An expert of capital market, Prof . Uche Uwalaka who is a staff of Nasarawa State University, has said that the recent devaluation of the naira will lead to a rise in the debt profile of the country and banks in naira terms.
The Don said a negative side effect of the devaluation was that it would shrink asset values in dollar terms and this will affect the global ranking of banking and capital market institutions.
In the short term , he said , the implication of the devaluation was that it would likely hurt the economy and bring some pains to most Nigerians given the country’ s dependence on imports and over reliance on oil revenue .
He further said that banks that have borrowed in dollars from foreign institutions will be in more trouble.
The Central Bank of Nigeria recently adjusted the official exchange rate of the naira to the dollar on its website from N361 to N 379 .
Prince Arthur Eze, has admonished that Igbo should develop the spirit of self-love if their long aspiration of having a person of the extraction as the President of this country in 2023, if not it will take God for an Igbo man to become Nigeria ’ s President .
The oil tycoon said this after a church service on Sunday.
According to him, the Igbo people do not love another and are not united.
Ahead of the 2023 general elections , Eze advised the Ndigbo not to crave for a President of Igbo extraction but a President who would champion their interest irrespective of his tribe .
He declared that he would support a good leader as Nigerian President irrespective of the person ’ s ethnic group .
Eze said that for the Igbo to be President , they must love themselves . He questioned that do they (Igbo) love themselves?.
He further said that the North is very kind and that if one you go to northern Nigerian, churches would be seen everywhere from Kano, to Sokoto, Kaduna, Abuja and to other northern states which is not very common in Igbo land. will see churches everywhere . There are churches in Kano, Sokoto , Kaduna , Abuja and others yet they say there is hatred .
The business man said Igbo need to develop self-love within themselves or else it will only take God to make an Igbo man President . He added that they shall pray to God to find an Igbo man who has character to help people and he would would prefer someone who has conscience ; somebody who will remember him.
Users of Automated Teller Machines have been urged by their respective banks that they should endeavour to remove their facemasks when carrying out transactions through the machine to ensure that their faces are properly recognised in order to prevent failed transactions.
This which is against the wearing of face masks as a condition to enter the banking halls in this pandemic period was said to have been a necessary exemption as wearing of Facemask while using the ATM might hinder successful transaction due to the fact some banks have installed face detection features in their ATMs which can prevent an ATM from dispensing cash if it is unable to recognise the face of the user.
In an email to its customers on measures to keep transactions protected , Fidelity Bank said that wearing of face masks is a safety and precautionary measure which must be adhered to in this period of the COVID- 19 pandemic and however advised that customers should remove their mask while making withdrawals or carrying out ATM transactions to allow the ATM to properly recognise them.
In the same development, Guaranty Trust Bank Plc in an email to its customers listed its branches that would be accessible to customers .
It said customers should not come to the banking hall without wearing Facemask.
It added that customers can withdraw up N150,000 from the ATM and they can safe themselves from stress and do the transaction at home to keep safe.
The World Bank has admonished the that for Nigeria’s Covid-19 economic recovery plan to be effective, the country will have to solve its unreliable power supply problem that is causing huge economic losses , estimated at N10 . 1 tn , yearly.
The World Bank in a new report said described the power sector , particularly the distribution segment, as “ operationally inefficient with high losses ” .
It is said that Power sector recovery is critical for the Federal Government of Nigeria ’ s response to the COVID- 19 outbreak .
The report said the efforts to reduce the sizable public expenditures for tariff shortfalls would create critical fiscal space for the government to finance a pro – poor economic stimulus package to protect the poor and vulnerable from the crisis and to support the economy to recover .
It said during the recovery period , improving power sector performance would be central to unlocking economic growth, particularly in the non – oil sectors of manufacturing and services.
The World Bank report says the annual economic losses caused by Nigeria ’ s unreliable power supply have been estimated at N10 . 1 tn or about two per cent of GDP.
Also, according to the report , Nigeria ranks 131st with respect to the overall ease of doing business in the World Bank’ s Doing Business 2020 , with getting access to electricity ranked as one of the major constraints .
Access Bank has harken to the cry of its aggrieved customers saying that it will refund the stamp duty deductions made from all the affected accounts.
The bank stated this in a statement after the social media was awashed with complaints from its customers over some ‘illegal deductions’ that was later known as stamp duty.
It said stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. The money is remitted to the Central Bank of Nigeria.
However, the bank said it has considered the feedback and have decided to pay the stamp duty on customers’ behalf for the affected period only sighting the difficulty of things this time.
It further stated that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.
In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.