Business Sterling Slips Below $1.34 As Brexit Trade Deal Doubts Emerge December 2, 2020 Ekemini Sterling dipped below $1.34 as doubts resurfaced over whether Britain can seal a post-Brexit trade deal with the European Union, offsetting any optimism from becoming the world’s first country to…
Business Local Nigeria’s Biggest Bank In Talks To Buy Atlas Mara Assets December 2, 2020 Ekemini Nigeria’s biggest bank is in talks about a potential acquisition of assets belonging to Bob Diamond’s Atlas Mara Ltd. to expand its reach in the rest of Africa, according to…
Business Dollar Rises From Two-And-A-Half-Year Lows, Risk Currencies Retreat December 2, 2020 Ekemini The dollar rose from a two-and-a-half-year low on Wednesday as investors assessed the likelihood of further fiscal stimulus in the United States, while a rally in riskier currencies lost steam.…
Business Local CBN Introduces Special Bills To Deepen Financial Market December 2, 2020 Ekemini The Central Bank of Nigeria (CBN) will make N250 billion available for infrastructure funding in a bid to expand gas use and cut reliance on imported fuel as government looks…
Business Dollar Savers Offload Deposits As Naira Exchanges For N490/$ December 2, 2020 Ekemini The naira on Tuesday recorded significant gains against the dollar. The local currency’s appreciation against the greenback came a day after the Central Bank of Nigeria (CBN) policy permitted payment…
Business Local Naira Depreciates At I&E On 379.6% Jump In FX Demand December 2, 2020 Ekemini The Naira slid by 0.96 per cent or N3.75 against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday to close at…
Business Will I Need A Visa To Go To The EU After Brexit? December 2, 2020 Ekemini With less than a month before the end of the Brexit transition period, there are still many uncertainties about the UK’s future relationship with the European Union. But the rules…
Business Local FX Inflows: CBN Enables Cash Withdrawal In Foreign Currencies December 2, 2020 Ekemini In order to bridge the wide exchange rate between the legalised foreign exchange (forex) markets and the parallel market, the Central Bank of Nigeria (CBN) has said beneficiaries of funds…
Business Local CBN Releases Banks’ Excess CRR To Spur Economic Recovery December 2, 2020 Ekemini As part of efforts to support economic recovery and propel the quest to return to the growth path, the Central Bank of Nigeria (CBN) has approved the release of banks’…
Business Local Customs Explains Multiple Import Counter-Check System December 2, 2020 Ekemini COORDINATOR of the Comptroller General of Customs Strike Force Zone ‘A’, Ahmadu Bello Shuaibu, has said the Service’s four layer import counter-check system is to safeguard the economy and national…
World Trump Sues To Reverse Biden Win In Wisconsin December 1, 2020 Ekemini President Donald Trump’s campaign filed a lawsuit Tuesday in Wisconsin seeking to invalidate President-elect Joe Biden’s win there, the latest long-shot court battle aimed at overturning the presidential election. The…
Business Local AfCFTA – Nigeria Can Ban 10% Of Sensitive Goods, Others At Borders December 1, 2020 Ekemini Lagos and Abuja — In spite of the African Continental Free Trade Area (AfCFTA) starting in January, Nigeria has the right to restrict import of seven per cent of goods…
Business Nikola founder Trevor Milton can sell his 91.6 million shares starting Tuesday as insider lockup period expires December 1, 2020 Ekemini Ousted Nikola founder and Chairman Trevor Milton is the company’s largest shareholder with more than a fourth of the start-up’s shares, and he can sell all of them beginning Tuesday.…
Business Local Nigeria’s Oil Rig Count Dips By 30% In One Month December 1, 2020 Ekemini Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month. The rig count is a reflection…
Business Euro Near Three-Month High As Dollar Takes A Hit; Bitcoin At New High December 1, 2020 Ekemini The euro was close to a three-month high on Tuesday as the U.S. dollar fell on expectations of more monetary stimulus from the United States and a strengthening recovery elsewhere…
