According to Bank of America’s sub-Saharan Africa Economist, Tatonga Rusike, the Central Bank’s Monetary Policy Committee may need to increase interest rates by at least 700 basis points before the year ends in order to address the escalating inflation in … Continue reading Bank of America warns of potential 30% inflation in Nigeria
The management of Lekki Deep Sea Port has announced the arrival of CMA CGM RIMBAUD, marking the first transshipment vessel to call at the container terminal of the port. This news was shared by Du Ruogang, the Managing Director of … Continue reading Lekki port welcomes first transshipment vessel
Fidelity Bank recently conducted a two-day feeding program in Kano State, benefiting more than 1,000 residents including women, children, widows, and elderly men. The event, held in collaboration with the Misnoory Foundation, took place in Kabuga Satellite Town and aimed … Continue reading Fidelity bank donates food to Kano residents
Mrs. Adenike Laoye has been appointed as the new board chair of Accion Microfinance Bank, one of the national microfinance banks in Nigeria. With a law degree and over 30 years of experience in the financial services industry, including 17 … Continue reading Accion microfinance bank welcomes new chairperson
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has foreseen a potential surge in the pump price of petrol, estimating that certain states in the country could experience prices exceeding N700 per litre starting from July. In an interview with … Continue reading Fuel marketers predict petrol price to reach N700 per litre in Nigeria
The Central Bank of Nigeria (CBN) has implemented new restrictions on contactless payments made through bank accounts or digital wallets. As of June 27, 2023, a daily cumulative transaction limit of ₦50,000 and a single transaction limit of ₦15,000 have … Continue reading CBN implements ₦50,000 daily limit on contactless payment channels
European stock markets experienced a decline at the beginning of Monday’s trading session, influenced by Tokyo’s drop and investors monitoring inflation updates and the aftermath of the Wagner revolt. The FTSE 100 in London slipped 0.2% to reach 7,447.85 points. … Continue reading European stock markets open week with losses
The World Bank Group has granted Nigeria a loan of $500 million to support the country’s efforts in driving women’s empowerment, according to sources. This loan marks the second approval by the World Bank since the presidency of Bola Tinubu. … Continue reading World bank approves $500 million loan for Nigerian government
According to the Federal Government, power distribution companies in Nigeria failed to remit a total of N208.8bn to the Nigeria Electricity Supply Industry in 2022. Data from the Nigerian Electricity Regulatory Commission revealed that the Discos did not make complete … Continue reading Power distribution companies fail to remit N208 billion in 2022 – FG
The Naira ended the trading day on Friday with a decline, as it was valued at N770.17 against the US dollar at the investors’ and exporters’ window. This represented a depreciation of 0.66% compared to the previous day’s exchange rate … Continue reading Naira depreciates by 0.66% as week ends on negative note
The Nigerian Communications Commission (NCC) has disclosed that financial crimes associated with the telecommunications industry have resulted in Nigerians losing approximately N12.5 billion over a span of four years. Dr. Al-kasim Umar, the Director of Consumer Affairs at the NCC, … Continue reading Nigerians lose N12.5bn to telecom related financial crimes in four year period – NCC
The Nigeria Labour Congress (NLC) has called for the postponement of the planned increase in electricity tariffs, set for July 1, in order to protect the collective well-being and safety of Nigerians. NLC President, Mr. Joe Ajaero, emphasized that the … Continue reading NLC calls on FG to postpone electricity tariff hike
According to the latest Electricity Report for the first quarter of 2023 released by the National Bureau of Statistics (NBS), electricity distribution companies (Discos) in Nigeria experienced a significant increase in revenue, even though there was a decline in supply. … Continue reading Electricity distribution companies generate N480 billion in six months – NBS
The Bank of England (BoE) is anticipated to increase interest rates for the 13th consecutive time on Thursday, potentially opting for a significant hike to combat persistent inflation, despite the risk of exacerbating the cost-of-living crisis. Previous expectations suggested a … Continue reading Bank of England set to raise interest rates in response to inflation
The United Nations (UN) has contributed $20 million to address the pressing challenges of food security and nutrition in the north-east region of Nigeria. The donation, announced by Ann Weru, head of public information at the UN Office for the … Continue reading UN donates $20 million to enhance food security and nutrition in north east Nigeria
Ogidi Stanley, a customer of Ikeja Electric and an employee of PUNCH Nigeria Limited, has lodged a complaint against the electricity distribution company with the Nigerian Electricity Regulatory Commission (NERC) regarding exorbitant bills. Ogidi resides in Adiyan, Ifo Local Government … Continue reading Ikeja electric faces regulatory complaint over excessive bills
The Nigerian naira experienced a 1.79% appreciation against the United States dollar on the Investor & Exporter (I&E) forex window, closing at N756.61/$ on Tuesday. This positive movement followed a slump in the local currency on Monday, where it closed … Continue reading Naira strengthens to N756/$ as trading surges on investor’s window
The Institute of Chartered Accountants of Nigeria (ICAN) has called on the World Bank to approve loans for the federal and state governments in Nigeria based on their performance rankings on the ICAN Accountability Index. Dr. Innocent Okwuosa, the President … Continue reading ICAN calls on World Bank to consider accountability index for loans to Nigerian governments
Following the Central Bank of Nigeria’s decision to float the national currency against the dollar and other global currencies, the naira experienced a significant appreciation, closing at 663.04/dollar on Friday. Within a 24-hour period, the currency strengthened by approximately 5.9%, … Continue reading IMF commits support as naira appreciates to N663/$ in Nigeria
JP Morgan, the American multinational financial services firm, has projected that the Nigerian naira will appreciate and trade at around N600 to the dollar in the upcoming months. This announcement was made in a statement released by the financial institution … Continue reading JP Morgan predicts the naira to reach 600 naira in the coming months
EFCC Detains Receiver Manager and Captain Over Alleged N120bn Misappropriation: The Economic and Financial Crimes Commission (EFCC) has reportedly detained Mr Kamilu Omokide, the Receiver Manager appointed by the Assets Management Corporation of Nigeria for Arik Nigeria Limited, along with … Continue reading EFCC detains AMCON official over N120bn fraud in Arik Air
Flutterwave responds to recent media coverage in Kenya regarding the freezing of its accounts and mobile money wallets by the High Court in Nairobi, has provided clarification. The company confirmed that certain accounts have indeed been frozen for a period … Continue reading Flutterwave addresses reports of account freeze in Kenya
The Nigerian stock market has witnessed an unprecedented rally, spurred by the new government’s reforms, resulting in investors gaining over N2.2 trillion in just two trading sessions. The market capitalization, which was at N30.454 trillion the previous week, experienced a … Continue reading Investors gain N2.2tr in two trading days
The National Bureau of Statistics (NBS) has announced that inflation reached a new record high of 22.41% in May due to the soaring costs of food and non-alcoholic beverages. This figure represents a 0.19% increase from April, when inflation had … Continue reading Soaring food and beverage prices drive May inflation to 22.41% – NBS
Allen Onyema, the Chief Executive Officer of Air Peace, has voiced his opposition to the existence of Nigeria Air, the national carrier introduced under the previous administration. Instead, he suggests that Nigeria should invest in a flagbearer airline, considering the … Continue reading Onyema urges Tinubu to dissolve Nigeria Air
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