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Market regulations: Bank of Ghana suspends FX trading license of FBN

The Bank of Ghana has suspended the foreign exchange, FX, trading licenses of First Bank of Nigeria, FBN, over alleged fraudulent documentation during operations.

In a statement on Monday, the Ghanaian apex bank said the suspension, which will take effect from March 18, 2024, is for one month.

The suspension comes amid high levels of volatility in Nigeria’s FX market and the efforts by the Federal Government to restore stability.

The statement read in part, “Bank of Ghana has suspended the Foreign Exchange Trading Licenses of FBNBank Ghana Limited, FBN, effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of the Bank of Ghana.

“The license will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to regulations to the foreign exchange market.”

The financial regulator called on FX market players to heed to the applicable regulations and guidelines.

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Banking

Oyebanji Engages Bank of Industry on Strategic Development

In a bid to foster robust development in Ekiti State, the Governor of the state, Mr Biodun Oyebanji on Thursday had in a crucial meeting with the leadership of the Bank of Industry Limited, led by Dr. Olasupo Olusi, in Lagos.

At the meeting held at the Head office of the Bank in Marina, Lagos, deliberations revolved around forging prospective collaborations in crucial sectors such as youth empowerment, agricultural revitalization, women’s empowerment, and infrastructural advancement, among others.

Addressing newsmen after the strategic session, Governor Oyebanji emphasized his unwavering commitment to engaging both governmental and non-governmental organizations and agencies in realizing the developmental goals of the state.

Stressing that a strategic partnership with the BOI is crucial in actualizing his administration’s shared prosperity agenda, Governor Oyebanji expressed optimism in the anticipated outcomes of the collaborative efforts, foreseeing positive results in the near future.

“Bank of industry is very critical to our shared prosperity agenda. I can only expect a better collaboration, the critical government officials would be here to take this discussion further. I am extremely excited because of the opportunities it offers our people” Stated the Governor

Governor Oyebanji lauded the Bank of Industry management for their array of programs and initiatives, stressing that the people of Ekiti State are eager for increased presence of Federal Government agencies and development partners in the state.

The BOI MD/ CEO, Dr Olasupo Olusi said the bank is committed to the collaboration between the bank and Ekiti State Government even as he lauded Governor Oyebanji’s development agenda for the state.

“We will ensure a stronger collaboration between Ekiti state Government and Bank of industry. For Governor Oyebanji to be here demonstrates the strong interest in developing the state. Different areas of development have been discussed and we will follow up”, Dr Olusi added.

Present at the meeting by the Commissioner for Budget and Economic Planning and Performance management, Mr Niyi Adebayo and his Industry, Trade and Investment counterpart, Mrs Tayo Adeola as well as the management team of the bank.

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Banking

Cardoso sacks eight CBN directors, 32 others

Governor of Central Bank of Nigeria (CBN), Yemi Cardodo has sacked a fresh batch of 40 staff mostly from the Development Finance Department (DFD), in furtherance of its ongoing restructuring.

According to Daily Trust report, deputy directors and assistant directors were mostly affected with 22 from the DFD and the remaining 18 from the Medicals and Procurement Services Department.

Amongst those affected were eight directors, 10 deputy directors, five assistant directors, two principal managers, and two senior managers.

With the latest number of affected staff, the total has now reached 67, in what appears to be a series by the Olayemi Cardoso-led Board of Governors.

Recall that not less than 27 members of staff, most of them directors at the Central Bank of Nigeria, were affected by the first batch of dismissals.

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Banking

Nigeria’s inflation rate to remain high in 2024 — World Bank

The World Bank has stated that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024.

The World Bank also reaffirmed its projection of 3.3 percent economic growth for Nigeria in 2024 and reduced its projection for 2025 to 2026 by 0.1 percentage points to 3.6 percent from its January projection of 3.7 percent.

In its Africa’s Pulse Report, April 2024 edition, released Monday, April 8, the World bank stated:

“Growth in Nigeria is projected at 3.3 percent in 2024 and 3.6 percent in 2025–26 as macroeconomic and fiscal reforms gradually start to yield results.

“A more stable macroeconomic environment, as the reforms’ initial shock dissipates, will lead to sustained but still slow growth of the non-oil economy.

“The oil sector is expected to stabilize with recovery in production and slightly lower prices. “Structural reforms will be needed to foster higher growth.

“Average inflation will remain elevated at 24.8 percent in 2024, although it is expected to ease gradually to 15.1 percent by 2026 on the back of monetary policy tightening and exchange rate stabilization”.

“By February 2024, about one third of the Sub-Saharan African countries with monthly available food price information (14 of 40 countries) had double-digit year-on-year rates of food inflation, with the fastest increases experienced in Ethiopia, Malawi, Nigeria, Sierra Leone, and Zimbabwe.”

“The region also faces the triple challenges of high extreme poverty, high inequality, and low transmission of growth to poverty reduction.

“The speed of poverty reduction has decreased tremendously since 2014. The rate of reduction was 3.1 percent between 2010 and 2014, subsequently decreasing to 1.2 percent between 2014 and 2019.

“In contrast, the rest of the world reduced extreme poverty on average by 9.2 percent per year within the same time horizon, suggesting that the Africa region is falling further behind.

“In addition, there is substantial regional heterogeneity in where the poor are with Nigeria and the Democratic Republic of Congo accounting for one in three of those living in extreme poverty.

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