Sabinews Daily News Update on the Nigerian Economy for August 6, 2014
No fewer than 2,000 Bureau De Change (BDCs) operators have met the recapitalization deadline set by the Central Bank of Nigeria (CBN), paying a total sum of N70bn as at Monday.
CBN had on June 23rd, among other things, raised the minimum capital requirement of BDCs to N35m from N10m. It also raised the mandatory caution deposit to N35m from $10,000. Read more
CBN Sets N10bn Capital Base For Devt Finance Institutions
The Central Bank of Nigeria (CBN) has released operational guidelines for development finance institutions (DFIs) stipulating a minimum capital of N10 billion for wholesale DFIs and N5 billion for retail DFIs.
According to the Exposure Draft Regulatory and Supervisory Guidelines for Development Finance Institutions in Nigeria released by the apex bank on its website yesterday, this was aside N100,000 and N250,000 application fees as well as N500,000 and N1 million licensing fees for RDFIs and WDFIs respectively. Read more
CBN Moves to Strengthen Development Finance Institutions
As part of efforts to strengthen development finance institutions (DFIs) in the economy, the Central Bank of Nigeria (CBN) has rolled out a new set of draft guidelines for the sector.
DFIs are specialised financial institutions established with specific mandate to develop and promote key sectors of the economy considered to be of strategic importance to the overall socio-economic development objectives of the country. Read more
Confronting impediments to insurance sector growth
Nigeria’s insurance sector contribution to the economy, as a measure of the ratio of total gross premium to the gross domestic product (GDP), has been abysmally low with small policyholder base despite the country’s population.
The challenges, though not necessarily caused by the industry, are largely environmental and must be confronted to enable the sector contribute reasonably to economic development, analysts have said. Read more
Nigeria rejects EPA to avert N208trn revenue loss
The Manufacturers Association of Nigeria (MAN), yesterday, hailed the Federal Government’s decision not to join other West African States to endorse the Economic Partnership Agreement (EPA) between West Africa and the European Union, as this action would prevent the country from losing N208 trillion ($1.3 trillion) revenue. Read more