Nigeria's economy is expected to contract further in the coming quarters, however, the Central Bank says its outlook is mildly optimistic. Joining CNBC Africa’s Christy Cole for an assessment of the Nigerian economy ahead of the country’s expected inflation numbers and September MPC decision is Johnson Chukwu, CEO, Cowry Assets.
In a circular, the Central Bank of Nigeria directed that Form M for Letters of Credit, Bills for Collection and other forms of payment should only be opened in favour of the ultimate supplier of the product or service. Reacting to this directive, the Lagos Chamber of Commerce and Industry says while the policy attempts to curb abuses in the foreign exchange market, it would create more problems than it would solve. Muda Yusuf, Director-General of the LCCI joins CNBC Africa’s Christy Cole for this conversation.
In a move to stimulate local production of maize, the Central Bank of Nigeria has issued a directive to lenders to immediately stop processing Form M documents for the importation of maize into the country. Ayodeji Balogun, CEO of Afex Commodities Exchange joins CNBC Africa for more.
Nigeria’s President Mohammadu Buhari has announced an extended 14-day lockdown across Abuja, Lagos, Ogun states to curtail the spread of the coronavirus citing concerns over rising numbers of cases globally, and within Nigeria. CNBCAfrica’s Christy Cole reports.
Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, says the federal government plans to engage insurers for special products for healthcare workers.
Its day one of the lockdown for residents of Lagos, Abuja and Ogun states since the restriction of movement announced by President Buhari. The Central Bank of Nigeria has urged residents of these states to limit the use of cash and patronise alternative payment channels. Babs Ogundeyi, Co-Founder and CEO of Kuda, a mobile-only bank joins CNBC Africa for more.
The Central Bank of Nigeria says it has obtained exemptions from the President to allow very skeletal operations in the financial system and money markets in order to keep the system in light operations during the lockdown in Lagos Abuja and Ogun states. Ahead of the lockdown tonight, Nnamdi Nwizu, Co-Managing Partner at Comercio Partners joins CNBC Africa for a focus on Nigeria’s fixed income and Forex market.