Weather update: Northern regions to experience dust haze, coastal states anticipate hazy conditions
According to the Nigerian Meteorological Agency, in the upcoming days, residents of northern states can expect a slight dust haze, affecting visibility.
Meanwhile, the North Central and Inland states are forecasted to experience a combination of sunny weather and a hazy atmosphere.
Over the coastal states, patches of clouds within a hazy environment are expected, indicating varied weather conditions.
Fintechs, top banks to foster collaboration, says S&P Analyst
Fintechs in Nigeria won’t pose a significant threat to top-tier banks, according to Samira Mensah, a credit analyst at S&P Global Ratings.
In an interview with CNBC Africa, Mensah emphasised that collaboration between fintechs and banks is more likely than competition.
She noted that top-tier banks have robust balance sheets and are already in a strong competitive position.
Mensah also highlighted the collaborative potential facilitated by the Central Bank of Nigeria’s open banking framework, fostering data exchange and infrastructure leverage.
CBN likely to up banks capital base to N900bn – Report
A report predicts that the Central Bank of Nigeria may instruct international banks to increase their capital base, projecting amounts exceeding N900 billion.
CardinalStone Securities’ Banking Sector FY 2024 Outlook suggests the need for raised capital, with estimates ranging from N181.85bn for regional banks to N909.27bn for international banking licences.
The CBN’s goal to elevate the economy to $1 trillion in seven years might require even higher capital requirements.
The report highlights a decline in capitalization since 2005, urging a watch on the apex bank’s decisions.
FG approves new structure for FIRS
The Federal Government has greenlit a new organisational structure for the Federal Inland Revenue Service (FIRS) to enhance its operations.
During a two-day strategic management meeting in Abuja, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, will unveil the revamped structure.
FIRS aims to ensure directors are aligned with its strategic direction, engaging with external stakeholders to discuss the renewed strategy.
FIRS also plans to increase tax revenue collection by 57% to N19.4tn, aligning with President Bola Tinubu’s reforms for increased government revenue.
Oil slips as economic concerns eclipse geopolitical tensions
Oil prices dipped early Tuesday as concerns over the global demand outlook countered Middle East geopolitical tensions and supply fears after an attack on a Russian fuel terminal.
Brent crude fell 0.2% to $79.92, while U.S. WTI dropped 0.1% to $74.66.
Despite a Ukrainian drone strike raising supply concerns, analysts expect Novatek to resume operations shortly.
Persistent worries over China’s economic recovery, the world’s leading crude importer, contribute to oil demand concerns.
Geopolitical tensions in the Middle East, with U.S. calls to protect hospitals and fresh Houthi strikes, also influence market sentiment.
