Author: Marketforces Africa

FirstBank rolls out virtual accounts opening for customers. FirstBank of Nigeria Limited has rolls out simplified online accounts openings for customers. The lender has effectively put in place measures to enable customers open accounts through their mobile phones, without visiting its banking halls.

Adesina: No nation has veto power on AfDB – African leaders. No fewer than 15 former African Presidents on Friday rallied support for President of African Development Bank (AfDB), Dr. Akinwumi Adesina, lauding him for taken the bank to amiable heights.

The Great Lockdown: Worst Economic Downturn Since Great Depression. International Monetary Fund Managing Director Kristalina Georgieva made the following statement today following a conference call of G20 Finance Ministers and Central Bank Governors:

ARM Securities Forecasts Nigeria’s GDP to Shrink 1.95%. ARM Securities Limited has estimated that Nigeria’s economy will contract 1.95% in the second quarter of 2020. The assets and resources management firm stated this in a macroeconomic research document obtained by MarketForces.

NSE drifts south on account of profit taking in banking stocks. The Nigerian Stock Exchange halted successive bullish trend on Thursday on account of profit taking in banking stocks.

AfDB’s Board of Governors deny asking Adesina to step down The Bureau of the Boards of Governors of the African Development Bank (AfDB) on Thursday denied asking the bank’s President, Dr. Akinwumi Adesina to step down for any probe. The Chairman of the bureau, Niale Kaba in a statement said that the publications trending in the media on purported directive of stepping down of Adesina was false. Kaba said there was no governance crisis at AfDB as was being speculated at certain quarters. He cautioned that the bureau should be allowed to do its work and it would ensure due…

AIICO Grows Insurance Premium to ₦17.6bn, Rolls Out Digital Channels. AIICO Insurance Plc has bolstered its insurance premium by 23% to ₦17.6 billion in the first quarter of financial year 2020. The growth in insurance premium written in the first quarter came amidst global economic disruptions.

Monetary Policy Committee cuts benchmark interest rate to 12.5%. Against investment banking analysts’ expectations, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Thursday cut the policy rate from 13.5% to 12.5%.

CBN forecasts negative economic growth for Q2 . The Central Bank of Nigeria (CBN) has predicted negative Gross Domestic Product (GDP) growth for the country in the second quarter (Q2) 2020 owing to COVID-19 pandemic that had affected the economy.

Africa’s COVID-19 cases hit 123,000 – WHO. The World Health Organisation (WHO) on Thursday reported that COVID-19 cases in Africa as at May 26 had risen to over 123, 000.