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Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
Pressure on banks over consumer loans money market
A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given to borrowers (loan covenant) in the next quarter (Q4’20). The Survey Report titled: ”Credit Condition Survey Report for Q3’20″ stated:”Lenders experienced higher default rates on credit card and overdrafts/personal lending to households in Q3’20 but expect lower default rates in Q4’20. “Losses given default on total unsecured loans to households and overdraft/personal loans to households both declined in Q3 2020. “Similarly, default on total unsecured loans to households was expected to worse...
Plateau PDP congress date surprises chairmanship aspirant
File Photo Mr Bitrus Kaze, Plateau State Chairmanship aspirant of the People’s Democratic Party (PDP), has expressed surprise at what he called “the sudden decision of the party” to hold the state elective congress on Aug. 29. Newsmen report that the party’s acting spokesperson, Mr John Akans, had on Tuesday announced that the elective congress would hold on Saturday. But Kaze in an interview with newsmen on Wednesday in Jos described the decision as hasty, considering what called the numerous unresolved issues in the party, including the fact that “the state has taken a decision that the caretaker is not fit to be in office much less conduct a state congress.” He also cited the court cases and petitions by party members, “yet we saw a communication from Akan that a date for the election h...
