Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.
The Central Bank of Nigeria (CBN) has directed all banks operating in the country to comply with SWIFT Universal Confirmation Requirements.
The CBN’s Director of Banking Services, Sam Okojere, gave the directive in a circular to the banks on Saturday. Okojere directed all SWIFT customers to provide information on the outcome of all their Single Customer Payments (MT103) messages to SWIFT, via tracker (Universal Confirmation).
Nigeria’s unemployment rate is seen climbing to 30% by the end of the year as the pace of economic growth in Africa’s biggest economy slows further.
Multinational professional services firm, PricewaterhouseCoopers (PwC), foresaw in its September economic alert publication obtained from its website on Saturday , that unemployment could soar to 28% in the third quarter.
The Central Bank of Nigeria (CBN) has warned Nigerians against dubious loan offers and investment schemes through messages and videos on social media, requesting loan seekers and small-scale business owners to apply for credit seemingly facilitated by the apex bank.
In a statement titled “Beware of Fraudulent Loan Offers, Investment Schemes” and signed by Osita Nwanisobi, the CBN acting spokesperson, the regulator said even though it has a lot of development finance intervention programmes that have various classes businesses as beneficiaries, it does not execute such schemes via direct relationship with would-be applicants.
The World Bank has said Nigeria’s removal of fuel subsidy is a crucial decision taken in the face of the coronavirus crisis.
It observed in its Africa’s Pulse report, a biannual commentary on the near-term macroeconomic outlook of the continent, that sub-Saharan African countries are leveraging the opportunity presented by the crisis to speed up structural reform plans. Read more
On NSE ROUNDUP: Stocks go N747bn bigger but profit-taking caps gains
The equity segment of the Nigerian Stock Exchange (NSE) enlarged by N747.194 billion this week, supported by a major gain of N708 billion on Tuesday, the market’s biggest single day gain in more than five years.
Investors, dispirited by the low yields on government debts and other fixed income instruments following a surprise interest rate cut by the central bank in September, are casting their glances elsewhere and the equity market seems one of the choicest havens to reallocate their assets.