Welcome, Guest: Join Nigeria Student Forum / Login / Trending Now / Recent

Stats: 16,682 members, 64,099 Topics, 14,592 Comments. Date: March 26, 2019, 3:40 am

Abdulazeez Adeshina
National Open University of Nigeria
Bsc. Economics
200Level, Nigeria.
HSBC and UBS closed their offices in Nigeria . The Central Bank of Nigeria said this in a report on Friday as it revealed foreign investment had fallen sharply from a year ago .

The CBN said foreign direct investment in Nigeria fell to N 379. 84bn ( $1. 2bn) in the first half of the year from N 532. 63bn ( $1. 7bn ) a year earlier .

It did not give reasons for the banks’ closure .

The central bank said the outlook for the Nigerian economy in the second half was “ optimistic ” given higher oil prices and production but rising foreign debts and uncertainty surrounding the 2019 presidential election were drawbacks , according to Reuters .

Investor confidence in the country has been shaken since the central bank in August ordered MTN to bring back $8. 1bn to the country , part of the profits the South African telecoms firm sent abroad .

A HSBC research note dated July 18 said a second President Muhammadu Buhari term “ raises the risk of limited economic progress and further fiscal deterioration , prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil . ”

The CBN also said three lenders failed to meet its minimum liquidity ratio of 30 per cent , without naming them .

It added that non - performing loans had dropped to 12. 4 per cent as of June 2018 from 15 per cent a year ago , still a long way above its five per cent threshold.

“ To further consolidate on the improvement , the Central Bank of Nigeria directed banks to intensify efforts at debt recovery, realisation of collateral for lost facilities and strengthening their risk management processes , ” it said in the report .

Source:- punchng.com/two-global-banks-close-offices-in-nigeria/

0 Like

Itz Overcomer

Don't have an account? Use the form below to signup for a Nigeria Student Forum Account

Full Name:
Username: E.g Seuncoded
Confirm Password:

I agree to the terms of service

Viewing this topic:
1 guest viewing this topic
Download the Ngstudentforum app for Android Devices

Nigeria Student Forum - Copyright © 2016 - 2019. Fadeyi Oluwaseun All rights reserved. - See How To Advertise
Disclaimer: Every Nigeria Student Forum member is solely responsible for anything that he/she posts or uploads on Nigeria Student Forum.