Apex monetary authority of Nigeria, the Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent loan offers being circulated across social media platforms.
CBN, In a statement issued on Monday, by its Director, Corporate Communications, Isaac Okorafor, said while the apex bank has several development finance intervention programmes from which different categories of businesses have benefitted, it does not do so through direct interaction with prospective applicants.
The bank, also added that there are clearly spelt out procedures for accessing its intervention funds, which are disbursed through Participating Financial Institutions (PFI’s) such as Deposit Money Banks, Development Finance Institutions and Microfinance Banks.
It, therefore, warned members of the public, particularly the youth and owners of small-scale businesses to disregard any message requesting them to send their personal details.
“These messages are fake and anyone who enters into corresponds with them, does so at his or her own risk,” the statement concluded.
Naira strengthens against dollar
Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.
The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.
The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.
The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars
The Nigerian currency exchanged at N381 to a dollar at the official CBN window.
Oyo govt. will continue to support SMEs, Olaniyan assures
The Deputy Governor of Oyo state, Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,
The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.
Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.
He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.
Alhaja Adeogun Tunrayo Muslimat, owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.
AfDB urges central banks to cut interest rates
The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.
The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.
According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.
It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.
The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.
AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.
“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.
“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.
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