Category: Money market

  The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that 103 nations are seeking about $100billion from the fund as  emergency financing to tackle the impact of the coronavirus (COVID-19) pandemic.   The IMF boss, who disclosed this in a blog post obtained by New Telegraph yesterday,  said the fund had doubled its emergency, rapid-disbursing capacity to meet expected demand of about $100 billion, adding  the IMF’s Executive Board “will have considered about half of these requests by the end of the month.”   Also…

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  Low demand for dollars on the foreign exchange markets, due to the lockdown occasioned by the coronavirus (COVID-19) pandemic, is masking rising pressure on the naira, traders have said.   According to the leading non-bank currency broker on the continent, AZA, not even the failure of the agreement reached by the Organisation of Petroleum Exporting Countries (OPEC) to bolster oil prices has had the sort of negative impact on the naira that analysts expected.   In a note obtained by New Telegraph yesterday, the firm said: “Gloom over OPEC’s…

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Businesses in Nigeria have identified liquidity and the safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic. These are some of the findings from a survey conducted by PwC Nigeria. The survey findings were revealed during a recent webinar hosted by the firm, on the economic implications and policy responses to COVID-19. The survey had about 3000 respondents ranging from managers to CEOs and business owners. Asked what their top business concerns were, 22.5 per…

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

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Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session. Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of equities depreciated by N127 billion…

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The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank and Swiss National Bank, together with the Bank for International Settlements (BIS) have created a group to share experiences as they assess the potential cases for Central Bank Digital Currency (CBDC) in their home jurisdictions. In a press release, the BIS said the group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. The group is also expected to closely coordinate with…

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    The African Development Bank (AfDB) and the European Union (EU) have reaffirmed their  commitment to unlock hundreds of millions in financing for African infrastructure and development needs.   Collaboration between the two institutions would focus on de-risking the business environment in Africa, providing equity, guarantees and other types of non-grant support, AfDB President, Dr. Akinwumi, and EU Commissioner, Neven Mimica, said at a news conference held on the sidelines of the Africa Investment Forum in South Africa.   Both men stressed the central role of investment in the…

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    Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, has urged youths to imbibe a job creating mentality for success in the future.   She stated this at the Misk Global Forum in Riyadh, Saudi Arabia. The event, which had as its theme, “Work Reworked, ” focused on discovering the new trends and transformation in the world of work, regardless of location or socio-economic divide.   Speaking on the theme, “Dinosaur or Future-Fit/ Careers in a Post-Job Era,” she emphasised the role entrepreneurship plays in educating the youth for…

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