Business Local Crash In Money Market Instruments Triggers N2.3tr Gain December 1, 2020 Ekemini Investors on the Nigerian Stock Exchange (NSE) gained N2.3 trillion in November, as the market recorded its best monthly appreciation since 2018 on continued inflow of funds following persistent crash…
Local Buhari Asks Nigerians To ‘Embrace Gas As Alternative To Fuel’ December 1, 2020 Ekemini The President made this call on Tuesday during the unveiling of the National Gas Expansion Programme and National Autogas Roll-out Initiative “I, therefore, encourage everyone to embrace gas in form…
Business First Virtual Trade Mission For UK-Africa Legal Services December 1, 2020 Ekemini stry of Justice’s Legal Services are GREAT (LSAG) campaign, it will promote the UK’s prestigious legal sector to some of the fastest growing economies in the world. The mission, a…
Business Local Nigeria To Push CNG As Alternative Transport Fuel, Reduce Reliance On Gasoline December 1, 2020 Ekemini London — Nigeria has started the roll out of compressed natural gas (CNG) as a key transport fuel as part of the government’s strategy to gradually wean the nation off…
Business Local FG, Egyptian Firm Sign Pact To Invest In Gold Mining December 1, 2020 Ekemini The Federal Government and Messrs La Mancha Incorporated, a leading Luxembourg Incorporated Private Gold Development and Mining Company in Cairo, Egypt, have signed an Expression of Interest to invest in…
Business Federal Reserve Says Key Bank Lending Rate Will Be Phased Out By June 2023 December 1, 2020 Ekemini An interest rate that banks around the world use as a benchmark for short-term borrowing will be phased out and eventually replaced by June 2023, the Federal Reserve announced Monday.…
Business Local 2016 REPOST: Nigeria’s Case Study On How Not To Float Your Currency December 1, 2020 Ekemini Rumors of rate fixing. Scarcity of foreign exchange. A widening gap between the official rate and the runaway blackmarket. Nearly four months after Nigeria adopted a flexible exchange rate policy…
Business Local FG Lost N1.3trn To Import Duty, VAT Waivers –Minister December 1, 2020 Ekemini The minister of finance, budget and national planning Hajiya Zainab Ahamed Shamsuna has said that the federal government lost N1.3 trillion to import duty and VAT waivers and other incentives…
Business Dollar Loses Some Bounce As Focus Shifts To Fed December 1, 2020 Ekemini An under pressure U.S. dollar handed back part of its month-end bounce on Tuesday, as investors reckoned on more monetary easing by the Federal Reserve and a gathering recovery elsewhere.…
Business Local Nigeria Eases Rules On Diaspora Remittances To Boost FX Liquidity December 1, 2020 Ekemini Nigeria hopes to attract more remittances from its diaspora to boost foreign currency liquidity after the central bank issued a circular on Monday lifting rules that had restricted inflows. Rising…
Business Local CBN Issues New Guidelines On Foreign Remittances December 1, 2020 Ekemini The Central Bank of Nigeria has said beneficiaries of diaspora remittances can now receive monies sent from abroad in foreign currency through the designated bank of their choice. The beneficiaries…
Business Local CBN Okays Dollar Collection For Diaspora Remittances December 1, 2020 Ekemini The Central Bank of Nigeria (CBN) has stopped naira payment to recipients of diaspora remittances (dollar inflows) from International Money Transfer Operators (IMTOs). The customers are by a new regulation…
Business Local CBN Issues Subtle Warning Explaining How Domiciliary Accounts Should Be Used December 1, 2020 Ekemini The Central Bank of Nigeria (CBN) issued a circular on Monday clarifying how domiciliary accounts will be operated in the country. According to the CBN, domiciliary accounts used to deposits…
Business Forex Scarcity Bites Harder, CBN Amends Diasporan Remittance Law December 1, 2020 Ekemini The Central Bank of Nigeria said on Monday that it had amended the procedures for receipt of diaspora remittances as part of its efforts to boost the foreign exchange market.…
Business Local Oil Falls After OPEC+ Talks Delay Sets Off Supply Alarm December 1, 2020 Ekemini Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy, while the coronavirus pandemic continues to sap…
