FAAC logjam triggers uncertainty as N409bn inflow boost liquidity
THE delay in the release of statutory allocation funds due to the inconclusive meeting of the Federation Accounts Allocation Committee, FAAC, last week has triggered uncertainty over direction of cost of funds in the interbank money market this week. This is in spite of liquidity boost of N409 billion expected from maturing treasury bills this week.
Economic expansion persists but at slower pace — CBN
Central Bank of Nigeria, CBN, yesterday, released its Purchasing Managers Index (PMI) Report for May, 2018 which indicated that though economic expansion persisted for the fourteenth month in manufacturing and non-manufacturing sectors, the rate of expansion has slowed down.
Naira would remain at N360, until production, export improve — CBN
The Central Bank of Nigeria, CBN, has disclosed that the naira would continue to exchange at N360 to a dollar until production and export of goods increases significantly in the country.
CBN resisted pressure to float the Naira – Spokesman
Mr Isaac Okoroafor, the acting Director, Corporate Communications, Central Bank of Nigeria (CBN) says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.
CBN increases dollar supply to BDCs by 50%
In a bid to address the increased demand for dollars, which led to N2 depreciation of the naira in the parallel market last week, the Central Bank of Nigeria, CBN, yesterday, increased dollar sales to bureaux de change, BDCs, by 50 per cent, saying it was compulsory that each BDCs purchased $60,000 per week.
Bank directors’ dividends rise to N30bn despite CBN’s restrictions
DESPITE the last minute directive by the Central Bank of Nigeria, CBN, that restricted banks’ dividend pay-outs, leading banks which are quoted on the Nigerian Stock Exchange, have ended their 2018 annual general meetings (AGMs) for the 2017 financial year doling out a total dividend of N225.012 billion, indicating a 25.6 percent increase over N179.165 billion paid last year on 2016 financial results. Moreover, their directors collected N30.217 billion representing 38.8 percent up-shoot in their dividend income as against N21.771 billion last year.
