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...
BUSINESS
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...
The Nigerian Exchange Ltd. (NGX) started the week on a positive note as market capitalisation increased by N16 billion, representing a 0.03 per cent gain on Monday. Specifically, the market capitalisation, which stood at N59.215 trillion at the opening, closed at N59.231 trillion. Similarly, the All-Share Index (ASI) edged...
A financial expert, Prof. Uche Uwaleke, has said N1,400 to the dollar exchange rate stipulated in the N47.9 trillion 2025 budget proposal is unrealistic. Uwaleke, the Director, Institutes of Capital Market at the Nasarawa State University, is also the President, Capital Market Academics of Nigeria. He said this in...
FirstBank of Nigeria Ltd. has pledged continued support for the entire value chain of Nigeria’s creative arts and theatre industry. The bank’s Managing Director, Olusegun Alebiosu, made this known during the opening ceremony of the Lagos International Theatre Festival (LITF) on Friday night in Victoria Island. As the lead...
By JOY ADARA , Abuja– The Central Bank of Nigeria (CBN) has said it would sanction Deposit Money Banks (DMBs) found supporting the hawking of Naira notes. The Acting Director, Currency Operations Department, CBN, Mr Solaja Olayemi, said this in a memo to DMBs on Friday in Abuja. Olayemi said...
The National Bureau of Statistics (NBS) has said the Nigeria’s headline inflation rate increased 33.88 per cent in October 2024. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October 2024, which was released in Abuja on Friday. According to the report, the figure...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share. The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in...
The Federal Executive Council (FEC) has approved $2.2 billion financing programme for external borrowing, including a potential Eurobond and Sukuk bond offer. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this known while briefing newsmen after the FEC meeting on Wednesday at the...
Subscribers to pay TV services have berated MultiChoice Group for announcing that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and GOtv services within six months. The News Agency of Nigeria (NAN) reports that the South African-owned pay-TV operator had, in its Interim...
The Director- General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged the Nigeria Customs Service (NCS) to improve on risk management in its trade operations. Okonjo-Iweala made the call in her virtual address at the Comptroller General of Customs (CGC) conference on Wednesday. The News Agency...
The Naira on Wednesday bounced back after consistent three days losses and appreciated at the official market trading at N1,645.40 against the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N44.48. This represents a 2.63 per cent gain when compared to...
The Nigerian stock market closed on a bearish note on Tuesday, with a loss of N69 billion, due to sell-offs in large and medium capitalised stocks. The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N59.004 trillion, dropped by N69 billion or 0.12 per cent, closing at N58.935...
Vice-President Kashim Shettima has said the Federal Government’s ongoing efforts to strengthen the country’s trade sector is showing promising results, as Nigeria recorded N6.5 trillion trade balance in second quarter of 2024. Shettima, represented by the Secretary to the Government of the Federation (SGF), George Akume, said this at...
The Central Bank of Nigeria (CBN) on Tuesday reiterated its commitment to fostering financial inclusion as a key strategy for achieving macroeconomic stability in the country. CBN Governor, Olayemi Cardoso, said this at the 2024 International Financial Inclusion Conference in Lagos with the theme, “Inclusive Growth: Harnessing Financial Inclusion...
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has blamed the continuous depreciation of the Naira to low local production capacity of the country. The chamber made the disclosure in a statement issued by its President, Mr Odeiga Jideonwo and made available to newsmen in Enugu on...
The Nigerian Exchange Ltd. (NGX) on Monday opened the week positive with N84 billion profit added to the portfolios of investors. Specifically, the market capitalisation which opened at N58.920 trillion, gained N84 billion or 0.14 per cent to close at N59.004 trillion. The All-Share Index also gained 0.14 per...