The Nigerian stock market recorded a loss of N209 billion in market capitalisation on Wednesday, as investors reacted negatively to the Central Bank of Nigeria’s (CBN) recent interest rate hike. The Monetary Policy Committee (MPC) of the CBN raised the Monetary Policy Rate (MPR) by 25 basis points to...
BUSINESS
Former President Olusegun Obasanjo on Wednesday reiterated Nigeria’s vast potential and resources, emphasising the country’s ability to become a global leader. Obasanjo said this at the ongoing Ecobank Design and Build Expo at the Ecobank Pan African Centre (EPAC) in Lagos. He praised Ecobank for organising the event, which...
Vice-President Kashim Shettima has said the Nigeria-China trade value has hit N7.38 trillion as at June. Shettima said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday organised by First Bank Plc. The vice-president, represented by Dr Aliyu Modibbo, the Special Adviser to the President,...
The Central Bank of Nigeria (CBN), has said the rising food prices is partly responsible for worsening headline inflation in the country. The Governor of CBN, Mr Yemi Cardoso, said this on Tuesday in Abuja, while presenting the communique from the 298th meeting of the apex bank’s Monetary Policy...
The Central Bank of Nigeria (CBN), has said Nigeria’s Deposit Money Banks (DMBs) are satisfactorily resilient amid both external and internal pressures. The Governor of the CBN, Mr Yemi Cardoso, said this on Tuesday in Abuja while presenting a communiqué issued at the end of the 298th meeting of...
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further raised interest rate by 25 basis points to 27.50 per cent from 27.25 per cent. The Governor of the CBN and Chairman of the MPC, Yemi Cardoso, announced the raise on Tuesday in Abuja, while...
You can buy and sell US stocks from Nigeria and make a killing on the stock exchange. Investing in shares comes with risks, so take your time to study the market. Be driven by knowledge, not by greed. Greed based investment will bleed you, but knowledge based investment can...
The Nigerian stock market opened with its bearish momentum on Monday to record N123 billion loss. Selloffs in Tier-one banking stocks namely, Guaranty Trust Holding Company(GTCO), Zenith Bank and FBN Holdings, underpinned the market’s weak performance. The market capitalisation, which opened at N59.292 trillion, shed N123 billion or 0.21...
By MBAFAN ADE, Abuja- Nigeria’s Gross Domestic Product (GDP), the measure of a country’s economic health, grew by 3.46% (year-on-year) in real terms in the third quarter of 2024, the NBS reports. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher...
It is not advisable for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten the Monetary Policy Rate (MPR). An economic expert, Dr Chijioke Ekechukwu said this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja. Ekechukwu, a...
A Financial Expert, Prof. Uche Uwaleke, says the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is likely to raise interest rates again. Uwaleke, the Director, Institute of Capital Market at the Nasarawa State University, is also the President, Capital Market Academics of Nigeria. He said...
A total of 9,000 youths in the Niger Delta have acquired entrepreneurial skills in the LiveWIRE programme of The Shell Petroleum Development Company of Nigeria Limited (SPDC) since it was introduced in 2003 as part of efforts to boost employment opportunities among people aged 18 – 35 years. The...
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved. Managing Director, NDIC, Mr Bello Hassan, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos....
The Nigerian stock market on Thursday ended its four-day winning streak with a loss of N143 billion. Sell-offs in Guaranty Trust Holding Company(GTCO), Zenith Bank, Oando Plc, among other blue chips, dragged the market performance down. Notably, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N59.534 trillion,...
The Managing Director of Bank of Industry (BoI), Mr Olasupo Olusi, has said the bank has raised over $5 billion from the international capital markets through Eurobonds, loan syndications, and green finance instruments since 2017. Olusi made this known on Thursday at the BoI’s 65th anniversary news conference in...
By JOY ADARA, Abuja – The Federation Accounts Allocation Committee (FAAC), has shared N1.411 trillion among the Federal Government, States and Local Government Councils (LGCs) for October. This is contained in a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of...
Statistics South Africa on Wednesday said South Africa’s inflation rate dropped in October to its lowest level since the peak of the COVID pandemic. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in annual inflation to 2.8 per cent from 3.8 per cent...
By MBAFAN ADE, Abuja- The Central Bank of Nigeria (CBN), has called on members of the public to be cautious of SWIFT Messages on foreign exchange remittances to their Nigerian bank accounts NATIONAL ACCORD reports that SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network used...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has warned the public about fraudsters claiming to have received award letters for contracts related to construction works and special financial interventions on its behalf . The CBN’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, stated that these...
First Bank of Nigeria Ltd. says it will host the inaugural China-Africa Interbank Association (CAIBA) Forum in Abuja, aimed at strengthening economic ties and boosting investments between China and Africa. In a statement on Monday in Lagos, the bank said that the forum with the theme, “Joining Hands to...