The National Bureau of Statistics (NBS) says a total of 509,668,433 transactions valued at N32.90 trillion was recorded in Nigeria’s banking sector during the second quarter.
The NBS stated this in its “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018)’’report released in Abuja.
According to the report, Automated Teller Machine (ATM) transactions dominated the volume of transactions recorded.
It said 217,417,961 volume of ATM transactions valued at N1.603 billion was recorded in the period under reveal.
“In terms of credit to private sector, the total value of credit allocated by the banks stood at N15.34 trillion as at the second quarter.
“Oil and Gas and Manufacturing sectors got credit allocation of N3.45 trillion and N2.02 trillion respectively to record the highest credit allocation as at the period under review.
“As at the second quarter, the total number of banks staff increased by 13.67per cent, from 89,608 in first quarter to 101,861,” the report stated.
Source: The Ripples
The Central Bank of Nigeria (CBN), says the aggregate foreign exchange inflow into the country stood at $91 billion in 2017.
The bank disclosed in its 2017 annual report adding that the figure was an increase of 45 per cent from $62.75 billion in 2016.
The bank also said the figure surpassed the total outflow by $57.32 billion in the period.
According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.
In percentage terms, inflow through the CBN accounted for 46.3 per cent, while autonomous sources took 53.7 per cent.
Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to U$33.68 billion, higher than the $25.55 billion in 2016.
The report said the outflow through the CBN accounted for 90.7 per cent, about $30.55 billion. It was $23.16 billion in 2016.
Outflow via autonomous sources was calculated at $3.13 billion
The increase was attribute to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.
The Central Bank of Nigeria (CBN) has granted N14.9 billion loan to the North East Commodity Association (NECAS), on the platform of its Anchor Borrowers’ Programme (ABP). Alhaji Sadiq Deware, National President, NECAS, disclosed this on Monday in Abuja, that the loan is for a period of one year at a single digit of 9 per cent. He said under the programme 27,000 farmers would benefit while 75,000 hectares of land would be cultivated in the four participating states.
“The beneficiaries were farmers were mainly affected by the insurgency in Taraba, Bauchi, Gombe, Adamawa and Yobe states. Deware explained that Borno state was not included as a result of the insecurity in the state. He explained that out of the 27,000 farmers 10,000 out of them were from Gombe State, and attributed the development to their dedication and commitment in terms of farming activities. “For example 11,525 farmers are cultivating 38,678 hectares of land for maize, sorghum, soya beans , rice and cotton, while the nearest to it Yobe state is cultivating 14,666 hectares of land by 5,676 farmers. He said the programme would cover all the commodities that the North east have comparative advantage of producing which includes, rice, maize, millet, sorghum and even small ruminants amongst others. Deware said that inputs would be given to farmers on loan basis and they were expected to pay back in three phases.
“Starting with first payment of 40 per cent after the first farming cycle, then they would pay the remaining two cycles of 30 per cent making a total of 100 per cent. “Before now, the size of each farm had been captured and an identity card was issued to each of the beneficiaries of the project for easy identification and documentation to enable them to access the required support,’’ he said. Daware said that the project was a modified version of the ABP, which was aimed at strengthening efforts to attain bumper harvests and expressed the optimism that the new initiative would double the achievements of the ABP. He said that under the new initiative, the Central Bank of Nigeria (CBN) had modified the programme to facilitate its direct relations with NECAS so as to ensure timely disbursement and full repayment of ABP loans, unlike what obtained in the past. Deware disclosed that the association has re-absorbed some of the retired extension agents in the beneficiary states and re-trained them on modern technologies in enhancing their job performance.
“NECAS under the programme has commenced the recruitment of retired but willing to work extension workers in order to boost support for farmers and ensure proper sensitisation on new farming methods as well as advise on any problem faced by farmers. He said that more than 128 extension agents were recruited for the programme in Adamawa state as it was in other states. Dware said that for the successful implementation of the exercise the extension workers have been taught the working systems of modern technologies in service delivery and they are optimistic that the training would be beneficial to the farmers. According to him, the efforts are geared toward encouraging increased agricultural production in line with the drive to diversify the economy. He said this has become imperative because the role of agricultural extension agents in the development of agriculture throughout the world is very essential. “It has remained one of the prime movers in the development of agriculture and invariably in the rural development.
“There specific objectives as agricultural extension officers were to provide advice to farmers on problems or opportunities in agricultural production, facilitate development of local skills and transfer new technologies to farmers and rural people,’’ he said. Deware said they have also developed a suitable extension service that is gender specific and tailored to women farmers. (NAN)
The Naira on Thursday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Thursday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.
At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.
The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Thursday, while it was sold at N305.90 at the Central Bank of Nigeria official window.
Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa.
Emefiele in an interaction with newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, added that the foreign exchange market had remained stable.
According to him, the apex bank had enough buffers to defend the naira.