Browsing: CBN
Banks to take sharp earnings haircuts as economy battles virus. Not as a result of lack of competitive strengths but banks are expected to take sizeable haircuts in earnings performance in 2020 earlier guided.
Banking sector non-performing loans drop by 41% in 2019. The banking sector assets quality improved significantly in 2019 as non-performing loans (NPL) ratio nosedived by 41%.
COVID-19: Banks stop clearing cheques on CBN directive
CBN, Banks, NIBBS others open for business during COVID-19 Lockdown. The Central Bank of Nigeria (CBN) says the apex bank and other financial institutions will open for business in spite the two weeks lockdown declared by President Muhammadu Buhari in Abuja, Lagos and Ogun states.
FX Market: Naira depreciates on rising cases of COVID-19. Exchange rates depreciated by ₦30 week on week (w/w) at the parallel market amid rising cases of COVID-19, poor inflow into external reserves.
‘Stimulus bailouts worth 2% of GDP measly to stem potential shocks from crisis’. Cardinalstone Partners, an investment banking firm has said policy responses to the recent development in the economy is likely to provide calming effects.
Banks hack retail customers’ dollar spending limits by half. Deposit money banks in Nigeria have started to low down dollar spending limit on debit cards due to paucity on greenback in the economy.
CBN plays soft on devaluation, says it is adjustment of price. The Central Bank of Nigeria has clarified that it did not devalued the local currency, Naira.
CBN technically devalues Naira, sets rate at ₦380 per dollar. The Central Bank of Nigeria sold naira at ₦380 per dollar to deposits money banks on Friday, the move that analysts said that may end multi-tiered exchange rate regime.
COVID-19: CBN hacks rates, creates N50bn facility to support Healthcare, Hotels, Airlines others The Central Bank of Nigeria (CBN) has…