Moody's Investors Service ("Moody's") has today affirmed Bank of Industry's (BoI) B2 corporate family rating (CFR) and long-term issuer ratings, and changed the issuer outlook to stable from negative.
Data from the CBN's latest quarterly statistical bulletin for Q2 '21 shows that the total foreign exchange utilised in Nigeria moved up marginally by 1.4% q/q to USD5.1bn. On a y/y basis however, fx utilisation increased by 49% y/y. The increase is understandable given that the Q2 '20 quarter was the pandemic's low point, with governments around the world imposing lockdowns and travel restrictions that effectively halted economic activity.
There is a need for more awareness of how non-interest-bearing financial assets can support the African Continental Free Trade Agreement (AfCFTA). Mr. Francis Anatogu, Secretary of the National Action Committee (NAC) on AfCFTA, made this point while speaking on "Continental Trade and Investments: Championing Islamic Finance for Africa".