Riskier Currencies Maintain Gains Vs Dollar On Biden Election Win
The dollar stabilised on Monday after tumbling to a 10-week low in the wake of Joe Biden’s election as U.S. president with euro/dollar – the most traded currency pair in…
China’s Yuan Extends Best Week Since 2017 On Biden’s Victory
The yuan extended its recent rally as the dollar weakened following Joe Biden’s presidential victory in the U.S. The offshore yuan was 0.37% stronger at 6.5671 per dollar at 4:41…
#EndSARS Protest Disruption Costs Economy N1.5tn – FDC
The economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget, Financial Derivatives Company…
Petrol Scarcity Looms As Oil Workers Down Tools
Nigeria may face the scarcity of Premium Motor Spirit, popularly called petrol, in coming days as oil workers have been ordered to down tools nationwide. Oil workers under the aegis…
Biden’s New Plan For H-1B Visas, Green Cards Likely To Benefit Thousands
With Kamala Harris as his deputy, Biden is expected to reverse the move of the outgoing Trump administration to revoke work permits to the spouses of H-1B visas US President-elect…
Turkish Lira Jumps On Hopes For Rates Orthodoxy After Departures
The Turkish lira surged the most since March 2019 on speculation higher interest rates could be coming after the weekend resignation of the country’s economy czar and the dismissal of…
Family Kicks As Six Nigerians Are Jailed In UAE For ‘Funding Boko Haram’
In April 2019, the Abu Dhabi federal court of appeal sentenced Surajo Abubakar Muhammad and Saleh Yusuf Adamu — two of them to life imprisonment followed by deportation — while…
Naira Gains At Black Market As Improved Dollar Supply Continues
Forex turnover improved by 9.12% as Nigeria’s exchange rate at the NAFEX window maintained its stability against the dollar to close at N386/$1 during intra-day trading on Friday, November 6.…
Dollar Sinks After Biden Clinches U.S. Presidency
The dollar hit a 10-week low on Monday as investors heralded Joe Biden’s election as U.S. president by buying trade-exposed currencies on expectations that a calmer White House could boost…
We Owe CBN More Than N4tn, Says AMCON
The Asset Management Corporation of Nigeria has said it owes the Central Bank of Nigeria more than N4tn. AMCON was established by the Federal Government in 2010 to buy bad…
Rewane: Protests To Prolong Economic Recovery By Three Months
Nigeria’s economic recovery from the impact of the COVID-19 pandemic as well as the slump in crude oil prices will be stretched by three months because of the destruction of…
Capital Market: Tax Waiver Could Be The Required Incentive
The development of a strong and viable capital market is a complex process and requires a systematic approach consisting of activities designed to grow, strengthen and improve the market. Proper…
Banks’ Patronage At CBN’s Liquidity Window Drops To N48b
The Central Bank of Nigeria (CBN) has said that daily patronage of the Standing Deposit Facility (SDF) by commercial and merchant banks has dropped to N48.32 billion. The apex bank’s…
Brent Crude Tops $40 After Biden’s Win Lifts Risk-Takers
Oil prices gained more than 2% on Monday, with Brent futures rising above $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about…
Investors Gain N249 Billion At Stock Market Over Strong Firms’ Q3 Results
Investors in the stock market earned about N249 billion last weekend after most of the listed companies started declaring strong earnings results for the third quarter of 2020. Records from…
Nigerian, Chinese Firms Sign Agreement On Gold Mining
Japaul Gold and Ventures has signed an agreement with Xiang Hui International Mining Company Nigeria to drill, mine and process gold in the country. At the signing ceremony in Lagos,…
Why PPMC Stopped Announcing Monthly Ex-Depot Price
The Nigerian National Petroleum Corporation (NNPC) on Monday revealed why its subsidiary -Pipeline Products Marketing Company (PPMC) stopped announcing its monthly ex-depot price of the Premium Motor Spirit (PMS). Its…
Propriety Of Visa-For-Good-Behaviour In Elections
During the last election in Edo and Ondo States, the ambassadors of the European Union, the United States and the High Commissioner of the United Kingdom were reported to threaten…
Kano Commodity Exchange Market Begins Operation Q1 2021
The Kano Gezawa First Commodity and Exchange Market, established by the Accountant General of the Federation, Ahmad Idiris, is to commence full operation with stock broker activities in the first…
Import Ban Alone Can’t Fix Textile Sector – Stakeholders
Despite the federal government’s concerted efforts to revitalise the nation’s over 250 moribund textile mills only 30 are currently operational, The Nation can authoritatively report. Confirming this development, the Director…
Is Bitcoin An Asset A Commodity Or A Currency?
As the price of Bitcoin continues to balloon, we look back at how the cryptocurrency is viewed and whether that definition needs to be re-assessed. By Matt Hussey In brief…
Turkish Finance Minister Resigns In Second Surprise Departure After Lira Slide
Turkish Finance Minister Berat Albayrak said on Sunday he was resigning for health reasons, the second surprise departure of a top economic policymaker in two days after the central bank…
Reps May Not Grant Buhari’s Request To Borrow $1.2bn From Brazil
There are strong indications that the House of Representatives may not support the new move by the government of President Muhammadu Buhari to take a $1.2bn loan from Brazilian government.…
Nigeria To Lose $24bn Oil, Gas Investments In Six Years
By Michael Eboh Nigeria will lose $24 billion in investments in the oil and gas sector between 2020 and 2025, due to effects of the COVID-19 pandemic on the global…
Nigeria’s Central Bank Freezes Accounts Of Police Brutality Protesters
Nigeria’s central bank froze the accounts of 20 people linked with anti-police brutality protests after receiving a court order, the regulator said. Many of those affected were prominent during Nigerian…
#EndSARS: Controversy over court order to freeze accounts of 20 promoters
Controversy has trailed the exparte order obtained by the Central Bank of Nigeria (CBN) to freeze the accounts of 20 individuals and an organisation linked to the #EndSARS campaign. Many…
Naira Appreciates Against Dollar, Euro at Black Market
At the market, Business Post gathered that the local currency closed at N464/$1, gaining N1 versus the N465/$1 it exchanged on Thursday. In the same vein, the domestic currency appreciated…
Nigeria: If You Thought 2020 Was Bad, Brace Yourself For 2021
Nigeria needs to brace for an extended foreign exchange rate crisis as oil markets face a tough year-end, which analysts see as impacting the economy of Africa’s most populous country.…
What GDP Can And Cannot Tell You About The Post-Pandemic Economy
Pity the world’s chartmakers. For years, normal economic fluctuations will be dwarfed by the extraordinary gyrations of 2020, such as the third-quarter gdp figures that are now rolling in. These…
Bitcoin Price Nears $16K, But It’s Ethereum That May Shine In November
The price of Bitcoin (BTC) is nearing $16,000 after achieving $15,960 on Binance. Following the dominant cryptocurrency’s rally, analysts are now looking toward Ether (ETH). The Ethereum blockchain’s native token…