Covid-19: Lagos Announces Plan To Share Foods For 200,000 Households

Lagos State has announced its plans to distribute food items to 200,000 households in the state as part of its palliative and stimulus package to help Lagosians cushion the effect of the lockdown in the efforts to contain the spread of the novel coronavirus in the state. Governor Babajide Sanwo-Olu, who disclosed this on Friday said the stimulus, which comes in food packs, to be distributed to every local government in the State is aimed at cushioning the effect of the fourteen days stay-at-home directive.He said economic stimulus will reduce...

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CBN MPC Report

The MPC noted the continued resilience of the banking system, evidenced by the further moderation in the ratio of Non-Performing Loans (NPLs) from 6.59 percent in January to 6.54 percent in February 2020. Although the ratio remained above the prudential benchmark of 5.0 percent, the Committee expressed confidence in the Bank’s regulatory regime and commitment to maintaining stability in the banking system. On the domestic front, available data on key macroeconomic variables indicate the likelihood of subdued output growth for the Nigerian...

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CBN Devalues Naira by 17.26% To N360/$, External Buffer Down $35.9 Bln

The Central Bank of Nigeria (CBN) on Friday officially devalued the nation’s currency at both the official window and the Investors’ & Exporters’ (I&E) FX Window to reflect the reality and conditions of the marker, a top banker told Global Financial Digest.The regulatory bank has moved the official rate to N360 to the dollar from N307 per dollar previously and now selling dollar to foreign portfolio investors (FPI) at N380.20 at the I&E window from N366 per dollar previously.Also, the CBN has effectively moved the rate for the bureau...

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