FINANCE - 28 APR 2020

DB: Online film festival; Polaris Bank's results; Possible Naira devaluation

DB: Online film festival; Polaris Bank's results; Possible Naira devaluation
Daily Briefing via Stears

 

Film

YouTube, Tribeca, launch 10-day digital film festival 



YouTube & Tribeca will hold an online festival ‘We Are One’ (May 29-June 7) to screen films from the TIFF (Toronto International Film Festival), Cannes, & 18 others. This comes after many international film events have been postponed due to the coronavirus. The free event, like usual film festivals, will be an avenue for filmmakers to get more visibility & industry support. This time film fans will have access online and will be asked to make donations for COVID-19 relief.

 

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Banking

Polaris Bank declares 2019 PAT of ₦26.2 billion      

     

Polaris Bank announced a Profit After Tax (PAT) of ₦26.2 billion in 2019 – an 820.5% increase from its 2018 PAT. Polaris, which took over the assets and liabilities of the defunct Skye Bank in September 2018, has a Non-Performing Loan (NPL) ratio of 46%, higher than the industry average of 6%. However, this is down from the bank’s NPL ratio of 80% back when Polaris Bank took over Skye Bank.

 

Economy

CBN might need to devalue the naira further

 

The parallel (black) market exchange rate is now at ₦450 per dollar. The lack of dollar supply has created a further gap with the official Investor & Exporters’ (I&E) rate - currently at ₦386. This puts pressure on the CBN to further devalue the naira as it’s reserves have fallen to $33 billion. Help could be on the way as Nigeria’s foreign aid requests (in dollars) could boost reserves, giving the CBN room to intervene and stabilise the exchange rate.

 

 

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