The recently disclosed financial statements from the Central Bank of Nigeria (CBN) have raised concerns about the reliability of the country’s foreign exchange reserves, leading to doubts about the CBN’s ability to support the value of the national currency, the … Continue reading Naira’s stability threatened by uncertain CBN reserves
The consistent downward spiral of the Nigerian currency, the naira, is posing a dire situation for the Central Bank of Nigeria (CBN), which is burdened with a substantial $15 billion loan obligation to prominent American investment banks, including JP Morgan … Continue reading Naira’s depreciation increases strain on CBN’s $15 billion debt burden
For over 30 consecutive weekends, a wave of protests has surged through the streets of Tel Aviv as tens of thousands of Israelis voice their dissent against government initiatives aiming to diminish the autonomy of the Supreme Court and curtail … Continue reading Here’s why Israeli startups and businesses are leaving the country
Nigerian Breweries Plc, a prominent beverage company, has issued a notice of price change for its stock-keeping units (SKUs) with effect from August 10. The announcement, conveyed in a letter signed by the Sales Director, Ayo Lawal, cited the need … Continue reading Nigerian breweries implements price increase on products
Data from the Federation Account Allocation Committee revealed that states and local governments received a total of N2.59tn from the federation account in the first half of 2023, indicating a significant 27.62% rise compared to the N2.03tn received during the … Continue reading States and local councils receive N2.59tn amid deepening economic hardship
A recent study conducted by the National Bureau of Statistics and the Financial Access Initiative research center of New York University has unveiled that many small businesses in Nigeria generate an average monthly revenue of N223,250. The study compared Nigerian … Continue reading Study reveals many small businesses earn less than N223,250 monthly, according to NBS
First Bank has announced a 12.4% increase in its profit before tax, reaching N147.0 billion by the end of 2022 compared to N130.9 billion in the same period of 2021. The bank’s profit after tax also grew by 9.8% to … Continue reading Firstbank records 12.4% growth in profit
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), addressed concerns over the increasing prices of petrol, also known as Premium Motor Spirit (PMS), across the country. Kyari stated that competition among major players … Continue reading Petrol price will reduce as subsidy measures take effect – NNPC boss
A sharp decline in foreign appetite for the Nigerian capital market has been attributed to various factors such as market uncertainty, political risk, and foreign exchange illiquidity. Over the past eight years, total foreign transactions executed on the equities market … Continue reading Nigerian capital market faces unprecedented decline in foreign investor appetite amidst market uncertainty and forex challenges
A 28-year-old businessman, Abubakar Usman, has been sentenced to six months in prison by a Magistrates Court in Jos for defrauding a tomato seller. Usman pleaded guilty to charges of breach of trust and cheating, leading to the conviction. Magistrate … Continue reading Businessman sentenced to six months imprisonment for defrauding tomato seller
The financial service sector of the Nigerian Exchange Limited (NGX) saw significant activity driven by three bank stocks: Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc. This dominance in the financial sector contributed 87.5% to the total equities … Continue reading Bank stocks drive activity in Nigerian exchange as financial sector dominates
Businesses in Nigeria are increasingly turning to the debt capital market as they struggle with rising interest rates, devaluation and inflation. Six firms, including ABC Transport, Ardova and Dangote Cement, have raised a total of NGN364.1bn ($884m) through the market … Continue reading Rising interest rates in Nigeria push businesses towards unconventional debt options
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has expressed concern about the unknown consequences that could arise from the introduction of retail central bank digital currencies (CBDCs). In an interview at the Milken Institute’s 2023 Global … Continue reading CBN’s eNaira records N1.4m transactions as IMF sounds caution
National Identity Management Commission (NIMC) in Nigeria has issued almost 98.7 million National Identification Numbers (NIN) to Nigerians, leaving it around 1.29 million away from reaching the 100 million mark. According to NIMC, 56 million men, which is about 56.7% … Continue reading Government’s data harmonisation efforts drive NIN issuance close to 100 million mark
Residents of Saint-Louis, a small fishing town in Senegal, have been facing challenges for years, including climate change, foreign industrial trawlers, and the COVID-19 pandemic, which have made it difficult to earn a living from the water. In 2015, when … Continue reading The gas project in Senegal is driving local residents to desperation. Read full story!
The Shell Petroleum Development Company of Nigeria (SPDC) has denied allegations of violating Nigerian Content laws at the EA fields in Bayelsa. The Ijaw Youth Congress had accused SPDC of excluding indigenous players from its operations at the EA fields, … Continue reading SPDC denies violating Nigerian Content Law at EA fields in Bayelsa
The US dollar faced a significant downturn on Wednesday as consumer prices in the United States rose less than expected in March, leading experts to speculate that the Federal Reserve may halt its rate-hiking efforts, possibly after a rate increase … Continue reading Dollar declines as inflation falls short of economists’ forecasts
The International Monetary Fund (IMF) has reiterated its growth forecast for the Nigerian economy in 2023, projecting a 3.2 per cent growth rate, according to its recent report titled “World Economic Outlook: A Rocky Recovery 2023 APR”. The report, released … Continue reading IMF projects Nigeria’s economy to grow by 3.2% in 2023
Crypto currency losses resulting from hacks and scams declined by $452 million in the first quarter of 2023, as revealed in a report titled ‘Report: $452m Lost in Crypto in Q1 2023. New Trends of Hacks and Scams’ by De.Fi, … Continue reading De.Fi report: Crypto losses drop to $452m in Q1 2023
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