customers Access Bank Plc on Wednesday splashed N87.74 million on over 1,000 customers who emerged winners at the second quarterly draw of DiamondXtra Season 12 reward scheme. Mr Rob Giles, the bank’s Head, Retail Product Insight and Capabilities, said the winners emerged five categories. He said the categories were: Salary-4-Life, Rent Allowance for a year, N1million Business Grant, as well as the latest reward category and Family Health Insurance Cover for a year. “This savings scheme has been a success since its launch in 2008 and we intend to keep on…

CBN’s LDR, CRR Debits Diametrically Opposed Policies – Analysts Cardinalstone, a leading multi-assets investment firm, has explained that the Central Bank of Nigeria’s discretionary cash reserve ratio debits is diametrically opposed policies.

Resumption of FX Sales Could Renew Foreign Sell-Offs in Equity Market

Investors Overbid for DMO’s First Bond Auction in Q3. The Debt Management Office (DMO) first quarter bond auction in the third quarter was oversubscribed 3.6 times by investors. As expected, Chapel Hill Denham said the first bond auction drew substantial bids from investors as subscription level re

Jaiz Bank Earnings Jumps 44% on Account of Improve Fee as Mudarib. Jaiz Bank Plc reflated its first half earnings by 44% despite the outbreak of coronavirus pandemic on the global economy.

FIRS Clarifies Stamp Duty Rates, Order Charges on ₦10,000 ‘Credit Alerts’. The Federal Inland Revenue Service (FIRS) has explained stamp duty rates applicable to various transactions, says that there is charges on every ₦10,000 credit received into banks customers accounts. 

Regulatory Risks Cloud Outlook of Nigerian Banks – Meristem. Following the decision of the Monetary Policy Committee (MPC) to hold key macroeconomic parameters, including the cash reserve ratio, analysts have remarked that regulatory risks continue to cloud the outlook of the Nigerian banking sect