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.
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.
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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