- The finance minister, Kemi Adeosun, will meet World Bank officials on Wednesday to finalise the “policy support document” needed to complete Nigeria’s application for funds to help plug an $11 billion budget deficit. “What was delaying (budget support loans) was a lack of flexibility in the exchange rate. We now have that,” the minister said in an interview with the Financial Times on Sunday. Adeosun said the delayed passage of the 2016 budget had stalled the start of infrastructure projects to the fourth quarter. By then, she said, Nigeria would have secured funding from abroad for a record ₦6.1 trillion budget, quashing concerns that funding would not be available in time for projects to begin this year.
- The CBN has directed agent banks to approve international money transfer operators to sell foreign currency accruing from inward money remittances to licenced BDCs. In a circular issued on July 22, the Acting Director, Trade and Exchange Department, Mr W.D. Gotring, said the decision was to encourage critical stakeholders to participate in the foreign exchange market. The circular said that all international money transfer operators would be required to remit foreign currency to agent banks for disbursement in naira to beneficiaries.
- A Cisco Visual Networking Index Complete Forecast for 2015 to 2020 says Nigerian Internet Protocol traffic will grow six-fold and fixed broadband speed will increase 2.4 fold with an average mobile speed connection of 5Mbps. Findings from the CVN study showed that increased connectivity and Internet usage would “positively” impact Nigeria’s digital migration journey. “Within Africa, a renowned mobile-centric hub, there will be approximately one to five networked devices per capita in 2020, 77 percent of which will be mobile-connected,” the report concludes.
- Less than a week after Lagos directed all its agencies, ministries and parastatals to increase their business relationship with Skye Bank, Kogi has re-appointed the bank as its lead collecting bank for IGR and other services. The news of the re-appointment, contained in a letter signed by the State’s Accountant General, Alhaji Momoh Jibrin and addressed to the Group Managing Director and Chief Executive of the Bank, Tokunbo Abiru, lauded the bank’s track record in meeting its obligations and responsibilities. This comes in the wake of the CBN extending a loan facility to the lender to boost its liquidity after it breached requirements on capital and lending. The short-term lending facility will allow the new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect its operations,’’ Isaac Okorafor, a spokesman for the CBN told Bloomberg.