Category Archives: Finance

Six Proven Tips To Arrange Your Financial Life

The lack of organisation can harm your finances more than being short on cash. Hence, it is pertinent for you to arrange or organise your finances to avoid any financial issues or mess. So, how will you organise your financial life? Jumia Travel, the leading online travel agency shares 6 ways.

Use a financial software

Financial software can help you keep track of your daily and household expenses. Within the programs, you can get detailed information as to where your money is actually going. Examples of financial software include Xero, WorkingPoint Accounting software package and Quickbooks

Consumer Protection Council Against Banks Over Rip-off Charges

Following rising concerns that customers of banking services have for many years endured excessive baking charges , unexplainable fees and unfair contracts that only protect the banks but not the customers. the Consumer Protection Council (CPC) has finally commenced moves against banks in Nigeria.

The CPC which said it was about time banking fees were regulated, warned that that banks have for long crossed the red line and the impunity must stop.

Nigeria Foreign Reserves Increases To $34.8bn In November – CBN

The Central Bank of Nigeria (CBN) has said nation’s foreign exchange reserves added at $991 million in November to close at $34.8 billion as of November 29, 2017.

In November, 2017, the nation’s foreign exchange reserves sustained its momentum with an opening figure of $33.8 billion in November 1, 2017. The nation’s foreign exchange buffer has climbed 34.7 per cent or $8.97 billion this year, but is still far off a peak of $64 billion hit in August 2008.

The price of Organization of Exporting Countries (OPEC) basket of 14 crude countries gained 9.9 per cent to $60.06 per barrel as at November 30, 2017 from $53.3 it started trading early this year.

CBN Injects $210m To Boost Forex Liquidity In Nigeria

The Central Bank of Nigeria (CBN) has again intervened in the foreign exchange market as the external reserves of the country hit a three year high at $38.2 billion.

The CBN governor, Godwin Emefiele, in Lagos yesterday said the reserves of the country has grown from a low of $23 billion in 2016 to above $38 as at Tuesday on the inflow of increased foreign exchange through oil sales as the global oil price has been on a steady rise.

He noted further that the accruing reserves was also due to inflow from the Investors and Exporters window which has seen an inflow of over $10 billion since April when it was launched.

Rapper DMX Pleads Guilty To $1.7m Tax Evasion

DMX, the troubled rapper best known for his taunting song “Party Up (Up in Here),” faces prison time after he pleaded guilty Thursday to evading $1.7 million in US tax payments.

Prosecutors said the 46-year-old rapper and actor avoided taxes by living virtually only on cash, without maintaining a bank account or filing required returns to the Internal Revenue Service.

BoI Plans Increased Lending To Food Sector for Enhanced Production in Nigeria

To boost risk assets with additional N 350 bn
The Bank of Industry ( BoI ) has concluded plans to increase lending to stakeholders in the food industry , as part of measures to boost food production in the country and help the Federal Government achieve the 3. 5 per cent Gross Domestic Product ( GDP) target in 2018.
Indeed, the Development Finance Institution ( DFI ) noted that most developed economies of the world have been able to transform their economies by prioritizing developmental efforts towards productive sectors, saying that to achieve the 3. 5 per cent GDP, additional financial support must be channelled to different productive sectors of the Nigerian economy .

European Investment Bank Grants €100m Credit Line to Afreximbank

European Investment Bank ( EIB ) , has granted the African Export- Import Bank ( Afreximbank) , a line of credit agreement amounting to €100 million. The agreement took place last week in Abidjan , Côte d’ Ivoire , on the sidelines of the African Union – European Union Summit.
The facility is aimed at financing trade -related long – term productive investments by private sector entities, or commercially operated public sector entities in Afreximbank member countries that are also signatories to the Cotonou Agreement.

FG allots N256.23m in Savings Bond Sales

The Federal Government of Nigeria allotted N 256. 23 million in its November, 2019 and 2020 savings bond sales , according to the Debt Management Office ( DMO) .
The allotment results , derived from its website on Friday showed that N 72. 42 million was allotted at 12. 09 per cent with 177 successful subscriptions to mature in November 2019.
It stated that N 183. 81 million was allotted at 13. 09 per cent with 244 successful subscriptions to mature in November 2020.
The savings bond issuance is expected to help finance the nation ’ s budget deficit .