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Nigeria to limit debit card spending abroad to support naira

The Central Bank of Nigeria plans to limit the amount commercial bank customers can spend using their debits cards while abroad, in the latest crackdown on dollar demand to save its dwindling foreign reserves.

The apex bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria's main export, which triggered a sell-off in assets by foreign investors.

The Chief Executive of Union Bank, Emeka Emuwa, told reporters after a meeting between the central bank and commercial bank's representatives that "the limits would be reduced to more judicious levels."

Currently, customers have an annual limit of $150,000, the regulator said after the meetings with the committee of lenders late on Thursday but did not disclose the new cap.

Nigeria raises N183bn in T-bills at lower yields

The Federal Government raised N183.64 billion ($923 million) in Treasury bills with yields falling compared with the previous sale last month

The Central Bankof Nigeria disclosed this on Thursday.

The Treasury bill yields fell in tandem with declining yields on fixed assets on renewed investor interest in the local debt market after a peaceful presidential election in the country.

Nigeria's Unity Bank says Q1 pretax profit rises 35 pct

 

Nigeria's Unity Bank posted a 35.2 percent rise in first-quarter pretax profits to 4.26 billion naira ($21 million) the same period last year, it said on Thursday.

The middle tier bank did not give reasons for the higher earnings but said in a statement revenue rose to 16.5 billion naira against 14.97 billion naira in the period to end-March.

CBN To Publish Names of debtors In Financial Industry

The Central Bank of Nigeria says it will publish names of debtors in the financial industry and reduce annual spending limits on naira debit card holders in the diaspora.

Speaking at the 321st Bankers Committee Meeting which includes officials from the apex bank and chief executives of commercial banks; participants expressed concerns over the rising non-performing loans in the financial sector.

CBN's director for Banking Supervision, Tokunbo Martins, noted bad and chronic debtors will be denied access to foreign exchange and would have their identities revealed to ensure the safety and soundness of trade deals.

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NLNG Raises Asset Base ByU.S. $14 Billion

Nigeria LNG Limited (NLNG) has so far invested additional $14 billion on assets, made up mainly of plants and equipment, financed largely by the company's shareholders, with 51 per cent stake by International Oil Companies (IOCs) and 49 per cent belonging to the country through the Nigerian National Petroleum Corporation (NNPC).

The company, which made this disclosure in its facts and figures on NLNG 2015,  stated that it has contributed to national wealth and economic wellbeing by paying all applicable taxes and tariffs.

Specifically, the company said that its corporate income tax amounted to about N220 billion in 2014, thus making it the highest tax payer in Nigeria and Sub-Saharan Africa.

Read full details here: