Month: August 2019

Turkey secures $1bn from China swap to boost reserves

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The People’s Bank of China has transferred $1 billion worth of funds to Turkey in, Beijing’s biggest support package ever for President Recep Tayyip Erdogan, Bloomberg reported at the weekend. The cash infusion boosted Turkey’s foreign reserves around the time of Istanbul local elections that had left international investors fretting about the country’s political and financial stability. The Chinese funds also show Turkey is making headway in its efforts to diversify sources of foreign investment amid unprecedented tensions with the West. Treasury and Finance Minister Berat Albayrak has said the…

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Verve, Discover Global Network partner on ‘Global Card’

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Interswitch’s Verve and Discover Global Network, the payments brand of Discover, have launched the Verve Global Card that will be accepted in more than 190 countries and territories. The event which took place in  New York City, saw  senior executives from First Bank, Access Bank and Fidelity Bank purchasing  various items from Swarovski using their Verve Global Card on the Discover Global Network. The agreement with Discover Global Network will facilitate new international and cross border transaction capabilities for Verve Global Card customers, meeting the needs of its increasingly global customer base. Holders…

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EMVCo releases proposed changes for payment systems

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 Payment card standards body, EMVCo, at the weekend released proposed specification changes for payment systems to accommodate longer number on credit and debit cards for identifying the card issuer. The issuer identification number, as it is called, is the first part of the 10- to 19-digit primary account number that appears on the front of debit or credit cards and identifies the card issuer. Currently, the Issuer Identification Number (IIN) consists of the first six digits of the Personal Area Network (PAN) but will transition to being eight digits long…

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Experts:  External reserves will slide to $43bn

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The country’s external reserves have been on a downward trend in recent weeks mainly due to decline in oil prices. Data obtained from the Central Bank of Nigeria (CBN) shows that the reserves stood at $44.5billion as at August 14, 2019 compared with $45billion a month earlier. In a report obtained by Newsfieldglobal at the weekend, the FDC also forecast that the country’s oil revenue would drop to $9-$10billion in the third quarter of this year even as it predicted that oil prices will hover around $60-$62 in this month.…

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IOSCO issues statement on benchmark transition

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The Board of the International Organization of Securities Commissions (IOSCO) has published the statement on communication and outreach to inform relevant stakeholders regarding benchmarks transition.   The statement seeks to inform relevant market participants of how an early transition to Risk Free Rates (RFRs) can mitigate potential risks arising from the expected cessation of LIBOR.   IOSCO in a notice obtained by Newsfieldglobal said it wished to raise awareness of the impact of LIBOR’s likely cessation and the need for relevant stakeholders to transition from the widely used USD LIBOR…

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Presco reports 24% drop in profit

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    Presco Plc has posted 24.39 per cent drop in profit after tax for the half year ended June 2019.       According to a report obtained from the Nigerian Stock Exchange (NSE), the unaudited financial result for the first half showed profit after tax of N3.016 billion from N3.989 billion recorded in 2018, accounting for a drop of 24.39 per cent.       Profit before tax stood at N3.882 billion in 2019 from N5718 billion a year earlier, representing a decline of 32.1 per cent.  …

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Shareholders seek friendly policies, regulation

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        Some shareholders of quoted companies listed on the capital market have stressed the need for regulators to always seek for friendly policies and regulations to encourage new listings and bring back investors.       Capital market shareholders, who made the call on enquiry, said the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) should review penalties imposed on quoted companies to attract new listings.       They noted that incessant penalties was discouraging companies from seeking quotation on the nation’s bourse,…

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Telcos kick against NITDA’s regulations

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          Telecoms operators in the country have expressed dissatisfaction over recent regulations put in place by the National information Technology Development Agencies (NITDA), noting that the agency’s move to regulate communications was out of place.   The operators expressed worries that with the existence of Nigerian Communications Commission (NCC) as the telecoms regulator, NITDA would be adding to the problem of multiple regulations in the sector through its recent instruments.   The operators under the aegis of Association of License Telecommunications Operators of Nigeria (ALTON) in…

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AfCFTA: Nigeria, others record 5.6% imports

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  There are indications that Nigeria’s volume of trade in terms of total imports coming from African countries in the last 10 years was only 5.6 per cent, a survey emanating from the Manufacturers Association of Nigeria (MAN) has revealed.       Particularly, the MAN report explained that the country’s trade integration within Africa was so small compared to bilateral trade with other countries, thus signifying that the recent passage of African Continental Free Trade Agreement (AfCFTA) needs policy framework to achieve the proposed trillion dollars continental trade revenue.…

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Inactive GSM lines rise to 84.7m

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Despite the monthly growth in subscriptions across the GSM networks, 84.7 million mobile lines have become inactive, New Telegraph has learnt. This means less revenue for the Mobile Network Operators (MNOs) amidst aggressive push for SIM sales.   According to the latest data posted by Nigerian Communications Commission (NCC), telephone lines so far sold by the MNOS hit 258.5 million as at June this year.   However, only 173.7 million of the 258.5 million mobile lines are still actively being used by telecoms consumers to access voice services from their…

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